Owning cryptocurrency assets will definitely users will looking for safe and trusted cryptocurrency wallets, in this article, we will review everything about Trust Wallet crypto, is this wallet safe, what features are part of Trust Wallet, etc.
In the cryptocurrency industry, this wallet is the technology to store cryptocurrencies. Usually, this digital wallet can be used to store various cryptocurrencies.
All wallets offer precaution as the best wallet, secure or multiple device support. Although Trust Wallet is not a hardware wallet, it is very popular among crypto enthusiasts.
- 1 Trust Wallet Explained
- 2 How does Trust Wallet work?
- 3 What is Trust Wallet used for?
- 4 When did Trust Wallet start?
- 5 Who owns Trust Wallet?
- 6 Trust wallet fees
- 7 What is crypto supported Trust Wallet?
- 8 Can Trust Wallet be hacked?
- 9 Trust Wallet browser extension
- 10 How to use Trust Wallet?
- 11 Trust Wallet Features
- 12 Are Trust Wallets safe?
- 13 Will trust wallet support, Cardano?
- 14 Are Trust Wallet and Metamask the same?
- 15 Trust Wallet Pros and Cons
- 16 Conclusion
Trust Wallet Explained
Trust Wallet crypto is a simple but effective digital wallet that helps to store crypto assets. Not only supports one asset but multiple assets. There are various features in Trust Wallet that are easy to use.
Trust Wallet is the official wallet app from Binance. With Trust Wallet it allows you to send, receive, and also store crypto assets that are guaranteed to have security.
Trust wallet is supported by Binance DEX, making it easy for users to store crypto assets. This can be used to store Ethereum as well as Bitcoin wallets.
Trust Wallet provides a secure means of buying or storing multiple cryptocurrencies. Examples include Ethereum, Bitcoin, Litecoin, Thron, and many tokens such as ERC20, and ERC721.
Binance has acquired Trust Wallet in June 2018. Binance then introduced Trust wallet as their official wallet.
Not only supports Cryptocurrency from Binance. Trust wallets can also be used to store cryptocurrencies from other exchanges. However, the cryptocurrencies stored must be tokens of the type ERC 223, ERC 721, and ERC20.
Trust wallet has an option to save the private key which makes this app much more secure than others. Apart from that, you can also use the default exchange and other decentralized applications directly from Trust Wallet.
In the application for Android, more than 10 million users have installed the Trust wallet application.
How does Trust Wallet work?
Trust Wallet is basically just a bridge that connects to each blockchain through its nodes. It can create addresses to receive crypto assets. Each blockchain has its own set of public addresses. These addresses are where Crypto is encrypted and stored.
So Trust Wallet only gives access to the blockchain, it doesn’t hold or control any Crypto. Trust Wallet helps you manage your address, to send and receive Crypto. Apart from managing your crypto assets, the Trust wallet gives users the ability to perform other Crypto transactions, such as trading and staking.
What is Trust Wallet used for?
Trust wallet is a community-based wallet, supports multi-coin crypto and is fully open-source. This allows Blockchain developers to be able to build their DApss and wallets natively without having to worry about low-level implementation details.
Using the Trust wallet, users have complete control over the money they have trading on Binance DEX. It also has a Wallet Connect function which makes it easy for you to trade on your PC or Laptop when interacting with Binance DEX. And more this wallet supports more than 1,000 coins and it will always be updated.
When did Trust Wallet start?
The history of the Trust wallet cannot be separated from Viktor Radcheko. He had the idea of finding a way to efficiently store and manage his many ERC-20 tokens.
Then he built Trust Wallet in September 2017 and built an initial mobile app, which can send and receive ETH and ERC-20 tokens, in about three weeks.
Viktor launched Trust Wallet in November 2017. It was well received by the community interested in the app’s “auto token” feature to identify and disclose any ERC-20 tokens associated with their addresses.
In March 2018, Viktor and the team got serious about building Trust wallet by adding features and responding to increasing support requests.
