How Does Trust Wallet Work? : How to Secure Your Trust Wallet
While cryptocurrencies are becoming more prevalent, it’s a struggle to keep up with all the scammers and fraudulent schemes. While it is difficult to hack blockchain networks, criminals are often able to trick users into handing over their funds. Nearly $1 billion in cryptocurrency was stolen last year in separate heists.
Read on to learn how to improve the security of your Trust Wallet account.
How Does Trust Wallet Work?
For beginners interested in the cryptocurrency space, a wallet is a type of software that stores your private keys.
Your wallet has two keys: a public and a private key. The public key (think bank account number) is an address that others send to you in order to receive crypto. Your private key (think transaction pin) grants you access to your wallet.
Viktor Radchenko developed Trust Wallet, a cryptocurrency wallet, which enables users to send, receive, and trade digital currency in the most simplified way. Additionally, users can use the in-built DApp browser to discover NFTs, dive into the DeFi world, or play blockchain games.
The multi-asset mobile wallet is connected to 40+ blockchains and has support for over 160,000 assets. Each asset has a public key or address, also known as an address, which is given to other users so that they can receive crypto and a private key which is used to sign off transactions.
Once you’ve used your pass, you’ll be fine.
By saving all private keys and combining them, Trust Wallet allows for the private keys to be encrypted together to create one master private key. This master private key is then run through an algorithm, which generates a 12-word phrase that serves as the Recovery Phrase.
You will be given a wallet, and to back it up, you will be required to enter your recovery phrase.
Secure wallet backup storage is best
Your private keys have been rephrased into a readable twelve-word phrase, which can then be used to access your funds. The existence of the recovery phrase is critical to the safety of your wallet, as anyone who possesses it has access to all of your funds. Thus, without it, you will not be able to access your funds in the event that you lose your device.
Storing your words this way is the reason you must take great care with each word, ensuring that each is written down correctly, in the correct order, and stored in multiple, secure locations.
While some people use password-protected notes apps to save their 12-word recovery phrase, it is more secure to save it offline.
In order to ensure that the information is kept in the correct order, record it on a piece of paper, and double-check the information, store it in a safe place. To ensure the long-term stability of your cryptotag, you may want to consider using a cryptotag without paper.
In addition, it is recommended that you review Binance SAFU insights provided by CZ itself.
Creating a wallet is a good time to create a backup
To access your bitcoins even if you forget your recovery phrase, follow these steps:
Navigate to ‘Settings.’
Click on the ‘Wallet’ button.
You can find the recovery phrase by tapping the I icon.
Save it to a secure location.
Add an additional layer of security: Touch ID/Face ID passcode
Once you have completed the process of backing up, your next step is to implement an additional layer of security by including a passcode. You might find it difficult to get into your wallet, send crypto, or change your pin if your phone gets stolen because your passcode has been added.
All you have to do is this:
- Open the ‘Settings’ menu.
- Find ‘Security.’
- Select your PIN or password and enable the ‘App Lock’ to secure your mobile device.
- You can choose the time delay before the device automatically locks (either immediate, 5, 10 minutes, 1 hour, or 5 hours). If you have a device that supports Touch ID or Face ID, you can use these features to unlock your wallet.
Learn to avoid phishing scams.
The goal of phishing is to get users to divulge sensitive information so that malicious actors can access their money.
The way it works is this:
The scammer sets up a clone of the Trust Wallet website or one of our social media pages and asks the visitor to complete a few tasks, including providing their recovery phrase in order to ‘win’ a fictitious reward. Other texters will contact you and claim to be admins to mask their real intent of providing solutions for your problems.
Look at the example below for more details.
The following should be remembered to avoid falling victim to a phishing scam:
No admin will first DM you or ask you to provide your recovery phrase on any of our social media accounts, including Facebook, Twitter, and Telegram.
It is strongly recommended that you report and block any message you receive in the early stages of a social media interaction.
You alone own your recovery phrase. No matter who they are or what they say, there is no reason to share it with anyone else.
Avoid using third-party websites.
When using a third-party site for your wallet, you put yourself at risk of a phishing scam. While iOS users still use Wallet Connect to link their wallets to DApps, this is especially common among them.
The great news is that you can easily enable the DApp browser in your wallet in just two simple steps:
Visit the trust URL trust:/browser enable and open Safari.
A pop-up appears on the screen, asking if you would like to open the web page in Trust. If you click Open in the Trust Wallet app, the browser will launch.
Perhaps the most secure mobile crypto wallet today is Trust Wallet.
However, to ensure the greatest degree of funds security, it is absolutely essential to follow the wallet’s security instructions. Put a recovery phrase in your wallet and add a passcode to it.