Cold wallets, also known as trust wallet, are safe havens for users. The main reason is the problems that exchanges have faced over time. Therefore, the perceived potential of centralized cryptocurrency exchanges in the DeFi space has led them to move in both directions. Coinbase recently launched a decentralized wallet. Years ago, the Binance exchange also joined this market.
What Exactly Is A Trust Wallet?
Centralized cryptocurrency exchanges hold their clients’ assets in their cold wallets, and users can move them at will. Decentralized wallets transfer all authority and accountability to the user. Decentralized wallets for cryptocurrencies include MetaMask, Phantom, and others. Like many other wallet systems, Trust Wallet transfers ownership entirely to the user. Trust Wallet users have access to decentralized applications, protocols, and DeFi platforms. Centralized cryptocurrency wallets can be compared to banks. Decentralized wallets are wallets that we carry in our pocket and can access anytime.
As the number of users of decentralized applications (DApps) has increased, a number of access alternatives have emerged. In 2017, Viktor Radchenko introduced Trust Wallet, one of the most popular decentralized wallets. Eowyn Chen, former vice president of marketing at Binance, was appointed CEO when Binance acquired Trust Wallet in 2018.
How To Use It?
Trust Wallet is a mobile app that provides a secure and easy-to-use interface for managing your cryptocurrencies. Here are the steps to use Trust Wallet:
- Download the app: Trust Wallet is available for free on both iOS and Android devices. Visit the App Store or Google Play Store to download and install the app on your smartphone.
- Create a new wallet: Once you have installed the app, open it and select “Create a new wallet.” Follow the instructions to set up your wallet, which will include creating a backup phrase that you should write down and keep safe.
- Add cryptocurrencies: To add cryptocurrencies to your wallet, tap on the “Add Coin” button on the home screen. You can choose from a wide range of supported cryptocurrencies, such as Bitcoin, Ethereum, Binance Coin, and more. Follow the instructions to add the cryptocurrencies you want to hold in your Trust Wallet.
- Send and receive cryptocurrencies: To send cryptocurrencies, tap on the cryptocurrency you want to send, enter the recipient’s address, and the amount you want to send. Then, confirm the transaction. To receive cryptocurrencies, tap on the cryptocurrency you want to receive and show the QR code to the sender.
- Use dApps: Trust Wallet also supports decentralized applications (dApps) that allow you to use blockchain-based services such as decentralized exchanges, lending platforms, and more. To access dApps, tap on the “Browser” icon on the bottom of the screen and choose the dApp you want to use.
- Security: Trust Wallet provides a number of security features, such as password protection, biometric authentication, and two-factor authentication. You should also keep your backup phrase safe and never share it with anyone.
That’s a brief guide on how to use Trust Wallet. It’s a powerful tool for managing your cryptocurrencies and accessing decentralized applications on the blockchain.
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