Trust Wallet is a user-friendly and secure mobile wallet for storing Bitcoin Cash as well as 40+ other blockchains and hundreds of thousands of supported cryptocurrencies and tokens.
In contrast to custodial wallets, where a third party controls your private keys, Trust Wallet gives you sole control of your private keys. It is a new generation HD wallet (Hierarchical Deterministic), which derives keys from a single seed for high-level security. If that sounds like something you want for your crypto assets, this article is for you.
Continue reading for a step-by-step Trust Wallet tutorial and interesting adjacent discussions.
Setting Up Your Trust Wallet
Trust Wallet is not for buying crypto — it’s meant to store it. So, go to your preferred crypto exchange, look up the instructions for this particular platform, and buy Binance Cash via fiat or crypto channels. If you already have BCH, follow the steps below.
Step 1. Get the App
There are two ways to download the Trust Wallet app — on mobile application stores under the name “Trust” (App Store or Google Play) or on the official website. The latter option, trustwallet.com, might be better for safety reasons.
Open the website on your mobile device and tap the button for your operating system. It will automatically transfer you to the official app, with no risk of getting exposed to fraudsters and imitation apps.
Step 2. Create a New Wallet (Assuming You Don’t Already Have One)
Step 3. Save Your Seed Phrase
Then, you will see a set of words that will be your password. Never share it with anyone – if someone gets access to your seed phrase, they will have easy, unimpeded access to your wallet.
The phrase will consist of 12 words in a particular order. Copy and paste it to a password managing tool or write it down on a piece of paper to avoid creating a digital trail.
Tap “Continue” once again, and enter the seed phrase to confirm it.
Step 4. Add Bitcoin Cash To Your Main Wallet and Copy Its Public Key
Bring up the list of all supported cryptocurrencies by clicking the upper right icon. Type in Bitcoin Cash or BCH, and tick it off in green to add the coin to your main wallet.
Then, open the Settings menu, which will be at the bottom of the app. Go to Wallets → Main Wallet → Export Public Keys. You will see the list of public keys for all your cryptocurrency addresses — copy the one attached to Bitcoin Cash.
Step 5. Transfer BCH From an Exchange to Trust Wallet
Follow the instructions to withdraw crypto from your exchange to a wallet. It usually involves going to your personal account on the exchange, finding the Withdraw or Send option, and entering your wallet address.
Bitcoin Cash transactions require 15 confirmations, which take 2.5 hours on average. Your balance will be updated once the coins arrive in your wallet. Hold your assets for as long as you want!
Is Trust Wallet a Reliable Service?
Trust Wallet is rightly considered one of the most reliable services on the crypto market. The app uses several security mechanisms to protect users and their funds against hacking or theft. Of course, there are no guarantees, and some mishaps can happen. But if you store your passwords securely, you keep those chances to a minimum.
In the last few years, after the acquisition by Binance, Trust Wallet has made significant developments in terms of its protection. Plus, a leading security firm by the name of Stateful is now responsible for regular audits of the platform.
Difference Between a Private Key and a Seed Phrase
Trust Wallet provides users with a seed phrase, which is not the same as a private key.
A private key is an alphanumeric string — a tiny bit of code — that ensures data is protected during transmission. In the traditional encryption method, a private key is shared between communicators to encrypt and decrypt the message. If the key is lost, the system becomes void.
Here is a private key in hexadecimal (64 characters in the range 0-9 or A-F):
However, humans are better at remembering and dealing with a series of words than with random letters and numbers. This led to a newer concept — a seed phrase. It is a series of 12 simple words that are easy to transcribe, like quote, energy, fabric, lucky, board, opera, etc.
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Even though real words are easy to remember (some people even make up songs as a mnemonic device), you shouldn’t rely on your memory alone. After all, your seed phrase unlocks your wallet and everything inside it, as you saw in the tutorial above.
Here are a few ideas to store your seed phrase securely:
- Split the seed phrase into two or more sections and store each section separately.
- Store it in a safe that is designed to withstand fire, water, and tampering;
- Use a hard drive – another option for offline storage;
- Choose a physical hiding place to completely negate the use of technology.
Bitcoin Cash Private keys export
To transfer your Bitcoin Cash from Trust Wallet to other wallets such as: myethwallet, metamask – you may need to export your private keys, this can be done using the mnemonic phrase and this utility.
Should You Hold Bitcoin Cash in Trust Wallet?
Trust Wallet is free, intuitive, and secure. If you’re going to use an online wallet for Bitcoin Cash, there is nothing that beats it.
This app allows you to store your crypto in a way that ensures no one can access it but you. Even its team and devs can’t move your crypto or even see how much crypto you have stored with them. Additionally, the app doesn’t collect any of your personal data, so you know your identity is safe.
There are considerations like processing fees and transaction times. But those will be there regardless of your wallet, so when it comes to features you can choose and control, Trust Wallet is the market’s favorite.