Trust Wallet is a non-custodial cryptocurrency wallet, meaning the keys to the assets are given to one owner only. It is also one of the most recognizable and popular digital wallets out there.
You can keep your Bitcoin funds by creating a new wallet through the application. After creating the account, you will receive a 12-word secret recovery phrase or a seed phrase. Important note: the seed phrase should be stored in a secure location, accessible by only you.
But why don’t we take a step back? Let’s have a quick word about Trust Wallet, break down the process of HODLing step-by-step, and learn about important crypto concepts.
Is Trust Wallet Reliable?
Originally, Trust Wallet was able to carry only ERC20 and ERC223 tokens. But eventually, it started supporting tokens based on other blockchains, including Bitcoin. The service also utilizes the newer Native Segwit address format, which was an upgrade to Bitcoin that was activated in 2017.
Trust Wallet is simple to download, install, and use, largely because it was acquired by the biggest name in the crypto space — Binance. There are no upfront or maintenance charges. For better security, you can enable PIN codes or fingerprint scanning.
One drawback to keep in mind is that there’s no desktop support. Quite a few users wish they could access their bitcoins on their computer, but so far, mobile is the only available option.
How to Use Trust Wallet: Step-By-Step
You can purchase Bitcoin on any third-party exchange of your choice or through Trust Wallet’s partner — Kyber Network’s native decentralized exchange. Then, follow our instructions below.
Step 1. Download the Trust Wallet App
Trust Wallet is available for Android and iOS. To make sure you’re dealing with an official service (not fraudulent replicas or phishing traps), go to trustwallet.com and tap “Download” on the main page.
Step 2. Complete the Basic Set-Up
Step 3. Save and Verify Your Recovery Phrase
Now, the app will want you to back up the wallet right away. Before you get access to your recovery phrase, you’ll need to confirm you understand that if you lose your recovery words, you will not be able to access your wallet.
Copy the phrase and paste it into the password-protected note app. Or go the extra mile — write the words on a piece of paper and put it into a safe (or another protected place).
Tap “Continue” and put the words in the correct order to verify your recovery phrase.
Step 4. Get Your Public Keys
Trust Wallet will create your main multi-coin wallet with four empty sub-wallets in it — BTC, ETH, BNB, and BNB Smart Chains.
Go to Settings → Wallets → Main Wallet → Export Account Public Keys. Copy your Bitcoin public key, which is essentially your wallet address for this specific coin.
Step 5. Transfer Bitcoin to Your Wallet
Open your account on the crypto exchange and navigate to the Send window. Select Bitcoin and enter the amount you want to send to Trust Wallet. Paste your address from Trust Wallet (that you’ve copied in the previous step) into the recipient’s field.
Click or press “Send” to transfer your BTC. That’s it! You’re a Bitcoin HODLer now.
Does Trust Wallet Give You Private Keys?
Trust Wallet does not directly provide users with a private key. Instead, the service generates a recover seed phrase, which you then need to convert into a key yourself.
Why? For security reasons. A seed phrase is like a keychain that holds multiple keys, creating an extra protection wall between users and wallets.
Trust Wallet is an HD wallet (Hierarchically Derived), a new generation of cryptocurrency wallets that use BIP39 recovery phrases and BIP44/BIP84 derivation paths.
The service encrypts all assets’ private keys to create one master private key and runs it through an algorithm. You will then need to use a third-party service to extract the private key from the seed phrase. This way, you and — even more importantly — other users don’t have a direct entryway to the wallet.
Some Background Information: Private Keys and Seed Phrases
A private key and a seed phrase are among the many new and key terms in the language of cryptocurrency. Even though we’ve already used these terms multiple times in this article, and you probably have an idea about what they mean, let’s examine both in more detail.
What Is a Private Key?
A private key is a password to prove ownership or spend the funds associated with a user’s public address. You maintain full control of your crypto as long as you are the only one in possession of this key.
Private keys can take different forms:
- 64 characters in the range 0-9 or A-F
- A string of 256 ones and zeros
- QR code
Most people use alphanumeric characters. In any case, private keys are astronomically large numbers, and for a good reason. Private keys are used to create signatures, which ultimately allow you to spend your Bitcoin. They also protect your identity and data from unauthorized access, safeguarding your account against cybercriminals and other malicious actors.
What Is a Seed Phrase?
A seed phrase (or mnemonic phrase) is a generated list of 12 to 24 words in a specific order that can be used to access your cryptocurrency wallet. If you lose your device, forget your password, or have your device stolen, a seed phrase will help you regain access to your funds on-chain.
Example of a seed phrase:
forget wing follow flip swallow achieve correct view dinner witness hybrid proud
These words can be loaded into Trust Wallet, which is a BIP32-compatible wallet, and your control over Bitcoin will be recovered.
Bitcoin Private keys export
To transfer your Bitcoin 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.
Is It a Good Idea to Hold Bitcoin in Trust Wallet?
Trust Wallet is open-source and available completely free of charge with no transaction fees. If you’re looking to store Bitcoin or a multitude of cryptocurrencies securely, this software is a great option. Just practice essential safety measures like keeping a copy of your private keys and seed phrase offline and adding a second layer of authentication.