Quote from: Abbatty on Today at 06:51:01 AM

Quote from: Deenaxyz on July 20, 2024, 07:04:35 PM

Have read several interesting articles on the internet regarding wallets for storing Bitcoin, they mentioned that there are several types of Bitcoin storage, they're hot & cold wallets. Now I only use Trustwallet to store Bitcoin I have. Am I in the right type of wallet to store my Bitcoin?

Honestly, after reading the article I was confused af, need some good input & insight from experts here.

There is no need to be confused, you should try and understand them properly and identify what type of wallet you’re using first only then will you be able to figure out if you are using the right wallet to store your bitcoins.

Do you even know what Hot and Cold wallet are? In simple terms Hot wallets are wallets connected to the internet while cold wallets are wallets not connected to internet so basically Trust wallet is a hot wallet. Although the risk of wallets connected to the internet is higher and they are more likely to be compromised than cold wallets so ideally trust wallet is not the best wallet option to store bitcoin. Even among other hot wallets there are complaints about trust wallet security and how they are easily compromised and the fact that it is a multi coin wallet makes it an easy target for scammers. I advise you switch to a different and more secure wallet to store your bitcoin like blue wallet or Electrum Wallet

As a beginner, of course at first you must be confused because there are so many types of wallets, I was also like that at first OP was very confused in choosing the right and good wallet. However, after I understood little by little about all the wallets that exist, the Trust Wallet wallet does have a weakness because the wallet is closed source because we don't know how the Phrase seed is made. So I also switched from the Trust Wallet wallet to the Blue Wallet which is widely recommended by members here.

Actually there is Electrum and I have also tried it, but because I rarely use a laptop, Blue Wallet is my current choice. Because Blue Wallet is easier to access via smartphone than Electrum, this is my personal opinion. However, this depends on each individual which is the most comfortable, what is clear is that OP must switch from the Trust Wallet wallet to the Electrum wallet or Blue wallet so that your assets are safer, especially if you store them for the long term.