Trust Wallet is an online service for using and holding crypto as easily and safely as possible. The team behind it realizes that the more cryptocurrencies our users can keep in this wallet, the better. So, in August 2020, Trust Wallet added Polkadot (DOT) to the list of supported cryptocurrencies.
If you want to have full control over your crypto funds, Trust Wallet is one of the best, most popular picks among traders and investors. This short informative guide will explain how to use it for storing Polkadot, specifically. Other essential details are also down below!
What Is Trust Wallet, and Is It Reliable?
Trust Wallet is a non-custodial wallet that allows users to have full custody of their assets. They can receive, send, store, and exchange tokens within the mobile interface.
Trust Wallet has a straightforward, beginner-friendly set of core features. But advanced investors can also utilize the entire ecosystem of enhanced capabilities and advanced tools for blockchain and non-blockchain projects.
As for reliability and security, the best thing about Trust Wallet is that there haven’t been any breaches or huge scandals. There are over 146,000 ratings on Apple Store and over 650,000 ratings on Google Play, with an average score of 4.7. This is an impressive result, confirming its stance as the community’s most trusted wallet.
Steps To Creating a Trust Wallet Account and Using It To Hold Polkadot
There are three things you will need:
- A crypto exchange account with DOT coins already purchased;
- An Android- or iOS-based smartphone;
- A secure Internet connection.
Once you have all three, follow the following five steps to become a DOT HODLer on Trust Wallet.
Step 1. Launch Trust Wallet
If you don’t already have Trust Wallet on your phone, download it from the application store. If you can’t find it (or you want to be extra certain that you’re getting the official app), visit trustwallet.com and tap “Download.”
Always update and use the most recent version of Trust Wallet for your device.
When you launch the app, you will see options to “Create a New Wallet” or “Import” an existing one at the lower part of the screen.
Step 2. Accept Terms of Usage
Important note: by accepting the terms and conditions, you confirm that you are aware that your seed phrase is non-recoverable. If you forget or lose it, you will lose access to your wallet forever.
Step 3. Save and Verify Your Recovery Phrase
This step is where you need your full focus and concentration, possibly the most important in your crypto journey.
You will see 12 words in a particular order – this is your seed phrase. Save it into a secure password manager or write it down on a piece of paper. If you are 100% sure you have the correct phrase, tap “Continue.”
Now, you need to enter your seed phrase to confirm it. Pay attention to the order, which you will have no trouble following if you backed up properly.
Step 4. Transfer Your Coins
Assuming you confirmed your seed phrase successfully, your wallet will be activated. You will be redirected to the main wallet screen with the default list of coins. Since Polkadot won’t be on that list, you should add it manually.
Tap on the icon on the upper right and type “Polkadot” or “DOT.” Tap on the toggle beside the coin to add it to your main wallet.
Step 5. Wallet Is Ready
Withdraw DOT from your exchange account. The exchange will ask for your wallet address, which you can copy from your Trust Wallet account. Once you receive the required amount of confirmations, your wallet balance will be updated. All done!
You can also make a few tweaks with customization. For example, create a separate wallet just for Polkadot and change the name to easily recognize it. Explore the settings menu for other adjustments you might need.
Some Background Information
You might be unfamiliar with trading, so let’s clarify three of the most relevant terms for this article: Polkadot, private keys, and seed phrases.
What Is Polkadot?
Polkadot is a multichain platform that connects previously incompatible networks. Its native token DOT is used to carry out the key functions inside the platform. The project is community-run, meaning DOT token holders are the ones in control of all changes.
Polkadot was created by Ethereum’s co-founder Gavin Wood alongside co-founders Peter Czaban and Robert Habermeier in 2016 but has only found recognition in 2020.
What Is a DOT Private Key?
A private key (also called a secret key) is a 64 character long hex string. It is used as a signature to confirm that a transaction has come from a particular user. Here is what it looks like:
In the crypto world, knowing a private key is equivalent to owning an asset. But there is actually another, more user-friendly form of a password that leading services use today — seed phrases. You may need export your private keys from trust wallet or metamask for import to https://polkadot.js.org/
What Is a Seed Phrase?
A seed phrase is a set of 12-24 words that allow an easy and simple way to support a cryptocurrency wallet. Trust Wallet uses 12-word combinations. Example:
decide globe boy better grant cupboard parrot blossom method solve update minimum
As you can see, the phrase consists of simple, everyday words. This helps users avoid mistakes when signing in to their accounts without compromising the wallet’s security.
Why Does Trust Wallet Use Seed Phrases?
Trust Wallet uses private keys for account sign-ups instead of private keys. From a user’s perspective, using a seed phrase is to simplify their experience, which it definitely does. But there is an even bigger reason – security.
A single master seed can generate many new key pairs (and, in doing so, addresses). This means that you need to remember and store only one password for your wallet account. It’s much easier to safely store one phrase than multiple addresses for each coin. The chances of losing track of it are very slim.
The first steps on your trading journey can be intimidating. Hopefully, this guide helped you understand that as long as you follow the steps and all security measures, you can become a DOT investor.