Having a secure cryptocurrency wallet, like Trust Wallet, is essential for individuals involved in the ever-growing cryptocurrency arena. These wallets are software programs that facilitate the sending and receiving of digital currencies like Bitcoin (BTC), Ether (ETH), and Litecoin (LTC).
Using a Crypto wallet, you can typically store multiple coins and tokens simultaneously. There might be certain limitations in terms of supported digital currencies.
These wallets can be hardware devices, which can be connected to the internet, much like flash drives. In contrast, they can also be in the form of digital storage, accessible through a device like a banking app.
To ensure security, cryptocurrency wallets store private keys, which must match with a public key to authorise transactions. Founded in 2017 by Victor Radchenko, Trust Wallet serves as an example of such a wallet. It offers users control and access to their digital assets.
Let’s give you an insight into What Trust Wallet is all about.
What Is Trust Wallet?
Trust Wallet operates as a non-custodial cryptocurrency wallet, meaning that users retain full ownership and control over their funds. It stands out by providing support for a wider range of cryptocurrencies compared to other competing wallets such as MyEtherWallet and Coinomi.
Additionally, it has a user-friendly design, making it suitable for beginners in the cryptocurrency space. In addition to the standard functionalities found in most wallets, Trust Wallet offers the unique feature of staking cryptocurrencies. This allows users to earn rewards.
What Can Trust Wallet Be Used For?
It supports a wide range of cryptocurrencies, including popular ones like Bitcoin, Ethereum, Binance Coin, Litecoin, and XRP.
Furthermore, it serves as a non-fungible token (NFT) wallet, enabling users to purchase, store, and sell NFTs. It specifically caters to mobile users, as it operates exclusively as a mobile-based wallet.
As a decentralised wallet, it operates without a central authority, empowering users to take full responsibility for their own security.
Moreover, it is classified as a hot wallet, meaning it remains connected to the internet as long as there is an internet connection. This is in contrast to cold wallets, which are typically offline and only connected to the internet when necessary for specific transactions or usage.
Let’s take a look at how the Trust Wallet works.
How Does Trust Wallet Work?
It serves as a bridge between blockchains and their respective nodes. Each blockchain has its own set of public addresses where cryptocurrencies are securely encrypted and stored.
As a decentralised and non-custodial wallet, it does not possess or control users’ cryptocurrency; it solely provides users with access to their funds.
The Trust Wallet app is exclusively designed for mobile devices, operating on both Android and iOS platforms. Once the application is downloaded, users gain immediate access to all supported blockchains.
Moreover, privacy is prioritised, as Trust Wallet does not retain any user information. Contact information is strictly kept between transacting parties, and user data is not shared with third parties.
In addition, it incorporates a built-in DApp browser, enabling users to access decentralised applications (DApps) built on the Ethereum and Binance Smart Chain (BNB) networks.
This functionality eliminates the need for users to sign up for each individual DApp separately. Through the app, users can directly interact with these DApps seamlessly.
Why Use Trust Wallet?
Trust Wallet differentiates itself from other multi-currency wallets in several ways.
1. Simplicity
Trust Wallet is known for its user-friendly interface and intuitive design. It makes it easy for both beginners and experienced users to navigate and utilise its features effectively.
Thus, it strives to provide a simple and seamless user experience compared to other wallets that may be more complex or confusing.
2. Extensive Blockchain Support
It boasts a wide range of supported blockchains. This sets it apart from many other wallets that have limitations in terms of the number and variety of blockchains they can accommodate.
Currently, it supports over 53 blockchains, encompassing approximately 250,000 different digital assets. This comprehensive coverage allows users to manage a diverse range of cryptocurrencies and tokens within a single wallet.
3. DApp Browser Integration
It offers built-in support for decentralised applications (DApps). This feature allows users to directly access and interact with various DApps within the wallet itself.
In contrast, many other wallets lack this integrated DApp browser functionality, requiring users to switch between different applications or browsers to access DApps.
