questions on trust wallet and crypto credit cards?

[sima_sara]

newbie to the whole crypto

few questions
1. if buy a new phone and install trust wallet,  memorize the phrases, receive some tethers and then stop using the phone for good until a future time:  is there any chance of your trust wallet getting hacked?

2. do people keep millions worth of crypto in trust wallet?

3. any chance of your trust wallet account getting frozen like they might do on exchanges?

4.  I found paywithmoon and paywide as 2 options that you can fund with crypto to make online purchase?   are there any other options?  in particular where you can make purchases in store using a crypto credit card?



many thanks in advance

[1714572530]

1714572530

[OmegaStarScream]

1. Not if your phone is offline, no. But if you're going to buy a phone just for that, why not just buy a hardware wallet? It's cheaper.
2. I hope not.
3. It's a non-custodial wallet, so no. That shouldn't happen. But you can't know for sure since the software is not open source, not fully anyway.
4. Check this list: https://bitcointalk.org/index.php?topic=5280997.0

[Charles-Tim]

2. do people keep millions worth of crypto in trust wallet?

You meant crypto worth of millions dollar.

It is not advisable because it is an online wallet. Online wallet can be vulnerable to online attacks. For high amount, it is better to get a hardware wallet, or use any other cold wallet.

[Little Mouse]

is there any chance of your trust wallet getting hacked?

Very much unlikely/likely because it depends how you operate your phone. But why not a hardware wallet? It's more secure, it has the option to hold most of the familiar crypto.

But you can't know for sure since the software is not open source, not fully anyway.

But they claim it as open source, I don't know though. Can you please share some more info on "not fully"?
This is what they say on their website-

Trust Wallet is a community driven, open-source, multi coin crypto wallet. It enables blockchain developers to build their DApps and wallets natively without having to worry about the low-level implementation details.

[hosseinimr93]

1. if buy a new phone and install trust wallet,  memorize the phrases, receive some tethers and then stop using the phone for good until a future time:  is there any chance of your trust wallet getting hacked?

Even if you are sure that your mobile phone is 100% secure and you never connect it to the internet, you can't say that your wallet is completely secure.
Trustwallet is close-source and there is no way to know how the keys have been generated.

It may be worth mentioning that you should never trust your memory. It's always possible that you forget your seed phrase.

[Upgrade00]

1. if buy a new phone and install trust wallet,  memorize the phrases, receive some tethers and then stop using the phone for good until a future time:  is there any chance of your trust wallet getting hacked?

No. But, you would more easily forget the phrase as human memory is not reliable as a back up, much less as the only means of access.
The fact that it's sometimes called a mnemonic phrase does not mean you should attempt memorizing it. Always use a form of offline backup(s).

2. do people keep millions worth of crypto in trust wallet?

Crypto are stored on the blockchain, wallets only allow you access it through your private keys.
Preferably bitcoins worth above $1k should be stored in a hardware wallet or airgapped device.

3. any chance of your trust wallet account getting frozen like they might do on exchanges?

On a custodian wallet, the risk for this is very present and high. Trust wallet is non custodian, so not likely. But, it's not recommended cause it's closed source.

[The Cryptovator]

Trust wallet claimed its community-driven open-source non-custodial wallet. I am not sure if it's 100% true. Have seen some claim it's not open source, they published old codes on GitHub. So you should make sure about it. Blockchain is also a non-custodial wallet but they required KYC nowadays. So don't know if trust wallet also asks in the future. Though it says community-driven we know it's Binance wallet. I won't prefer a trusted wallet to store a big amount there. It's better then buy a hardware wallet and secures your funds. Doesn't matter if it's a billion, you haven't to worry.

[JeromeTash]

2. do people keep millions worth of crypto in trust wallet?

Use an open source hardware wallet instead. it costs peanuts compared to the millions you may be planning to store

3. any chance of your trust wallet account getting frozen like they might do on exchanges?

The account may not be frozen, but if you buy centralized coins or tokens like tether, there is a chance that they can get frozen in your address. Beware of that.

[hosseinimr93]

Trust wallet claimed its community-driven open-source non-custodial wallet. I am not sure if it's 100% true.

They are lying about that. Trustwallet used to be open-source, but it became close-source after being bought by binance.
According to github, their code hasn't been updated for four years. The code we see on their github is for an outdated version of trustwallet.

[OmegaStarScream]

But they claim it as open source, I don't know though. Can you please share some more info on "not fully"?.

AFAIK, it used to be open source, but the repository got archived as mentioned above: https://github.com/trustwallet/trust-wallet-android-source

I said "not fully" because it's only the main library they're using (wallet-core) that is open source now, not the actual mobile app: https://github.com/trustwallet/wallet-core

[Fivestar4everMVP]

1. if buy a new phone and install trust wallet,  memorize the phrases, receive some tethers and then stop using the phone for good until a future time:  is there any chance of your trust wallet getting hacked?

There is no chance as long no other person have access to your seed phrase or private keys.
And a suggestion from me is that you should to
 buy a hardware wallet, hardware wallets are top notch in security.

2. do people keep millions worth of crypto in trust wallet?

The answer is yes, but I would not advice to do it, if you have such money, then get yourself a hardware, it is far more secure than trust wallet.

3. any chance of your trust wallet account getting frozen like they might do on exchanges?

Trust wallet is a non-custodial wallet, which means you are in charge of your fund, no entity has the power to freeze an account they have no access to.

[PrimeNumber7]

newbie to the whole crypto

few questions
1. if buy a new phone and install trust wallet,  memorize the phrases, receive some tethers and then stop using the phone for good until a future time:  is there any chance of your trust wallet getting hacked?

The answer to this question should answer most of your other questions.

