Trust Wallet is a user-friendly wallet app that supports many smaller tokens in addition to the majority of the major cryptocurrencies. This wallet has a number of additional features, such as staking to earn cryptocurrency rewards, in contrast to some wallets that are only for storing cryptocurrency. To learn more and decide if Trust Wallet is right for you, read our complete review.
What Is Trust Wallet?
Trust Wallet is a non-custodial digital wallet that stores cryptocurrency in hot storage. It is widely regarded as one of the best cryptocurrency wallets because it is very secure, cost-free to use, and supports a wide variety of blockchains and cryptocurrencies. Trust Wallet was purchased by Binance in 2018 and serves as the exchange’s official decentralized wallet.
Trust Wallet Basics
Trust Wallet is a mobile, decentralized cryptocurrency wallet that supports over 53 different blockchains and more than one million different digital assets. Users can put their coins on the line to earn interest. Additionally, it has a built-in Web3 browser that enables users to access decentralized applications (DApps) created on various blockchains. The Trust Wallet DApp browser currently has connections to about 16 networks.
Although it was initially intended to hold ERC20 and ERC223 tokens, it now also supports those created on other blockchains, including, of course, Bitcoin. Coins can also be purchased using the native decentralized exchange (DEX) that is powered by Trust Wallet’s partnership with the Kyber Network.
Easy To Use
Trust Wallet is user-friendly for beginners, contrary to the negative perception that cryptocurrency wallets are challenging to use. It is simple to use and well-organized, so it doesn’t take long to learn how to send and receive cryptocurrency or make use of the wallet’s other features.
Free Crypto Wallet
With Trust Wallet, there are absolutely no wallet fees. You can use it to store your cryptocurrency and download it for nothing. The only costs you’ll encounter are those associated with the blockchain network for cryptocurrency transactions. Instead of Trust Wallet, the blockchain network itself is responsible for collecting the transaction fee.
Large Number Of Supported Assets
Trust Wallet is a fantastic option if you enjoy investing in a wide variety of cryptocurrencies. It supports over 1 million cryptocurrencies and more than 50 different blockchains. With this wallet, you’ll be able to keep the majority, if not all, of the digital currencies you own in one location.
A common way to get rewards for your crypto assets is through staking. This is the point at which you permit the use of your cryptocurrency to support transaction validation on the blockchain. Trust Wallet makes it simple and quick to get started by providing built-in staking with a variety of cryptocurrencies.
Trust Wallet History
Viktor Radchenko, a Ukrainian software developer living in the US, is the creator of Trust Wallet. He learned about cryptocurrencies in a similar way to how many of us did: by using Bitcoin on the dark web.
But it was Ethereum that really sparked his interest in cryptocurrencies. He gained experience by creating an app that assisted truckers in finding parking and other amenities while also dipping ever-deeper into the crypto waters.
As his collection of ERC20 tokens from ICOs grew, Viktor started working on Trust Wallet to store them. The project was started in 2017, and it quickly took up all of his time and attention.
The functionality of ERC20 standard tokens quickly attracted thousands of early adopters. The wallet’s rising popularity then attracted Binance, which bought the project (along with its parent company Six Days LLC) back in 2018 for an undisclosed sum.
Much of the attention is on achieving mass adoption through usability, as with any self-respecting cryptocurrency project. As Viktor himself has stated, “allowing people to buy cryptocurrency with a credit card or bank account is essential for crypto adoption,” and Trust Wallet has stayed true to his vision in this regard. As a result, the app has worked hard to make sure that everyone can use it and find it easy to use.
Getting Started With Trust Wallet
- Are you considering joining the Trust wallet family? If so, proceed right away to download and install the wallet on your mobile devices by following the instructions below.
- Follow the link provided to download by going to www.trustwallet.com.
- After that, go to the store and download the app to your smartphone.
- Once done, open the wallet and click on “Create a new wallet.”
- When the next step comes around, you will be given a special recovery phrase that you need to store safely right away.
- Verify the 12-word phrase to make a backup of your wallet.
- Once finished, give everyone your wallet’s address and all necessary information.
- After completing this process, you are free to use your wallet as you please and manage as many digital assets as you desire.
Setting Up Your Wallet
- Choose your preferred Fiat currency so that you can compare its exchange rate with those of the other currencies supported by the platform.
- To keep track of all the transactions you receive in your wallet, enable all useful notifications.
- For every transaction, pick a specific speed. Depending on how you intend to use your wallet, this may be slow, regular, or fast.
- To add more security, lock your account. You can do that with the App Lock option.
- Your account can now accept coins. The + icon on your screen lets you select the currencies you want to include.
- Add the wallet address you might want to use to access cryptocurrency that you receive in your wallet.
Trust Wallet Staking
The staking of crypto (derived from the term “Proof of Stake”) involves the creation of new blocks via a consensus algorithm. After that, the blockchain receives these new blocks.
By staking coins that belong to holders, new transactions can be verified on the blockchain. The maximum number of valid transactions is determined by the number of staked coins. Staking keeps the coins in a wallet for a set period of time, with additional coins being added to the wallet as a reward (much like interest accruing). Similar to interest, the more you wager, the more you win.
Therefore, you should investigate the staking function that Trust Wallet offers if you’re interested in generating interest from your cryptocurrency holdings or in having a say in how specific currency networks are run.
Despite the list expanding, not all coins currently support staking. Both Ethereum (ETH) and Cardano (ADA) will eventually be made available for staking after switching to Proof-of-Stake (as opposed to Proof-of-Work) systems.
Currently, Trust Wallet enables you to stake the following cryptocurrencies: Terra (LUNA), Algorand (ALGO), Cosmos (ATOM), Kava (KAVA), Osmosis (OSMO), Tezos (XTZ), and TRX.
There are other staking coins available, but it is unclear if or when they will be made stakeable through Trust Wallet. Visit my colleague Steve’s in-depth study on the subject if you want to learn more about them and the staking procedure itself.
It is challenging to criticize the Trust Wallet app given its minimal flaws. Users can start using it right away thanks to its simple download feature. Without getting bogged down in complexity, the interface is a delight for simple use. To get as many users as possible, these apps need to be simple. In contrast to other wallets, users have an unlimited number of assets and can store coins.
The biggest benefit of the app, in addition to its simplicity of use, is staking. Staking is important for the future, as both investors and cryptocurrency owners are aware. Because of this, its advantages and services are becoming more and more known to the public. Trust Wallet does make future decisions by speculating on the demand for staking in the foreseeable future. They have made some excellent efforts in this regard. Trust wallets have an obvious advantage over their rivals because the majority of other wallets of this size still cannot afford to provide such a wide range of stake coins.
FAQs Of Trust Wallet
What Does The Trust Wallet App Do?
A software wallet called Trust wallet is used to receive, send, and store various cryptocurrencies.
Ethereum And Bitcoin Security?
Yes, a variety of other cryptocurrencies are safe in addition to Bitcoin and Ethereum.
How Secure Are Trust Wallets?
The safety of users’ assets and information is substantially ensured by a number of reliable mechanisms. Users can keep their accounts secure in the future by adhering to the initial instructions.
How Can Our Money Be Secured?
Money can be obtained through a fairly straightforward process. All payments will proceed according to your settings once you’ve made your selection. Analyze the past to see if there is any confirmation.