In addition to what @vipul19 has said, Trust Wallet is a wallet for storing your assets. It is called decentralised wallet because you don’t use username and password to create an account (eg. Binance, Coinbase etc). Your account is created and retrieved using your 12-words recovery phrase, meaning only you have control over your assets which is in opposite to centralised wallet that if you lose your password you can still recover your assets using “forgot password” option.
Thanks!!! …I was so confused with this “decentralized” concept. I was getting somethings a little bit wrong.
I am new in Cryptocurrencies, starting by this august, and I have readed a lot but this Dapp, Defi, Blockchaine, Desentralized concepts, somehow relate to echother and confuse you a little.
Your explanation makes everything line up now. As Trust Wallet is basically a decentralized access to decentralized networks (Blockchains) trough the use of your mnemonic phrase. No Password/User, So Claer Now!!!
I am glad to be of help. Please stick around to read more about various projects. If you wish to track the market, check Coinmarketcap or Coingecko.
Good luck and stay safe.
Please remember one MOST important thing. If you are using a wallet, there will be a recovery phrase / seed phrase (12 and more random words). Never ever share with them ever. Nobody at Trust wallet will ever ask you that. Sharing that will mean handing over access to your funds forever.
Thanks for the recomendations, you all do a great job explaining all this new things to people.
For me was a little late as I have been tricked by sammers already. Looking for information about the Elrond network in the official Telegram Group (which is full of scammers) I was contacted by a fake administrator and told to move my cryptocurrencies (Links and Bands at that time)from Binance into Trust Wallet which I did (That was how I first learned about Trust Wallet by the way) then he told me to activate my Trust Wallet ONLINE account (which does not exist but I did not know it yet) entering my seed words. Then he moved all the cryptocurrencies out of it.
I am rebuilding my portfolio and I am much more prepared now. Thanks God it happened when I was just starting buying my first coins a couple of moths ago, and it was not much yet in the wallet. But the experience was traumatic, I almost quit this criptocurrency thing.
Then I remembered that it was not the first time Iost money doing business and probably it wont be the last. So I restart building my portfolio and I am very happy with it.
Thanks for your time and the effort you all do here, it will help a lot of people to avoid being scammed.
and for last, to all new people getting into cryptocurrencies:
AVOID TELEGRAM GROUPS ABOUT CRYPTO!!! THEY ARE FULL OF SCAMMERS!!!
…at least until you know very well the tools, programs and exchanges you are using.
I feel sad for you my friend that you lost your hard earned money to a scammer, but i feel happy for you that you did not let that incident decide how you move forward in the Crytpo world. Cheers to the courage and wishes for everyone’s funds safety.
Hi although many has provided detailed answers to your question but I would like to add a few more things to let you understand it in a simple language.
Basically trust wallet is just a window to blockchain which provides you a user interface through which you can interact with cryptocurrency and blockchain. Your funds are never stored in trust wallet nor they have access to your funds. Your funds are stored in the blockchain and you have access to them via your private keys and recovery phrase(12,15,18 or 24 words). That’s why it is called decentralised means not controlled by any central authority. Even if trust wallet shuts off still your funds are safe, if you have that recovery phrase.
Coming to dapp provided by trust wallet, those apps you can access from normal browser as well and then you connect it to a wallet to access to your funds or sign a contract for staking or swapping etc. Trust wallet provides those in it to giver user a simple way to interact with those apps while those apps are not of trust wallet. It just allow you easy access to use them. While dapps like pancake swap doesn’t hold your funds they just chatge a small fee and allow tow users to swap currencies with each other amd during whole this swapping pancake or uniswap doesn’t hold your crypto unlike traditional exchanges. That’s why they ate called decentralised exchanges.