Your "phrases" (actually your seed) is how your private keys are derived. As long as no one has access to your seed, it is not possible to ever steal your coin (to "hack" your "wallet"). Obviously, if your phone were to become infected with malware, or if it were to otherwise become compromised, there is a risk that someone can steal your money.

I would also point out that (trying to) memorize your seed is a bad idea. You should keep backups of your seed in a medium of storage that is less fragile than your memory (brain).

[sheenshane]

newbie to the whole crypto

few questions
1. if buy a new phone and install trust wallet,  memorize the phrases, receive some tethers and then stop using the phone for good until a future time:  is there any chance of your trust wallet getting hacked?

Since you're a newbie I suggest you study and dig deeper to gain technical information on how the right way to store your Bitcoin.
The bolded part above isn't a good idea, believe me, years will pass it will sure you'll forget them all.  I've done this before, it takes longer for me to recover my wallet, and thinking of my old phrase where it was listed.

2. do people keep millions worth of crypto in trust wallet?

I don't think so, but IMO, I will not keep the worth of millions in a close source wallet which is not safe for me.
Trust wallet might be good as your hot wallet, not your cold wallet.

3. any chance of your trust wallet account getting frozen like they might do on exchanges?

This is a noncustodial wallet but it's a closed source wallet, being a frozen account is unlikely to happen.

4 ....

You can purchase in any crypto exchangers that support crypto credit cards, but don't forget to transfer it into a noncustodial wallet or an open-source wallet which is really safe to store your Bitcoin and transfer it into a custodial wallet when you wanted to convert into fiat.

[khaled0111]

1. if buy a new phone and install trust wallet,  memorize the phrases, receive some tethers and then stop using the phone for good until a future time:  is there any chance of your trust wallet getting hacked?

If the phone is new and you never used it for anything expect downloading trustwallet from their official website, then no. Your wallet is unlikely to get hacked. Of ourse unless the seeds generated by trustwallet aren't completely random and someone finds a way to reproduce them. In this case not only you but all trustwallet users will be in danger of getting hacked.

2. do people keep millions worth of crypto in trust wallet?

No one can know which wallet was used to generate an address expect the person who owns it. Besides, coins are stored on the blockchain not the wallet itself.

3. any chance of your trust wallet account getting frozen like they might do on exchanges?

Trustwallet is a non-custodial wallet. So, even if this happens or if it stops working, you can always import your wallet's seed into any other wallet app.

[mk4]

1. Chances are slim, but not impossible. You're going to sure damn hope there isn't a security vulnerability that potentially leaked your wallet's recovery phrase. But like people said, just grab a hardware wallet.

2. I'd imagine some do, but it really isn't a smart move.

3. Unlikely because of it being non-custodial, but not impossible due to it being closed-source.

[Marvell1]

newbie to the whole crypto

few questions
1. if buy a new phone and install trust wallet,  memorize the phrases, receive some tethers and then stop using the phone for good until a future time:  is there any chance of your trust wallet getting hacked?

As long as your phone remains under your control and you know how to protect it, the possibility of hacking is very unlikely. As long as you store it carefully to ensure it is not exposed, even if there is a problem with your phone, you still control your property.

2. do people keep millions worth of crypto in trust wallet?

I think no, for people with millions of cryptocurrencies, they will definitely use hardware wallets, it will be more secure.

3. any chance of your trust wallet account getting frozen like they might do on exchanges?

It's a non-custodial wallet so they can't do anything with your crypto assets. But in case your asset is Tether, which is USDT your assets can still be frozen as it is a centralized stable coin.

[pooya87]

Others already mentioned this but you should know that even when finding an alternative, any software that is created by a profit-oriented company (or a business) and is also closed source should be avoided at all costs. They are too risky to use because we don't really know what the software is doing but we are sure of the intentions of the software developers.

You should also know that being open source doesn't automatically mean being secure. The code still has to have been reviewed by other experts or by you if you understand the code. Which is why you should stick to popular 100% open source wallets.

[cryptoaddictchie]

2. do people keep millions worth of crypto in trust wallet?

Probably some yes. Trustwallet is famous so many users uses that app. Id imagine mostly of those shib holders uses trustwallet and they have millions worth of crypto for those early adopter. Not heard any issues that it got compromise due to their inactivity means its safe but not totally cause its a closed source even though its a non custodial.

[o_e_l_e_o]

Trust wallet is a non-custodial wallet, which means you are in charge of your fund, no entity has the power to freeze an account they have no access to.

It's a non-custodial wallet so they can't do anything with your crypto assets.

We don't know that, because they are closed source. (As I've pointed out before, the fact that they lie and call themselves open source when they aren't should be enough reason for anyone not to use them. This is incredibly shady.) They could generate seed phrases or private keys from a predetermined list, like some scam paper wallet generators did in the past. They could send your seed phrase off to third party servers, like Coinomi did in the past. You might have access to your seed phrase, but you have absolutely no way of knowing that nobody else does too. Your funds could disappear at any time.

[dkbit98]

1. if buy a new phone and install trust wallet,  memorize the phrases, receive some tethers and then stop using the phone for good until a future time:  is there any chance of your trust wallet getting hacked?

There is always a chance for your phone to get hacked, but it's more likely that your seed phrases gets leaked by your own mistake.

2. do people keep millions worth of crypto in trust wallet?

No, unless they crazy and are not very smart.
More coins should be kept on offline wallet, not regular smartphone with internet connection.

3. any chance of your trust wallet account getting frozen like they might do on exchanges?

I think that Trust wallet is non-centralized, but I still don't recommend it because it's closed source.
It can happen to shitcoins, ethereum stablecoins and tokens, but that is more related to blockchain they use.