Open source crypto wallet

[FirmWars]

Newbie here, is open source the most secured crypto wallet? Do centralised wallets have open source too or its only decentralized wallets that can be open source? What mobile wallets are open source?

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[jackg]

If by centralised wallets you mean centralised exchanges (or Web wallets) then no these aren't open source.

Most open source wallets are considered more secure as the devs can be more responsive to attacks but you need to remember to keep the software up to date. Also, open source wallets are more likely to be continuously developed (some closed source developers give up after a while).

[NeuroticFish]

A web wallet is usually custodial. And "not your keys, not your coins" - you'll have only an account there. They can ask fro KYC, you'll probably pay more for the on-chain transactions and so on.

A wallet on your computer or phone is as safe as your device is. But here you can find open source ones, like Bitcoin Core (but beware, this one downloads 300GB = the whole blockchain, hence may not be suitable for newbies), Electrum (which has versions for PC and also mobile), Sparrow wallet, and probably many more.

If you plan to get significant amount of coins, I advise you also study about hardware wallets and cold storage. For example it's pretty easy to set up an Electrum as cold storage, but it's also very easy to misunderstand the basics and misuse it (misuse = connect to internet with a device meant to be cold storage).

[Charles-Tim]

Newbie here, is open source the most secured crypto wallet?

Being open source means you can check the source code as it is available to the public, so if anything like spyware or malware is included in the code, it can be known unlike close source which is not available to the public, even if spyware is in the close source, it can not be known to the public. One of the worst wallet to use are close source wallets.

Open source should be considered more secure and safe because the source code is available to the public to review unlike close source that is limited to only the developers behind it. Vulnerabilities can also likely be fixed on open source. But, you do not know what is running underneath while using close source wallets, close source wallets are not recommendable at all.

Do centralised wallets have open source too or its only decentralized wallets that can be open source?

Centralized wallet can be open source but why would they do that, they are centralized and do not want to reveal their source code to the public, if you find centralized wallet to be close source, do not be surprised.

What mobile wallets are open source?

I will recommend Electrum but best on computer. You may try Bluewallet as well, Mycelium is not bad also, but I prefer Electrum.

A web wallet is usually custodial. And "not your keys, not your coins" - you'll have only an account there. They can ask fro KYC, you'll probably pay more for the on-chain transactions and so on.

Yes, usually custodial, but for FirmWars not to mistaken this, he should also know that their are web wallets that are noncustododial but the most vulnerable wallets are web wallets.

[Bitcoin_Arena]

Newbie here, is open source the most secured crypto wallet?

Open source doesn't automatically make a wallet the most secure, but it means that the code is available for the public to audit and to ensure if the code used to create the wallet is malicious or not

Do centralised wallets have open source too

I don't know any that is Open source

or its only decentralized wallets that can be open source?

Some of them are.

What mobile wallets are open source?

For some reason, very few mobile wallets are open source. I think there's mycelium wallet, Unstoppable wallet, Bitcoin wallet etc

Use this sites to guide you
1. https://bitcoin.org/en/choose-your-wallet?step=5&platform=android&important=transparency
2. https://walletscrutiny.com/#tableofwallets

A wallet on your computer or phone is as safe as your device is. But here you can find open source ones, like Bitcoin Core (but beware, this one downloads 300GB = the whole blockchain, hence may not be suitable for newbies), Electrum (which has versions for PC and also mobile), Sparrow wallet, and probably many more.

Correct me if am wrong, but I think electrum mobile wallet is not open source

[Husna QA]

Correct me if am wrong, but I think electrum mobile wallet is not open source

I found the following source code. Maybe this is what you are looking for:
https://github.com/spesmilo/electrum/tree/master/electrum/gui/kivy

[sheenshane]

Newbie here, is open source the most secured crypto wallet?

Yes, it is.

Do centralised wallets have open source too or its only decentralized wallets that can be open source?  

It is usually on decentralized wallets or let's say non-custodial wallets.

What mobile wallets are open source?

AFAIK it's,

• Bitcoin Core
• Blue wallet
• Electrum
• Samourai
• Wasabi
• Armory

But I won't trust the mobile wallets feature, it should be on the desktop or open-source hardware wallets that can be found on this big List.

[libert19]

I use alpha wallet for ethereum needs, it's open source: https://github.com/AlphaWallet

[mk4]

Open source doesn't automatically make a wallet the most secure, but it means that the code is available for the public to audit and to ensure if the code used to create the wallet is malicious or not

Important point. Most people seem to think that open-source automatically means secure, whereas there will definitely be cases where a closed-source wallet can be more secure than an open-source one, especially when the code base isn't getting any attention from other developers in the first place. (but you still should be using reputable open-source options, of course.)

