The decentralized tech market is booming, especially for decentralized wallets. Why? Primarily because the FTX breakdown that led to billions lost in investors' funds led to the awakening of the masses. Self custody of crypto became a norm that took over markets after the doomed fall of FTX.
Internet connectivity in crypto has its own merits and demerits. On the one hand, it allows for easy and quick access to various crypto platforms and exchanges, making it easy for users to buy and sell cryptocurrencies.
Additionally, it allows for accessible communication and networking among crypto enthusiasts and investors.
On the other hand, the internet connectivity in crypto also poses security risks, as hackers can easily target vulnerable systems and steal personal information and funds.
Furthermore, constant connectivity can lead to a lack of privacy for users, as various entities may track their financial transactions and personal information.
To highlight the issue with centralized exchanges when dealing with personal funds, the perplexing factors are severe:
Security risks: Centralized exchanges are a high-risk target for hackers due to their centralized nature, making it easy for hackers to access user data and assets.
Lack of control: By keeping funds in a centralized exchange, you are giving up control of your assets and are subject to the exchange's policies and procedures
Exit scam: Centralized exchanges, due to their nature of control, could face regulatory issues, and in some cases, they could get shut down.
Risk of market manipulation: Centralized exchanges are controlled by a few individuals or entities, which can lead to market manipulation, such as price manipulation, insider trading, and wash trading.
Lack of transparency: Centralized exchanges often lack transparency in their operations and may not disclose important information about their financials or security measures.
Therefore, Trust Wallet comes for the safe here by providing a secure way of storing cryptocurrencies.
For those not in the know, Trust Wallet is a mobile wallet for storing cryptocurrencies. It is designed for Ethereum and other Ethereum-based tokens.
It allows users to store, manage, and send digital assets securely. The wallet is open-source, which means that the code is publicly available and can be audited by anyone.
Additionally, Trust Wallet provides users with a seed phrase that can be used to restore their wallet if they lose access to their device.
It also provides users with a built-in browser to interact with decentralized applications (dApps) on the Ethereum blockchain.
In addition to Ethereum and ERC20 tokens, it also supports other coins and tokens like Binance Smart Chain (BSC), Polkadot, TRON, and more.
As the wise say, ideas are easy; execution is everything. So, let's learn how to start using Trust Wallet:
• Download Trust Wallet on your mobile device from the App Store (iOS) or Google Play Store (Android).
• Open the app and create a new wallet by following the on-screen instructions. You will be prompted to write down a 12-word seed phrase, which is used to restore your wallet if you lose access to your device. Make sure to keep this seed phrase in a safe place.
• After creating your wallet, you will be taken to the main screen. You can add a variety of cryptocurrencies by clicking on the "+" icon in the top right corner and selecting the coin you want to add.
• To receive funds, tap on the coin you want to receive and tap on the "Receive" button. This will display a QR code and a public address you can share with the sender.
• To send funds, tap on the coin you want to send, enter the recipient's address and the amount you want to send, and then confirm the transaction.
• To view your transaction history, tap on the coin and then tap on the "Transactions" button.
• To use dApps, tap on the browser icon at the bottom of the screen, and you will be taken to a built-in browser where you can interact with dApps on the Ethereum blockchain.
• To back up your wallet, you can either use the seed phrase or private key; with the seed phrase, you can restore the wallet on any device if you lose access to your device or want to move the funds to a different device.