How to Safely Use Trust Wallet for Storing Cryptocurrency
Anyone who owns cryptocurrency knows the importance of safely storing their crypto. History is evidence that even big exchanges like Binance are not safe from cyberattacks. Therefore it is of utmost importance to hodl your cryptocurrency in a non-custodial wallet that is not under the control of an exchange.
What is a Wallet?
A wallet can be a hardware or digital store for keeping your private key safe. Cryptocurrency is stored on the blockchain and a private key determines the ownership of that cryptocurrency. Wallets do not store crypto, they just store your private key. There are 2 major types of wallets:-
Trust Wallet
Trust wallet is a renowned name in the crypto industry for storing digital assets. Its parent company was acquired by Binance in 2018. So Trust Wallet is now a product of the world’s leading crypto exchange. Trust Wallet comes under the category of non-custodial software wallet which means you have complete access to the private keys.
Making it simpler, suppose you have an account on Binance for trading in cryptocurrencies. The spot wallet which you use on Binance is registered under your name but belongs to Binance as Binance does not share its private key with you. Moreover, if Binance gets attacked like it was in the past, you could lose all your funds. I would like to take a minute to highlight that despite being hacked and losing over 40 million USD, Binance made it a point to not let users’ funds get affected by the hack. They paid it out of their own pockets. That is why Binance is the world's leading and most trusted cryptocurrency exchange and a product of such a company will not be an average one.
This was one incident where the exchange paid for the user's funds but there are many which got hacked and had to shut down. In that case, you could lose all your funds. To overcome this, users are recommended to use non-custodial wallets like Trust Wallet which lets the users own the private key.
Trust Wallet can only be used via its mobile application on Android and IOS. It cannot be used on a desktop or a browser.
So the first step is to download the app through the official source.
This is how the app will look on the play store. Make sure that you install the app through official sources only.
Once you will open the app, you will be asked either to create a new wallet or to open an already existing one. Once you go to create a new wallet, you will be provided with your private key. Please note that this private key determines who owns the wallet. A wallet is just a doorway to cryptocurrency stored on the blockchain. You need to unlock that doorway through the private key. Also, it is very important to not share the private key with anyone because “Who Knows the Key, Owns the Crypto”. Also, do not store your private key digitally. Instead, write it down on a piece of paper, make multiple backups of the key and store it securely.
After storing your seed phrase (private key) you can name your wallet and start using it. You can do multiple things on Trust Wallet like:-
Send Crypto
Receive Crypto
Store NFT
Stake Crypto
Browse Dapps on Android
Swap Coins Without Leaving the App
Wallet Connect- To Connect with Dapps in Case of IOS
Can Trust Wallet be Hacked?
If you are connected to the internet then the risk of getting hacked always looms on your head be it Trust Wallet or any other Software Wallet. However, by following the below tips you can enhance the security of your Wallet
Tips for Securing Trust Wallet
Backup the Seed Phrase- Never share your seed phrase with anyone and make multiple copies of the phrase. Also, do not store your seed phrase digitally. Suppose you take a picture of your seed phrase and back it up on google photos. Now your seed phrase is also available on google photos’ server.
Add Extra Security Layer- Add a layer of security in the form of a password or biometric lock on the app so that anyone who gets access to your phone is not able to access your wallet without the password or biometrics.
Do Not Connect with 3rd Party Sites- In the case of IOS, you will have to grant access to your Trust Wallet to Wallet Connect to connect with Dapps.
Do not Fall for Phishing- Most of the time, hackers access the wallets of users just by asking them their seed phrase in a disguised manner. Many scammers contact users on the pretext that they have won a certain amount of cryptocurrency and for them to receive the crypto they need to provide the seed phrase to the scammer. Do not fall for such traps.
Keep Internet Connection to a Minimum on the Device you use Trust Wallet- Staying constantly connected to the internet is a threat in itself. Try to use Trust Wallet on a separate device and not your daily driver. Also, do not download any third-party application on the device you use trust wallet
What if Trust Wallet Shuts Down?
Do not worry! Even if Trust Wallet shuts down, that doesn’t mean the cryptocurrency sitting on the blockchain gets destroyed. You just need a new door to access your digital asset. If you have the seed phrase you can access your cryptocurrency through another wallet than Trust Wallet.
Hope this article helps you get familiar with Trust Wallet and prepares you for storing your cryptocurrency more securely.
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Note- Cryptocase is not a financial advisor and the above is not financial advice. The information is solely for educational & informational purposes only. Cryptocase is and shall not be responsible for any profit or loss incurred by you
