How to Use Trust Crypto Wallet
In order to push cryptocurrency adoption the number one thing developers should focus is on simplicity and ease of use. As more cryptocurrencies and decentralized applications are building every day it is important to have a universal wallet that gives users an easy and robust way to access them. Here we are going to review one such wallet known as Trust wallet.
There are many secure multicurrency wallets available out there and we’ve previously covered about Jaxx and Coinomi. However they are limited in terms of features. Whether you want to store crypto, send payments, invest in a new project or use DApps. You need a convenient all in one solution for all the different activities. Trust wallet is a mobile wallet and an all in one application that simplifies asset management.
In this beginners guide we’ll show you how to download, create account and use Trust wallet. But before that lets quickly look at what is Trust wallet, how it works and its features.
Introduction to Trust wallet – Multi coin wallet
Trust wallet is a mobile wallet application that is designed with a focus on simplicity and ease of use. It is a community-driven, open-source multi-currency wallet where you can store the vast majority of cryptocurrency coins and tokens.
Not only it provide an easy, convenient way to manage all your cryptocurrencies from one place. But with Trust wallet you are in full control of your private keys and since it is a mobile wallet you’ll have constant access to your funds, on the go. Moreover, it works great with decentralized exchanges.
How it works?
Trust wallet was acquired by Binance in 2018 and is currently the official wallet of Binance.
While it is acquired by a centralized exchange the wallet itself is decentralized. Meaning users control their wallets and the private keys are stored on users’ own devices. Moreover, the wallet is open-source and community-driven. Anybody can be part of it, review the code, and contribute to the development.
This app allows developers to build wallet and DApps natively without having to worry about low-level implementation details. This is why most blockchain developers these days; instead of developing an official wallet for their project they use universal multi coin storage solution like Trust wallet.
Is Trust wallet trustworthy & secure?
Mobile wallets in general are designed to provide a convenient, easy and fast access to cryptocurrencies. Trust wallet is best at this. One can store a wide range of cryptocurrencies and the wallet provides an easy access to them anytime, making asset management simple. But does it offer a reliable and secure storage solution for all your crypto?
Yes, they do. However do remember that the safety and security of your assets mainly depends on how you protect your wallet and your mobile device.
Here are the key security features of wallet that you should take note.
1. Private key management:
Unlike other third party wallets which stores private key on their servers Trust wallet stores this information locally on your device. So you retain full control of your private keys.
2. Universal backup solution:
Trust wallet uses industry standard to protect your private keys. For better security and convenience of managing multiple assets it utilizes recovery phrase which will be provided to you during the wallet creation process.
All you have to do is secure this 12-word recovery phrase to backup all your coins and tokens. If your mobile is lost, damaged, stolen or if you forget the password or even in future if Trust wallet goes out of business you can use the recover phrase on other wallets and recover your assets completely.
3. Encryption and passcode feature:
To prevent unauthorized access to your funds the wallet has a passcode feature. You can enable this security feature in settings. Once passcode is enabled you’ll have to enter your passcode each time when you launch the wallet or access your funds. This protects your crypto against theft.
4. Open source:
As we said earlier this app is open source and the wallet code is available online for review.
Anybody can audit the security of the wallet and take part in the app development.
You are free to download, install and use the app without having to provide any of your personal details. This wallet does not collect any personal identification information.
Even when using the wallets inbuilt exchange the app does not collect or store your private data such as contact details or card information. Instead they are sent directly to the service providers through a secure connection.
Among the mobile wallet apps Trust wallet has the highest user rating of more than 4.5 stars. It offers the highest level of security and privacy.
With that said remember to only store coins and tokens on this wallet that you use for your everyday transaction. For long term holding consider hardware wallets like Ledger or Trezor.
Alright! Let’s now see how to create and use Trust wallet.