By combining simplicity, extensive blockchain support, and DApp browser integration, it aims to provide a universal and convenient solution for accessing and managing cryptocurrencies.
Is Trust Wallet Safe To Use?
Trust Wallet’s decentralised nature provides inherent security by eliminating central control, ensuring that your funds cannot be stolen. Additionally, the wallet offers a 12-word recovery phrase that enables you to restore your wallet in case of device loss.
Nevertheless, enhancing security measures is crucial. Implementing two-factor authentication would prevent unauthorised access to your wallet and prevent others from setting up a new wallet using your recovery phrase and passcode without triggering a notification.
Pros and Cons of using Trust Wallet
Before making a final decision, check out the list of advantages and disadvantages.
Advantages of Trust Wallet
- The download process is simple and doesn’t cost anything.
- The application is compatible with 53 blockchains and supports over 1 million assets.
- Users can stake and earn returns on various digital assets.
- All private keys are held by the user; none are stored on the wallet’s servers.
- It features a fully operational Web3 browser for accessing decentralised applications (DApps).
- The wallet allows storage of NFTs.
- It is compatible with both Android and iOS platforms.
Disadvantages of Trust Wallet
- The fees associated with purchasing cryptocurrency from third-party providers are considerably high.
- There is a requirement for additional security features to enhance the wallet’s protection.
- Compatibility with hardware wallets is lacking.
- Hot wallets, such as this one, are generally more vulnerable to attacks compared to cold wallets.
Frequently asked questions
We have a quick guide for some problems the user might face while using Trust Wallet.
Trust Wallet – Where is my private key?
To proceed with the steps:
- Step 1: Open the Trust Wallet application and log in.
- Step 2: Locate and access the Settings option.
- Step 3: In the Settings menu, find and select the Wallets option.
- Step 4: Tap on the three dots icon associated with the specific wallet you want to work with.
- Step 5: From the options displayed, choose “Show Recovery Phrase” to reveal the recovery phrase for that particular wallet.
Trust Wallet – Where to find address?
Follow the instructions below:
- Step 1: On the Trust Wallet homepage, locate and click on the ‘Receive’ button.
- Step 2: From the options available, select the specific blockchain that you have used on Trust Wallet.
- Step 3: Once selected, a QR code containing your wallet address will be displayed.
- Step 4: To copy the wallet address, click on the ‘Copy’ button. This will save the address to your device’s clipboard for easy access or sharing.
Trust wallet – Where are my coins?
To find your coins:
- Step 1: Open the Trust Wallet application and locate the two lines icon in the upper-right hand corner. Tap on it.
- Step 2: A list of pre populated coins will appear. Check if your missing coin is listed.
- Step 3: If your missing coin is not listed, go to the CoinMarketApp website.
- Step 4: Find your missing coin on the CoinMarketApp website.
- Step 5: On the website, look for the two squares icon to the right of the coin and tap on it to copy its address.
- Step 6: Return to the Trust Wallet app and paste the coin’s address into the search bar.
- Step 7: The coin should now be displayed in your wallet. Toggle the switch to the “On” position to add the coin.
- If the above method doesn’t list the coin, tap on “Add Custom Token” and paste the coin’s address.
- Your missing coin should now appear in the wallet.
In Conclusion
In conclusion, Trust Wallet is a popular non-custodial cryptocurrency wallet that prioritises user ownership and control over their funds. It offers extensive blockchain support, allowing users to manage a wide range of cryptocurrencies and tokens within a single mobile-based wallet.
With its user-friendly interface and integrated DApp browser, it aims to provide a simple and seamless experience for both beginners and experienced users in the cryptocurrency space.
While Trust Wallet provides inherent security through its decentralised nature and recovery phrase, it’s important to implement additional security measures like two-factor authentication.
Overall, Trust Wallet serves as a convenient and versatile solution for individuals seeking a secure and accessible way to manage their digital assets.