Aside from storing cryptocurrencies, what Trust Wallet can do?
Table of contents
What is a Trust Wallet?
Trust Wallet is a decentralized non-custodial wallet,multi-cryptocurrency wallet application.Which allows you to fully control digital assets like cryptocurrencies, NFTs
This Wallet is Binance’s official cryptocurrency wallet. And it provides support for 65 blockchains and access to over 4.5 million crypto assets.
It is an hot wallet,as long as there is an internet connection .The wallet can be accessed via a secure connection online.
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Trust Wallet
Trust Wallet meaning
Unlike most centralized wallets ,Trust wallet includes access to decentralized applications. (DApps) across supported blockchains safely.
It aims to make cryptocurrency more accessible for everyone by enabling you to buy ,send,receive,stake ,trade and store cryptocurrencies.
How does it work?
Trust wallet creates a bridge between blockchains and their respective nodes .Every blockchain includes its own set of public addresses .
Where cryptocurrencies are encrypted and kept safe.
Since it is decentralized and noncustodial. It does not hold or control your cryptocurrency ,it just provides access to it.
App
It operates exclusively on mobile devices.As such every supported blockchain is readily accessible once you download the application on an Android or IOS device.
The application does not keep any information about you to ensure privacy.
All contact information All contact information is kept only between transacting parties.
This wallet does not disclose your information to third parties.
Dapp Browser
Its built in browser allows you to access Ethereum -based and BNB Chain-based DApps .
You can directly use these DApps using the Trust Wallet app without needing to sign up for each DApp in addition.
It vets all accessible DApps to ensure that only the trustworthy ones are made accessible to you. Supported DApps include Uniswap, Pancake Swap and Open Sea.
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What it is used for?
Trust Wallet is used in a variety of ways. Aside from storing cryptocurrencies ,you can do multiple things
1. Buy Cryptocurrencies
You can purchase cryptocurrency on a Trust wallet. Actually you can buy over 60 cryptocurrencies with fiat money using a credit/debit card .
However ,you can also purchase directly from centralized exchanges to reduce the fees incurred from these cards.
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2. Stake Cryptocurrencies
You can stake cryptos from Trust wallet .It may also earn interest on their holding’s . There are various options for staking on the app. including BNB and KAVA,
3. Exchange Cryptocurrencies
The platform also has built in decentralized exchange .
(DEX) That can be used for cross-chain swappings such as swapping BEP-2 for BEP-20 tokens.
Network fees may be incurred depending on each corresponding network’s current activity.
4. Stablecoin and NFT support
Other than built in DEX Trust wallet also lets you store stablecoins and spend them in a secure app environment.
You can also manage NFT’s and game assets on Trust wallet with the app fully supporting Ethereum and BNB Chain NFTs.
How to use Trust Wallet App?
You should download the App first . The app is readily available for download and free on Android and IOS. You can create an account after installing the app.
You are then required to create 6 digit number which will act as your secret security code to access the wallet.
This wallet is non custodial so it is crucial to know that wallet can not help you to retrieve a lost wallet in the event of loss.
What can you do with Trust Wallet?
- Swap: You can easily exchange one crypto for another.
- Buy: You can buy cryptocurrencies with your credit card via third-party platforms such as MoonPay or Simplex.
- Stake: You can earn interest through Trust Wallet’s staking function or by accessing a menu of decentralized applications (dapps).
- Store: You can store your crypto on various blockchain networks.
- Collect: You can collect NFTs by using Trust Wallet’s dapp browser to access popular NFT marketplaces such as OpenSea or Rarible.
Pros of Trust Wallet
One of the most significant pros is its user friendly interface , allows even beginner to use the app conveniently.
Since the Trust Wallet aims to provide better access to cryptocurrencies in a secure non-.custodial manner.
It is feature -rich .It allows you to perform a variety of actions through one single app.
“Excellent wallet for certain use cases and worth checking out as a primary wallet”
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Cons of Trust Wallet
It has limited customer support. , as the team is only available via email and not through more direct channels like chat or direct line.
The app does not currently support hardware wallets. for offline storage. Although it claims its apart of their future development..
Trust Wallet Price $1.48 – updated price on 13th January 2023
Volume Market Cap 0.069
Market Cap Rank m#61
Market Cap Dominance 0.065%
Fees – Network fee only to send assets
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Conclusion
Trust Wallet was developed by Binance, the world’s largest cryptocurrency exchange, to help customers take control of their own crypto security.
Though people who do business with other exchanges can use it. Trust Wallet supports a wide range of digital assets, but it lacks some features offered by other wallets.
Where Trust Wallet falls short
Conversion: Trust Wallet doesn’t offer easy interoperability with a cold-storage wallet, which means users may have to take extra steps if they want to move crypto assets to a dedicated storage device that isn’t connected to the internet.
What Trust Wallet is best for
- Crypto owners who use Binance’s exchange services.
- People who want to store a wide variety of assets in one place.
FAQs
Trust wallet is a cryptocurrency wallet. Which enables businesses to store ,buy , exchange and collect NFTs and cryptocurrencies.
Traders can utilize the DApp browser to access decentralized applications according to the requirement.
As Trust wallet is non-custodial wallet, it does not hold your “private keys” and does not have access to your funds.
Trust Wallet is located in mountain View , California in United States.
The crypto wallet emphasized that the vulnerability did not affect users who solely used the Trust Wallet mobile app, imported wallets into the browser extension using seed phrases from other wallet applications, or created new wallet addresses via the extension before November 14 or after November 23, 2022.
Trust wallet was founded by Viktor Radchenko in 2017. Based in Mountain View.
California Radchenko previously held development and engineering roles at several tech firms.
And also co-founded Trucker Path in 2013. The company behind one of the most popular apps for truckers and logistics firms.
The browser extension compliments Trust wallet’s mobile wallet.
Which is the world’s leading mobile crypto wallet with 60 million downloads and over 10 million monthly active users globally.
How many Users Trust Wallet has ?
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