questions on trust wallet and crypto credit cards?

[suzanne5223]

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?

Although the Trust wallet is acquired by Binance which is one of the most reputable CEX they claimed the Trust wallet to be open source and no source code was revealed. Therefore, there's a chance of a possible hack or backlog issues.

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

I cant speak for everybody else but according to stats, the number of hardware wallet users increased this year which automatically mean crypto investors are keeping million in hardware wallet these days.

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

There's no chance for that since the Trust wallet is non-custodial.

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?

Why don't you use Purse.io instead?

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[hosseinimr93]

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

There's no chance for that since the Trust wallet is non-custodial.

Trustwallet gives you full access to your private keys. So, it's ture that it's non-custodial. You can import your seed phrase into any other wallet at any time.
But this doesn't mean your permanent access to the fund is guaranteed.

As trustwallet is close-source, we don't know wether they have access to users keys or not. If they have access to users keys, they can send your fund to their own address and cut off your access to your fund.

[suzanne5223]

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

There's no chance for that since the Trust wallet is non-custodial.

Trustwallet gives you full access to your private keys. So, it's ture that it's non-custodial. You can import your seed phrase into any other wallet at any time.
But this doesn't mean your permanent access to the fund is guaranteed.

As trustwallet is close-source, we don't know wether they have access to users keys or not. If they have access to users keys, they can send your fund to their own address and cut off your access to your fund.

Yes, you're right. Despite the ease to use of the Trust wallet. The chance of possible flaws and loss of funds is the major drawback of a closed-source wallet. This reminds me of what I read on Quora about several wallet users who have complained and claimed wallet accounts were compromised.
Since Trust wallet is not an open source we cannot be sure if they are innocent about this issue.

[sima_sara]

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.

why your tether can get frozen if you use a hard wallet?  or using a hard wallet has nothing to do with your tether not getting frozen?

[decodx]

why your tether can get frozen if you use a hard wallet?  or using a hard wallet has nothing to do with your tether not getting frozen?

My opinion is that Tether can be frozen, because it is a centralized currency, no matter which type of wallet you use. It is an integral part of their source code.

[xzy887]

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

1. If you don't give the private key of trust wallet to anyone then it will never get hacked. But how do you memorize your private key? For that you must secure the private keys elsewhere.

2. Those who are stupid will keep it. Because when people have lakh of dollars why would they just keep their dollars in all these online wallets? Better to use their better and stronger wallet.

3. Not sure.

4. As far as I know there is no such card yet created which is known as crypto card and can be used for shopping. Crypto is not legal in all countries yet. And Bitcoin in crypto is a virtual coin that has no real form. So I don't think there is such thing as crypto card.

[ThemePen]

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?

I think phone is much worthy than the hardware wallet. You can buy them and I think it is much secure.

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

I don't think so this is a good decision for that purpose. Here I again suggest the hardware wallet.

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

No I think it will not be frozen.

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?

In my country crypto is still illegal so I can't say anything about that.

I mostly use P2P Platform to buy crypto. And I think it is better.

[JeromeTash]

why your tether can get frozen if you use a hard wallet?  or using a hard wallet has nothing to do with your tether not getting frozen?

Tether can be frozen for various reasons, whether you are using a hardware wallet or not. It has nothing to do with the type of wallet you are using. The fact that tether is a centralized token running on a smart contract means that it's owners can flip a switch and freeze your tokens at any time they want unlike coins like Bitcoin

It has happened before, and it can happen at any other time, read here ⇾ Tether Freezes $160M of USDT Stablecoin on Ethereum Blockchain

[o_e_l_e_o]

why your tether can get frozen if you use a hard wallet?

Because it is completely centralized and controlled by a single entity who can do anything they like with it. Here is another example: https://www.theblock.co/post/129133/tether-freezes-over-1-million-usdt-single-address. Note this is the case for almost all so called stablecoins - completely centralized and can be frozen even within your own wallet: [UPDATED] PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets

If you don't give the private key of trust wallet to anyone then it will never get hacked.

Not true. There are many ways a wallet can be hacked, especially a closed source mobile wallet like Trust wallet.

But how do you memorize your private key?

You don't. You don't even need to look at your private keys. Just write down your seed phrase on paper.