What is Trust Wallet? Trust wallet safety, advantage and disadvantages

What is a Trust Wallet? You might have heard the term Trust Wallet if you are in the cryptosphere. In this blog, I will explain to you about Trust Wallet. I hope by the end of this blog you will clear all your doubts regarding trust wallet.

Trust wallet is a decentralized platform to manage digital assets. Just like we have a secret vault in our homes which can be only accessed with the keys. Trust wallet is like a secret vault it is protected with secret phrase and biometric authentication.

Is Trust wallet safe?

Yes, the Trust wallet is safe to use. As I have mentioned above it is a decentralized platform. which means there is no boss or single entity which have the control or take decision. The decision- making and transfer control is taken care by a distributed network.

It is protected by secret phrases. A secret phrase is a set of strings given by the trust wallet in systematic order. A secret phrase is also known as a private key.

These words are very random. If the user forgets the private key of the wallet, he /she won’t be able to log in again.

For example: You are given a 12 or 24 words in numeric order of

1. Toe
2. Cricket
3. Bonus
4. Gallery
5. Money
6. Bicycle
7. Comment
8. Thanks
9. Vibrant
10. Fragile
11. Wink
12. Some

When you sign in you will sign in you will get your set of private keys or secret phrases. This key phrase is the password to log in trust wallet installed on your phone.

Let’s say, you have lost your mobile or broken it, So, when you sign in to your trust wallet from a new device you can use the key phrase to log in.

How does Trust Wallet work?

Trust wallet holds your digital assets. Let’s understand this with a simple example of a bank. See, we store our money in a bank, and by digital applications like Gpay and Phonepe, we can transfer the money from our bank accounts to friends and relatives.
Trust Wallet is similar it holds our digital assets like usdt, bitcoin, Dogecoin, etc.

How to withdraw from trust wallet?

Let’s understand the withdrawal process from a trust wallet with the same bank example. Everyone owning a bank account in India has an Account Number and IFSC code. And these are unique sets of numbers. Or we have upi-id or phone number for digital payments.

Now, when we have to withdraw money we prefer to go ATM or do the transfer to upi-id, phone number, or Account number.

But, instead of a unique upi-id of account number trust wallet has a network address. This network address is created using a hash function. In a bank account, your name and account number are visible but in a trust wallet, it is anonymous. You can see from which network address it is received but no personal details will be visible.

You can even check the assets of the sender by tracking his network address.

There are 3 different networks to receive or transfer assets in trust wallet

• BEP20 – BEP20 is a Binance Smart Chain Network
• TRC20 -TRC20 is Tron Network
• ERC20 -ERC20 is a Etherium based network

How to transfer assets from Trust wallet?

You can transfer to anyone owning a digital wallet. Let’s say you want to send usdt to your friend. So, she will log in to her trust wallet and click on the receive button. There she gets the option to choose networks like BEP20, TRC20, and ERC20.

When she clicks on any of them she gets the address of the network. Now when you take that address and transfer it by using the network that she chose. If she chose BEP20 and you chose TRC20 to transfer. Then, your assets will be lost forever.

How to cash out from Trust wallet?

A trust wallet is just a wallet to store digital assets. Let’s say you have 1000 usdt in your wallet and you want INR instead of usdt. So, you have to transfer those assets from the trust wallet to any exchange like Binance, Kucoin, WazirX, etc.

You will get your INR in your bank account that you have provided while creating the Binance or Kucoin account. Once you receive the money release the crypto to the buyer. That’s how you have completed your first trade.

Is Trust wallet safe to use?

Yes, Trust Wallet is safe and legit. It has multiple layers of protection like secret phrases and biometric authentication. And it is made with blockchain technology so it is almost impossible to hack.

Does Trust Wallet have KYC?

No, Trust wallet doesn’t take KYC of the customer. Trust wallet is a decentralized blockchain technology platform. It aims to keep the wallet safe and anonymous. It doesn’t require any identity verification or personal details to open a Trust Wallet.

Is there any fake Trust Wallet ?

Yes, there are several fake trust wallet apps. You should always use the Official Trust wallet. Download it from Play store or the official site. Trust wallet is available for Android, iOS and web.

Hope, you got a better understanding of Trust Wallet

Disadvantages of Trust Wallet

• No KYC: Since it is a completely anonymous wallet. The technology does not store any identity verification. So, if you lose your key phrase you will lose your wallet.
• Black Money: It doesn’t have track of users. All the users are anonymous which makes it easier for some people to to store black money in the form of digital assets.
• Network fee: Trust wallet requires a huge network fee when we transfer assets to peers.

Also read about How to Trade Cryptocurrency?