Is Trust wallet still wallet?

[Karl_3000]

I know you against wallets that are not open source but is the wallet still a wallet?

I visited the wallet today to see perpetual trading and prediction markets. I thought a noncustodial wallet should be used for hodling bitcoin but if you can go perpetual 40x with bitcoin on the wallet and using it for prediction market, is it still a wallet?

For someone to be using it for the two riskiest thing which are future trading and gambling.

[PX-Z]

Basically it's still a wallet since it works just like a normal non-custodial wallet just closed source. But then, technically, it evolve to "web3 super app" just like how binance, who acquired it, who tried to become an crypto exchange super app but failed to do so. And with all that feature, it just like connect to those protocols for swap (many providers) and prediction on polymarket, etc. It's just like a one stop shop/app for decentralized apps.

[Lostbtc05]

Yes brothers

[FinneysTrueVision]

The wallet feature sometimes feels like an afterthought with everything else it has going on that it tries to steer you towards. They are trying to make money, which they have every right to do, but it comes at the expense of their user experience being made worse. That’s how it is with many multi-coin wallets.

A lot of newcomers choose this wallet based on name recognition. They should be aware that there are better options out there whose sole focus isn’t monetization.

[nc50lc]

I visited the wallet today to see perpetual trading and prediction markets. I thought a noncustodial wallet should be used for hodling bitcoin but if you can go perpetual 40x with bitcoin on the wallet and using it for prediction market, is it still a wallet?

Depends on how you define "wallet",
Based from the OP, it looks like you're talking about self-custodial (non-custodial) wallet in general.
Because custodial wallets are also called wallets but more of an exchange.

I'll consider that you're talking about "self-custodial wallets" here.

Anyways, there are brands that tie-in self-custodial and custodial parts in one, maybe that's the direction they're going for.
Like Blockchain(dot)com's "Private Key Wallet" and "Trading Wallet" that's connected to a single account.
However, self-custody of the former is debatable if it's closed-source since you can't fully verify it.

[jcojci]

Trust wallet still a multi wallet for storing many coins including Bitcoin. But I don't use it anymore since I have bad experienced before and moves to Unstoppable wallet.

Wallet that can be used to perpetual trading and prediction markets should be called an exchange and not just wallet. It is like similar exchanges you use but that could be non-KYC since you don't verify your identity like in exchanges.

If you just want to store your coins, you don't need the trading or prediction feature. You will use other app to trading or place your prediction.

[Karl_3000]

Trust wallet still a multi wallet for storing many coins including Bitcoin. But I don't use it anymore since I have bad experienced before and moves to Unstoppable wallet.

Unstoppable wallet would have been a very good wallet for me, I used it before but the wallet did not make bitcoin transaction to accept less than 1 sat/vbyte, I prefer Electrum and Bluewallet for this reason.

Wallet that can be used to perpetual trading and prediction markets should be called an exchange and not just wallet. It is like similar exchanges you use but that could be non-KYC since you don't verify your identity like in exchanges.

If you just want to store your coins, you don't need the trading or prediction feature. You will use other app to trading or place your prediction.

This is what I am thinking, no good noncustodial wallet that I know about that is offering such risky services that can make people easily lose their money.

[Zaguru12]

Unstoppable wallet would have been a very good wallet for me, I used it before but the wallet did not make bitcoin transaction to accept less than 1 sat/vbyte, I prefer Electrum and Bluewallet for this reason.

The problem is that not all servers or node accept fees lower than 1 sats/vbyte, although more are now accepting it. So what I think is that unstoppable doesn’t allow you to connect to those kind of servers. The BlueWallet you talked about gives you the option to configure your server and add a server that supports that, I don’t think unstoppable wallet and most of the multi coin hot wallets do allow that option.

This is what I am thinking, no good noncustodial wallet that I know about that is offering such risky services that can make people easily lose their money.

It shouldn’t be a surprise that trust wallet are taking that route, first of all they are currently been owned by binance exchange which means they aren’t far from been an exchange themselves. But I think they took this option of offering perpetual trading because people do not come to them more again as a self custodial wallet any more

[Karl_3000]

The problem is that not all servers or node accept fees lower than 1 sats/vbyte, although more are now accepting it. So what I think is that unstoppable doesn’t allow you to connect to those kind of servers. The BlueWallet you talked about gives you the option to configure your server and add a server that supports that, I don’t think unstoppable wallet and most of the multi coin hot wallets do allow that option.

The second is Cake wallet that I import a server that allow the 1 sat/vbyte sub fee but the wallet did not allow me to still use less than 1 sat/vbtye. Second thing is that the wallet may not just allow it even if you use a node that allow it

No multi coin wallet that allow it.

It shouldn’t be a surprise that trust wallet are taking that route, first of all they are currently been owned by binance exchange which means they aren’t far from been an exchange themselves

Trust wallet is owned by CZ, the former CEO of Binance but the point you want to prove is still very much correct.

[Hatchy]

For someone to be using it for the two riskiest thing which are future trading and gambling.

Of course it's still a wallet but like some members have already stated, by definition it is and it's a custodial wallet posing alot of risk to its users. Then when trust wallet was still trust, it was the most popularly used in it's early days. They suddenly began to have many reasons why people shouldn't use them. Alot of features and bugs which had not been attended to and it's purpose gradually shifted from being a multi coin wallet to an exchange since we literally could trade and do many other things that are meant to be done in an exchange.  It's very much risky and I don't advise anyone which long term plans to use it for storing their coins.  People still use it, especially the web3 investors but I wish they knew the kind of threat such wallet poses..

[Zaguru12]

The problem is that not all servers or node accept fees lower than 1 sats/vbyte, although more are now accepting it. So what I think is that unstoppable doesn’t allow you to connect to those kind of servers. The BlueWallet you talked about gives you the option to configure your server and add a server that supports that, I don’t think unstoppable wallet and most of the multi coin hot wallets do allow that option.

The second is Cake wallet that I import a server that allow the 1 sat/vbyte sub fee but the wallet did not allow me to still use less than 1 sat/vbtye. Second thing is that the wallet may not just allow it even if you use a node that allow it

No multi coin wallet that allow it.

This is one of the reason why I will continue to say that even if you want to use a bitcoin hot wallet it should be a bitcoin only support wallet and not a multi coin. Yes you can have your alts on the multi coin but you can only be able to access most of the best wallet features for bitcoin in a bitcoin only wallet.

[NotATether]

This is one of the reason why I will continue to say that even if you want to use a bitcoin hot wallet it should be a bitcoin only support wallet and not a multi coin. Yes you can have your alts on the multi coin but you can only be able to access most of the best wallet features for bitcoin in a bitcoin only wallet.

To br honest, there isn't much of a difference in security between a bitcoin-only wallet and a multicoin wallet as long as both are free and open-source software - which trust wallet is not, the "wallet-core" doesn't count (they were literally breached a few months ago)

[Karl_3000]

To br honest, there isn't much of a difference in security between a bitcoin-only wallet and a multicoin wallet as long as both are free and open-source software - which trust wallet is not, the "wallet-core" doesn't count (they were literally breached a few months ago)

Zaguru12 make that comment because we both agreed that no altcoins wallet has the 1 sat/vbyte sub fee for bitcoin transaction. Yes, if a wallet is open source and people on a forum like this are advising people to use it, it is a good wallet.