Warning

OP is promoting a new web wallet. They have full control over your private keys.
If you care about your BTC, do NOT use that wallet.


The Domain got registered less than a month ago.

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Edit:

Additionally the provider of the web wallet, doesn't have a clue what they are talking about in the "security" section:

This doesn't make sense at all.


And additionally, instead of hashing the password client-side and transmitting the hash to the server, they are transmitting the password in plain text.
POST Request upon registering:


Summary: Don't use that wallet! Even if it is build without malicious intend, already simple steps like not transmitting passwords in plain text aren't implemented.
This wallet is either a scam or unsecure.

Even if you ignore the fact that they have access to your private keys (which you shouldn't ignore), it is extremely unsafe to use that wallet.

Hi All, thank you for your replies, So I have transferred 0.001 BTC over to Trust wallet and I have been playing around and doing some research and I have a new list of questions. Again please link me to relevant tutorials if there is already an established guide for my questions. Thanks in advance. I am going to post my questions, and then after it what I think. Let me know if I am right or wrong:


5) What is the difference between the Swap and Exchange on TrustWallet?

On Coinbase, when I wanted to sell all I had to do was pick my designated currency (GBP) and pick my amount (number of BTC). It will then execute the transaction.

As I understand it for TrustWallet, the Swap function is similar to that on Coinbase above.

The Exchange is an actual market, where you actually set the amount you want to sell (number of BTC say), but also set the price you want to sell at. I.e. it is an actual market. I had been using Coinbase so long I didn't even think about it in this way.

This then lead me to a few more questions

6) On the Exchange, what happens if I enter in something ludicrous? I.e. Sell 1 BTC for $50,000

Would this just sit on the exchange and never be executed? And nothing would happen?

7) What about is the supply is higher than the demand? Imagine hypothetically there 10 people on the exchange are trying to sell 1 BTC at £8,000 but there were only 8 buyers. What happens to the last two sellers who don't sell?

I would imagine that their sell transaction would just sit on the exchange as in 6) above, and would be swayed by normal demand and supply forces, probably forcing them to lower their price.

If this is correct, this leads me to my next two questions

If the above is correct, then does that mean the market is not immediate? I.e. Say the BTC is freefalling, and I want to sell urgently. If I put a sell position on the exchange, I have to wait for someone to accept my offer? Does that mean it would be better for me to use the "Swap" function, even though it charges a transaction fee?

9) On Coinbase, hypothetically, say I sell 1BTC at the market rate of £8.000, but I am one of those remaining 2 people in 7) above. I.e. there are no buyers. What happens?

On Coinbase I am inclined to believe the sale will still go through for some reason. Does it just get sat with Coinbase internally?

I.e. Coinbase will give me my GBP cash, and they keep the 1BTC and that will sit in their books until a sale comes up? I.e. they hold the risk at this point?


10) When I transferred my BTC to TrustWallet, it became BTCB BEP2. Do I actually still own BTC?

So from what I have read, 1BTCB = 1BTC. It is Binances way of labelling their tokens? It is pegged to the BTC. But do I still own 1BTC at this point?


11) In this scenario say I want to cash out how do I do that? I sell my BTC (BTCB) into USD (USDSB) and then what? How do I get it into my bank account?

I have read on other places that the answer is to get it back onto an exchange and then cash out. For example I could transfer my BTCB back into my CB and then cash out that way.

Is there no way to do it within TrustWallet, as the DEX in it is an exchange itself? But I see no place to connect my bank account.

If I do have to get it back onto coinbase, that means I have been charged twice. Once to move from CB to TW, and once back from TW to CB.

12) When I buy on Coinbase, I get charged a commission. Then then transfer to TW, and that is another fee. I.e. There are two fees. If from now on, I buy my BTC straight form the DEX in TW, does that mean I will only be facing one fee now? As it will automatically put it into my wallet right? So the only fee really is the purchase commission fee.


13) When I transferred the BTC from CB to TW, I incurred a very small fee of £0.26 on a £10 transfer. however when i go into the "details" of the transaction it says "Network Fee: £6.75". However, I don't see this being charged to my portfolio? My portfolio is worth a little under £10, as I expected. Where has this £6.75 been charged?

14) TrustWallet doesn't cater for GBP, which is my preferred Currency! That means I need to be wary of the USD/GBP FX as well!


I am so sorry for the long post!

I am starting to wonder if TrustWallet is for me. I simply wanted a very simple wallet that can protect my BTC. And also where I can sell urgently if needed to. Maybe if I give it a while to understand all these features it may be worth it. But if you have any other recommended wallets for someone of my level, do give me a shout.


Thank you guys so much.

I agree if you hold the right coin. Not to be panic is relative hard for newbie. Sometime your experience little bit in different condition, that's why people cannot learn from their experience instantly.

what a year, wish I dump all the coin in late DEC lol

and today, spend the 100% from that capital and bought it again, so u still holding the same amount as late DEC while steady with the 900% profits..

are you clone from phoneum