Is private keys enough to call wallet non custodial?

[promise444c5]

I wonder how they managed to gained such popularity and people that use this wallet dont have any idea of what the security of the wallet is. Their are other wallets like this one that people decides to use it just because it is popular and this is just a wrong way to use wallet. If a wallet is not open source it is risky to use such a wallet.

You’re wondering how it gain  popularity..

Check and compare the number of people investing in Bitcoin compared to Altcoins or those doing both.. most of this wallets are majorly supporting alt coins   or we can say Crypto in general and they always add /support a lot of features which makes it much more easier for altcoiners .

Most reputable  wallet I know are Bitcoin only, you don’t expect Altcoiners or the CRYPTO bros who needs every piece of crypto cakes to prefer only those Bitcoin only wallet, they want something that can handle most of their tasks without doing much. Which indeed is quite bad, but they are fine with it.

[JiiBs]

I wonder how they managed to gained such popularity and people that use this wallet dont have any idea of what the security of the wallet is. Their are other wallets like this one that people decides to use it just because it is popular and this is just a wrong way to use wallet. If a wallet is not open source it is risky to use such a wallet.

You’re wondering how it gain  popularity..

Check and compare the number of people investing in Bitcoin compared to Altcoins or those doing both.. most of this wallets are majorly supporting alt coins   or we can say Crypto in general and they always add /support a lot of features which makes it much more easier for altcoiners .

I have met a couple of guys that are not on the forum but, they have some basic knowledge of Bitcoin and cryptocurrencies in general. Most of them just use it in transacting p2p and a couple of them are traders. Most of these guys always use Trust Wallet simply for the fact that, they know it’s relatively secure, it’s a cross bridge for other coins (having addresses to accept altcoins) and it’s mainly what is referred by most of their peers. Thats how it gains its popularity and that’s how it continues to trend.

Most of those that use other wallets are individuals on the forum that seem to know better and go into the intricacies about these things.

[KingsDen]

Interesting! So the person that claimed that the reason people use Trust wallet is that they believe that if anything happens to their funds, Binance will likely step in is not totally wrong.
There's actually a lot of money in this industry.

They can have such belief based on what Binance have done so far in that exchange history since 2017 but we know that many things can change with a company. Binance have very good reputation in the cryptocurrency industry and if you have to find a most trusted one, perhaps it's Binance and many people will agree with your choice.

If it's Binance, I'll also agree and remain calm. With Binance, they'll know your exact balance before the hack and they'll compensate. But in Trust wallet, how will they be able to know. Oh, this justifies people warning about closed source. Maybe they have the private keys and watch the funds.

Nevertheless, it's not reason and guarantee that Binance will maintain its good operation and fairness to their users. I am not talking about hacks, compensations after hacks but you can see what has changed since Changpeng Zao stepped down as Binance CEO, then Richard Teng took over that position. In the latest market cycle, Binance loosened their criteria and listed many shitcoins and shit tokens. They even delisted coins and tokens just listed by their exchange several months ago, it did not happened with two and three previous market cycles.

It's a signal of their quality decline but maybe not yet enough to trigger their exchange collapse and death. Anyway as said, you will never know about the future as well as Binance future.

Many people anticipated a sharp decline after CZ stepped down as the CEO but it didn't happen. But as you noted, it's happened but very gradual.
But I don't believe that CZ has completely left the Binance management, he keeps promoting it, I believe that guy is somehow still involved in vital decision making, if not directly, it could be by proxy.

[Dreadboost]

I wonder how they managed to gained such popularity and people that use this wallet dont have any idea of what the security of the wallet is. Their are other wallets like this one that people decides to use it just because it is popular and this is just a wrong way to use wallet. If a wallet is not open source it is risky to use such a wallet.

You’re wondering how it gain  popularity..

Check and compare the number of people investing in Bitcoin compared to Altcoins or those doing both.. most of this wallets are majorly supporting alt coins   or we can say Crypto in general and they always add /support a lot of features which makes it much more easier for altcoiners .

I have met a couple of guys that are not on the forum but, they have some basic knowledge of Bitcoin and cryptocurrencies in general. Most of them just use it in transacting p2p and a couple of them are traders. Most of these guys always use Trust Wallet simply for the fact that, they know it’s relatively secure, it’s a cross bridge for other coins (having addresses to accept altcoins) and it’s mainly what is referred by most of their peers. Thats how it gains its popularity and that’s how it continues to trend.

Most of those that use other wallets are individuals on the forum that seem to know better and go into the intricacies about these things.

The guys that use Trust Wallet don't know the disadvantages of using a closed source wallet. If they know what the people in the forum know about wallet they won't be using Trust Wallet.

I know for a fact that no wallet is 100% secure. The wallet provider and we have a lot to play in ensuring the asset's security, but Trust Wallet is a closed-source project. An open source wallet is better because how the security was set up is open for all to see.

[notocactus]

The guys that use Trust Wallet don't know the disadvantages of using a closed source wallet. If they know what the people in the forum know about wallet they won't be using Trust Wallet.

I know for a fact that no wallet is 100% secure. The wallet provider and we have a lot to play in ensuring the asset's security, but Trust Wallet is a closed-source project. An open source wallet is better because how the security was set up is open for all to see.

Knowing and understanding are different.
Understanding and applying it for practice are different.
Practicing a principle to actually mastering it are different.