This wallet attracted Binance which eventually this exchange managed to acquire Trust Wallet on July 31, 2018. Belonging to Binance, they added a secure on-chain mobile wallet to Binance’s list of services.
Although officially owned by Binance, Viktor Radchenko remains part of the deal, retaining autonomy from Binance to continue directing the Trust Wallet project. Trust wallet success becomes the 6th ranked wallet in 2020 as the most downloaded wallet.
Who owns Trust Wallet?
Initially, Trust Wallet was built by Viktor Radchenko, in 2017 but on Jul 31, 2018, Binance has acquired Trust Wallet with an undisclosed amount. So this wallet officially belongs to Binance. Trust wallet Headquarters Regions San Francisco Bay Area, Silicon Valley, West Coast.
Trust wallet fees
This wallet is a free digital wallet application. So, there is absolutely no burden you have to pay. All types of smartphones can use it like Android and iOS. Transaction fees will only be charged when the user makes a transaction out of the cryptocurrency which is a network fee.
When a user makes a transaction, it is indeed charged a small fee, but it is not collected by the Trust wallet, but will be given to miners or validators in the blockchain network.
That is why even though the Trust wallet is free of fees, each transaction will be subject to a fee whose amount may vary between blockchains.
What is crypto supported Trust Wallet?
Trust wallet supports over 1000 cryptocurrencies and 53 blockchains, here are some of the list cryptocurrency-supported Trust wallets.
- Bitcoin (BTC).
- Ethereum (ETH).
- Binance Coin (BNB).
- Litecoin (LTC).
- Ripple (XRP).
- Dogecoin (DOGE).
- Solana (SOL).
- Polygon (MATIC).
- Thorchain (RUNE).
- Polka dots (DOT).
- Zcash (ZEC).
- Smartchain (BNB).
- Dash (DASH).
- TRON (TRX).
- Tezos (XTZ).
- Cosmos (ATOM).
- Stellar (XLM).
- Bitcoin Cash (BCH).
- Ethereum Classic (ETC).
- Filecoin (FIL).
- FIO (FIO).
- Elrond’s eGLD (eGLD).
- NANO (NANO).’
- Phantom (FTM).
- Arbitrum (ARETH).
- Optimism (OETH).
- Terra (LUNA).
- Avalanche (AVAX).
- xDai (xDai).
- Eco Chain (HT).
- Zelcash (ZEL).
- GoChain (GO).
- POA Network (POA).
- VeChain (VET).
- Wanchain (WAN).
- Callisto (CLO).
- Kava (KAVA).
- ICON (ICX).
- TomoChain (TOMO).
- Firo (FIRO).
- KIN (KIN).
- Nimiq (NIM).
- Thunder Token (TT).
- Aion (AION).
- Theta (THETA).
- Ontology (ONT).
- Groestlcoin (GRS).
- Qtum (QTUM).
- Viacoin (VIA).
- IoTeX (IOTX).
- Ravencoin (RVN).
- Zilliqa (ZIL).
- Waves (WAVES).
- Aeternity (AE).
- Nebula (NAS).
- Decred (DCR).
- Algorand (ALGO).
- Near (NEAR).
- Digibyte (DGB).
- Harmony (ONE).
Cryptocurrency support will continue to be updated along with the development of time.
Can Trust Wallet be hacked?
Although Trust wallet guarantees the security of the wallet, from several user experiences it has been hacked and the existing funds have been stolen by hackers. This means Trust Wallet can be hacked because it is a hot wallet because it is connected to the internet.
On the Reddit forums, several users complain that their crypto assets move hands or have been stolen even though some of them have never divulged the seed phrase to anyone.
From the tracking results, some reported that their assets had moved to the Binance exchange. In this case, what you can try is to ask Binance for help that their assets have been stolen. By providing the necessary proof. It also requires a police report to complete the application for assistance.
Binance will temporarily freeze the hacker’s account until it is proven that it is a crime.
How to prevent the wallet from being hijacked
Trust wallets are hot wallets, although they are secure they are vulnerable to hackers. Some of these ways you can try to protect from hackers.
