Post
Topic
Board Nigeria (Naija)
Re: Consider all this before starting your Bitcoin journey.
by
Ruttoshi
on 12/06/2024, 14:34:17 UTC
5. Secure your Bitcoin.

Make sure say you protect your Bitcoin very well, [color]you need to use wallet way you know say they very good like trust wallet, Binance[/colour=red] e.t.c and make sure say you keep your password only to yourself.

Binance is a custodial exchange. Not you key not your coin. Trustwallet is close source. If the public do not know the code, no one can verify if such wallet has backdoor or vulnerable like spyware. That aside, Trustwallet is one of the worst bitcoin wallet even if it is good as an altcoins wallet in term of convenience.

Cold wallets are the safest wallets. Example are Electrum on an airgapped device, airgapped hardware wallets et cetera. For small amount, use can use online wallet like Electrum, Sparrow or Bluewallet or Unstoppable wallet.
I heard about Electrum but I'm using trust wallet I was thinking is the best since I have nothing to fear when it comes to misplacing my phrase since they had an option to back it up with my Google account so is save there and since I started accumulating my Bitcoin it has not given me any problem.
It was recommended to me by my mentor well I will check out Electrum and see things for myself.
I guess that your mentor does not know how to keep his coins safe. It is a different thing to know about cryptocurrency and a different thing to know about wallets. Trust wallet is a closed source wallet which means that it is centralized. It is not safe to keep your coins in it, because they have control over your funds. There is a back door and your private keys are not yours.

This is why you are in the forum to learn more here. I never knew about wallets till I registered here.