Many differences and challenges for people practice in security and privacy whereas it's never easy to ignore feeling of doing something easy, quick and comfortable even you know such practice is not secure, unsafe and dangerous for privacy.

In this forum, there are people who use Trust wallet even they already read threads or posts about importance of open source, warnings about Trust wallet. In the forum, there are people read this Reminder: do not keep your money in online accounts, as well as other educational resources about risk of centralized exchanges, but unfortunately they still use centralized exchanges, even store big funds there a long time.

[Outhue]

I wonder how they managed to gained such popularity and people that use this wallet dont have any idea of what the security of the wallet is. Their are other wallets like this one that people decides to use it just because it is popular and this is just a wrong way to use wallet. If a wallet is not open source it is risky to use such a wallet.

You’re wondering how it gain  popularity..

Check and compare the number of people investing in Bitcoin compared to Altcoins or those doing both.. most of this wallets are majorly supporting alt coins   or we can say Crypto in general and they always add /support a lot of features which makes it much more easier for altcoiners .

I have met a couple of guys that are not on the forum but, they have some basic knowledge of Bitcoin and cryptocurrencies in general. Most of them just use it in transacting p2p and a couple of them are traders. Most of these guys always use Trust Wallet simply for the fact that, they know it’s relatively secure, it’s a cross bridge for other coins (having addresses to accept altcoins) and it’s mainly what is referred by most of their peers. Thats how it gains its popularity and that’s how it continues to trend.

Most of those that use other wallets are individuals on the forum that seem to know better and go into the intricacies about these things.

Is it worth calling it P2P though? I have used the inbuilt swap on Trust wallet before and it's not P2P because I was not asked to make payment into another person's bank account, if you can remember the name of the inbuilt swap you should say it, Trust wallet never had any P2P in the wallet, or maybe I missed something?  There was no place to exchange fiat to Bitcoin with how Binance P2P used to work.

[joniboini]

Most of them just use it in transacting p2p and a couple of them are traders.

Is it worth calling it P2P though?

Unless I misunderstood I don't think they're saying that those users think Trust Wallet is a P2P platform. More like when they're doing P2P transactions (I assume offline meet up or trade), those people use Trust Wallet to send or receive coins from each other. If they do think that way though, I think it's worth clarifying. Maybe spend some time trying to discuss whether they should continue using a closed source wallet or not too (even if they control the keys).

[Nightwatchmare]

I want to know because their are some non custo wallet they have features like exchange. In trust wallet they have the buy and sell options. Does private keys completely makes a wallet as non custodial or their is more to this.

Having total/full control of your private keys is what makes a wallet self custodial. I do not know why trust wallet is classified as self custodian wallet because is a close source wallet and you cannot have total/full control of its private keys, meaning you can lose your assets stored in trust wallet if the developers of trust wallet decide to steal people's assets. Trust wallet is not trustworthy, and i cannot use it to store Bitcoin in my life again because there is no much difference between it and centralized exchanges.

[Franctoshi]

A wallet can be a non custodial and not a private wallet if you share the keys or seed phrases to one or two persons let's say your close confidant. Because when one or two person have access to one particular seed phrases, it's no longer private, because those people can move money without your authorisation, self custody means control, so except in a situation whereby you guys use multisig wallet, where two or three persons has to approve a transaction.

[UchihaSarada]

Having total/full control of your private keys is what makes a wallet self custodial.

If a wallet gives you as a user wallet mnemonic seed words or private keys, it's a non custodial wallet.
However to be sure that you are the only entity that know and own wallet seed phrase/ private key, you need to know the wallet source code and check it or you must read wallet reviews from community. The condition is the wallet must be open source because with close source wallet, you can not check and community can not check it.

I do not know why trust wallet is classified as self custodian wallet because is a close source wallet

Trust wallet is close source but it's still non custodial. My explanation is above.

Custodial vs Non-Custodial Wallets: Not Your Keys, Not Your Coins.

[Y3shot]

Having total/full control of your private keys is what makes a wallet self custodial. I do not know why trust wallet is classified as self custodian wallet because is a close source wallet and you cannot have total/full control of its private keys, meaning you can lose your assets stored in trust wallet if the developers of trust wallet decide to steal people's assets.

This is not true; a wallet being closed source doesn't mean it is not a self-custodial wallet. We have both open and closed source wallets, and they are both categorized as self-custodial wallets. The difference between open and closed source is that with the open-source wallet, you can read the code, while with the closed-source wallet, you don't have access to the code of the wallet. In Trust Wallet, you have access to your private keys because it is a non-custodial wallet. The only concern about Trust Wallet is that since it is not open source, it may have some red flags.

Trust wallet is not trustworthy, and i cannot use it to store Bitcoin in my life again because there is no much difference between it and centralized exchanges.

It is not encouraged to keep bitcoin in wallet like the trust wallet because they cant be reliable .

[O.G boy]

I want to know because their are some non custodial wallet they have features like exchange. In trust wallet they have the buy and sell options. Does private keys completely makes a wallet as non custodial or their is more to this.

# the answer is yes private keys is the central future of non custodial and also self custody wallet.
A wallet is considered non custodial when you, rather than a company controling the the private keys and  secrets recovery phrase which makes company can't move funds for u.
Therefore with trust wallet, itself is non custodial. Let me tell u.
Trust wallet say that your private keys stay on your devices and doesn't stop your access or your funds .