What is a Trust Wallet and How Do You Use it?
Cryptocurrency wallets are mainly used to store multiple tokens and coins simultaneously, with some only supporting a limited number of digital currencies. Security and safekeeping are vital for cryptocurrency investors, as the market is volatile. Improper security practices could lead to a complete loss of funds, so crypto users must pick a wallet with features that work for them. Here’s what you need to know about them.
For security purposes, cryptocurrency wallets keep private keys; before the owner can spend money, the private key must match the public key. Crypto wallets can come as hardware that can be connected to the internet as needed or digital storage that can be accessed on a device.
What is a Trust Wallet?
Trust Wallet is a decentralised non-custodial software wallet that provides an all-in-one experience. It allows users to securely hold, receive, exchange, and send digital assets, including non-fungible tokens (NFTs) and cryptocurrencies. Trust Wallet provides a straightforward design, even for absolute beginners in crypto. The wallet allows users to safely stake cryptocurrencies, earn rewards, and interact with DApps across supported blockchains.
Trust Wallet supports cryptocurrencies like Bitcoin, Ethereum, Litecoin and Binance Coin, to name a few, compared to most crypto wallets. Experts on the Bitcode Method Official site support the claim that it is a hot wallet, meaning it is always online as long as there is an internet connection. Trust wallet plans to make cryptocurrency more accessible for every user by enabling them to send, buy, stake, trade, store, and receive cryptocurrencies.
Key features of Trust wallet
Trust Wallet supports multiple cryptocurrencies from different blockchains. It allows users to sell, swap, and purchase cryptocurrencies, collect NFTs and explore DApps. The wallet also allows its users to purchase cryptocurrencies from different third-party platforms. With a Trust Wallet, users can buy and sell NFTs and stake cryptocurrencies, including Binance Coin, Tezos, Cosmos and Kava, while earning rewards right within the mobile devices through the Trust Wallet app.
Users with cryptocurrencies in other wallets can quickly transfer them to Trust Wallet using a secret recovery phrase and a Keystore file, private key, or even a public key to migrate. Trust wallet does not charge swaps or in-app transaction fees. However, users must pay corresponding network fees, which vary depending on network congestion.
Trust Wallet security
There is no central control, so users must keep their private keys safe and in the correct order for backup purposes.
Trust Wallet does not disclose user information to third parties and has a 12-word recovery phrase that can be used to recover the wallet. The safety of Trust Wallet depends on its users' ability to secure their recovery phrase. They can also add an extra layer of security or set an auto-lock time to restrict unauthorised people from accessing their wallets. This platform does not ask its users for Know Your Customer (KYC) compliance during the setup; users do not need to share their data to install or use the wallet.
How does Trust Wallet work?
Trust Wallet works by creating a bridge between blockchain and their respective nodes. Every cryptocurrency is encrypted and kept safe with every blockchain, including its own set of public addresses. This wallet provides access for its users. Since this wallet is an online (hot wallet), it requires an internet connection; it can be used on a computer (desktop) and can be installed as an extension or mobile (smart cell phone or tablet) downloaded from the app store.
Trust Wallet doesn’t disclose user information to third parties or keep any information about its users to ensure privacy. All contact information is kept only between transacting parties.
Mobile app
Users must download the app to their mobile phones, available for iOS and Android operating systems. Trust Wallet allows users to easily access multiple tokens on different blockchain networks. Android users can access DApps directly within the app, while iOS users cannot.
In case the mobile gets lost or compromised, the wallet should be backed up to ensure that it is recoverable.
Desktop
The desktop browser extension allows users to turn their browser into a Web3 wallet where users can store, receive, and send digital assets and access several decentralised applications. This makes it easy to use with a navigating network auto-detect feature.
The pros and cons of Trust Wallet
To ensure you are making the most informed decision on whether to use Trust Wallet, you must consider the key pros and cons.
Amongst the advantages of a Trust Wallet, it allows even beginner users to use the app conveniently.
Pros
- User-friendly
- Decentralised exchange
- Non-custodial
- Staking option available
- Supports many digital assets
Cons
- No iOS DApp browser
- Not compatible with hardware wallets
- Limited customer support
- More susceptible to attacks
Trust Wallet is one of the most extensively used software wallets because of its easy use and support for various blockchain networks and digital assets. Users can stake their assets for additional earnings while their privacy and anonymity are preserved. Trust Wallet is suitable for transacting and storing cryptocurrencies; however, the downsides must be considered. This article is intended to educate you regarding Trust wallet and should not be used as legal advice. We urge you to do more research on a wallet that is a good fit for you and your investment intentions and goals.