[pooya87]

there will definitely be cases where a closed-source wallet can be more secure than an open-source one,

This could be technically correct but I disagree based on principle. A closed source cryptocurrency wallet should automatically be considered insecure and in fact shady because in a world where we have a lot of open source and good wallets there is no reason for someone to create a closed source one without having some hidden agenda.

[NeuroticFish]

Correct me if am wrong, but I think electrum mobile wallet is not open source

Well, you are wrong.
If you go on that very git I've linked, you can find the android folder too with instructions on how to build reproducible APK from that source code.
https://github.com/spesmilo/electrum/tree/master/contrib/android

[7deadlyBTCIN]

Don't stress yourself too much, download trust wallet if all you have is mobile phone it's open source mobile wallet and if you are on PC download electrum wallet, you can trust both.

[pooya87]

Don't stress yourself too much, download trust wallet if all you have is mobile phone it's open source mobile wallet

It is actually partially open and partially closed which would categorize Trust wallet under closed source wallets that should be avoided at all costs.
Additionally when you consider the fact that Trust wallet is created and fully controlled by Binance (ie the altcoin exchange) you should have even less incentive to use it or recommend it to anyone else. Companies such as Binance don't do anything if there isn't any profit in it for them.

[Pmalek]

Newbie here, is open source the most secured crypto wallet?

No cryptocurrency wallet is safe on a vulnerable and malware-infected computer. Especially when we are talking about shared computers with people you might not fully trust. Since you have a choice, there is no reason to go for a closed-source client instead of an open-source one.

A badly-coded and configured open-source wallet is not safe if it will allow an experienced and nefarious person to go through the code and misuse its vulnerabilities. However, it will also allow someone who is willing to help to find and report issues to the development team. So it's a battle between good and evil. A closed-source wallet isn't safe due to the fact that no one can check the code and come to their own conclusions. You are forced to trust that the developers have done a good job and that they have no ulterior motives or backdoors in the app.

[CryptoATM]

I don't know how cashy you are, the best wallet with zero worries is hardware wallet they beats mobile wallets and PC wallets combined, all you need to do is keep them in safe location and safeguard your private key too.

[LostEcho]

Why would a centralised platform goes open source? They won't be able to keep private keys and some secrets to themselves, do you know what open source means? Anyone can investigate them and caught them cheating or other things so it's No, Centralised platforms will never go open source on their wallet.

[BlackHatCoiner]

Important point. Most people seem to think that open-source automatically means secure, whereas there will definitely be cases where a closed-source wallet can be more secure than an open-source one, especially when the code base isn't getting any attention from other developers in the first place.

This is true. There have been cases where the developer(s) published the source code of wallet software, which was malicious, and people used it by the reasoning that it's reviewed. Be aware and use reputable software. A person can hide malicious code in a non-realizable way.

Do centralised wallets have open source too or its only decentralized wallets that can be open source?

I don't think you got an answer to this. Yes, even if the wallet connects with a server, it can be open-source. Take for instance Wasabi, which implements CoinJoin. It shouldn't be characterized as centralized wallet, but you do connect to an external server, via Tor.

[dkbit98]

Newbie here, is open source the most secured crypto wallet?

No, open source wallets are not most secure by default.
Advantage for open source wallets, if done correctly, is that everyone can look at their source code and verify there are no hidden malicious stuff inside.
That being said, many scam malware wallets were also modified open source software.
Open source does not guarantee anything and it needs to be verified by users and security experts.

Do centralised wallets have open source too or its only decentralized wallets that can be open source?

There is no centralized wallets, this are all just server with numbers on screen that are fooling you that you own something.
Most of the software they use is closed source and they own all the coins, not the customers or users, but they could also use some open source stuff for their cold storage wallets.

What mobile wallets are open source?

There are not many good open source mobile wallets that I know, but some of them are Electrum, BlueWallet, Mycellium, Unstoppable, Green Wallet...
You can check the full list of reproducible open source mobile wallets on walletscrutiny website:
https://walletscrutiny.com/

[Pmalek]

the best wallet with zero worries is hardware wallet they beats mobile wallets and PC wallets combined, all you need to do is keep them in safe location and safeguard your private key too.

There is no such thing as a 100% safe and secure wallet. Hardware wallets are good, and they are better than software wallets. They are more convenient than properly airgapped wallets, and you don't even call the latter type absolutely secure and un-hackable. Hardware wallets can be closed-source, they can be vulnerable to various physical attacks, you can become a victim of clipboard malware, phishing, or social engineering attacks. They are only as good as the person using them is.     

[shavebob77]

most if not all of electrum is open source,and i never had any problems with it,in that past hack  we learn that we should only be careful with any "update" messages coming from strange links,that's how people got hacked and lost all their balance in the past,other than that its a almost perfect wallet for me.