- Enable 2-factor authentication.
- Do not use public connections or Wi-Fi.
- Be careful when downloading, even from a PC or smartphone.
- Use Proton mail to encrypt email.
- Keep private key offline.
Trust Wallet browser extension
Users can use Trust wallet for IoS and android operating systems. Users can download it on the app store and google play store.
It includes a web browser that allows you to browse decentralized DApps on the internet safely and freely. Since blockchain is a new and complex technology, you can trust the DApss exchange to guide you.
However, on an official notification Trust wallet will remove the Dapp browser on IoS on Trust swallow version 6.0.
How to use Trust Wallet?
How to use Trust wallet is very easy, just take the following three steps:
- Download Trust Wallet from the App Store or Google Play Store.
- Create a new wallet in the application, later you will get a login id and password after creating a wallet.
- Once logged in, you can use it to buy or sell cryptocurrencies.
Trust Wallet Features
Trust wallet gives you access to connect to Dapps to join staking. Important features in the Trust wallet include.
It is a cross-platform library that can implement wallet functionality to a low level for most blockchains. The code used is mostly C++ and C which is strictly exported for interfaces.
This allows developers to interact with desktop DApps using end-to-end encryption, without compromising on recovery phrases or keywords. Developers also get live notifications to approve or deny all transaction requests that come into the mobile application.
Are Trust Wallets safe?
According to some reviews, user experience provides various information. Some users of the Trust Wallet app on Android have had an unpleasant experience. Such users cannot send Doge tokens. Where he does not receive the funds even though they have been sent.
One user talking that his cellphone was lost, and with a new cellphone he logged in with a passphrase. But after successfully logging in he found his assets to be zero.
Even though at the end of the review dated October 2021, some users complained about the security of the Trust wallet, but from the overall 645,641 reviewers, this wallet still got a score of 4.4.
While reviews for Apple users, although overall they get a score of 4.7, some user experiences also face some cases. There are users whose accounts were hacked and lost funds. Another user face the same thing when he bought BNB with a credit card. But then got an email that the transaction was canceled and would receive the funds after three days, but there was no follow up and the money was gone.
Will trust wallet support, Cardano?
This is something strange about the Trust wallet, some users in the community expect this wallet to also support Cardano ADA, but we don’t have any definite information yet.
Cardano ADA is a popular token. But because it is a BEP20 token and Trust wallet is not yet supported. It is not yet available in the Trust wallet. There are users who try to send ADA to the Trust wallet on CardanoBEP2, but the funds were not received in his wallet.
Are Trust Wallet and Metamask the same?
Although Metamask and Trust wallet are both Ethereum-based wallets, there are some differences. Both support the NFT collectible.
For device access, Metamask supports mobile and wallet browsers including Firefox, Chrome, Brave. While Trust wallet only supports mobile on Android and Apple.
Metamask is an Ethereum based wallet but it is customizable, allowing using the Binance Smart Chain. It can also explore Defi whose growth on the Ethereum blockchain is quite rapid. In terms of payment, Trust wallet supports flat money with credit cards, this is the advantage of Trust wallet over Metamask.
Trust Wallet Pros and Cons
- Trust Wallet is free to download and use on a smartphone.
- Very user-friendly and convenient to use.
- Supporting thousands of crypto assets makes it easy to store crypto.
- The existence of private key encryption ensures security.
- It is possible to earn money from interest.
- Available on iOS and Android.
- Less than maximum security, many cases of hacked accounts, and transaction failures.
- Cardano ADA is unavailable.
Trust wallet is a crypto wallet that supports thousands of crypto assets. But because this is an online wallet. The security is vulnerable to hacker attacks or theft of funds.
It is better to keep a certain amount of funds in the wallet only the portion according to their needs. If you store large amounts of crypto assets, you better use a hardware wallet. Because it saves offline. So impossible to hack.
Note: this article is for informational purposes only and does not constitute investment advice or solicitation, Forex, Crypto, and CFD are risky assets, each investor is responsible for their investment.
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