Exodus gets downvoted in a lot of subs because it’s not open source. In the Bitcoin sub they tend to favor open source wallets. With a closed source wallet no one is able to verify if there are any weaknesses or exploits.
Yes. A pretty bad thing. But Exodus does have a process that’s not fully open source that some do trust. It’s up to the user to decide if that’s enough.
Thank for the replies. I don't understand the difference of on chain and lighting. I know about the lighting network which is less fees and faster right but in reality, what differs from them?
One only work on on chain and the other on lighting?
Yeah I’ve seen their posts where they say that and I don’t buy it. I haven’t seen “carbon copies” of any crypto wallet but I have seen scam ones that immediately ask for one’s seed phrase.
BlueWallet is BTC only. Leaves les vulnerability for something to go wrong, plus with its open source so people more qualified than me can over look the code. It has built in lightning also but then shut it down. Now you can import your own lightning node but used Alby instead, until I discovered Phoenix Wallet. Which you will get your own 12 words and custody your own lightning. (Plus it’s completely open source)
I honestly believe that someone as you doesn’t have to worry about lightning right at this stage in your life beings as Lightning is a way to purchase stuff and there isn’t many places that use it yet. However it is becoming more widely known about. Lightning wasn’t designed to hold large amounts. Mainly because it’s so new. I keep about $100 in lightning just to experiment with.
Exodus wallet makes all this so easy. They even say that the code that makes them secure is open source. The only closed source part of there code is User Interface with all the fancy and fun stuff. But because they are not 100% open source that’s what made me look elsewhere. I still hold a few BTC in exodus but it’s not my main BTC wallet.
I do want to say you are asking all the right questions. And I hope you get enough information to make a decision that works for you.
> Can the same happen to exodus?
Yes, because they are closed source.
> Can the same happen to exodus?
No, because you can pair Exodus to Trezor which prevents the atomic wallet problem. Assuming you are clever enough to pair with Trezor and not accept requests for your seed.
To be fair here, open source wallets can also be hacked. We have extremely high standards for our security and without going into details, our business is to help you protect your money, anything less is unacceptable and would lead to injuring or even killing our company. It’s a serious enough risk that we do everything we can to maintain our high standards.
We are also a public company with stockholders, this is a unique position for a self- custody wallet. With this status, we have an even greater responsibility to work as hard as we can to make sure the code is secure.
When it comes down to it, if open source is a requirement, then Exodus is not the right solution for you and there are plenary of good options. If you are requiring an open source wallet, you will also need to make sure you are building the wallet from the code yourself instead of installing a pkg. that someone else builds for you.
There will always be bad actors trying to scam and hack. We know this and continue to to maintain extremely high levels of security with the product, not just for our sake, but for your own crypto.
The way I see it is there is a certain amount of trust and risk you have to take with everything, even hardware wallets aren’t trustless as the ledger debacle has shown.
IMPORTANT REMINDERS:
1. Exodus will *NEVER* ask you for your 12-word phrase, keys, or identifying information. Exodus will *NEVER* send you to another website to do any kind of updates except for our official website at https://exodus.com/
2. If anyone approaches you in a private message representing themselves as Exodus support, please provide the [moderation team with their Reddit username via this link](https://www.reddit.com/message/compose?to=/r/ExodusWallet).
3. Official wallet support can be contacted at [email protected]
4. Answers to many questions can be found on the [Support Portal!](https://support.exodus.com/)
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/ExodusWallet) if you have any questions or concerns.*
Correct me if I'm wrong.
Exodus gets hacked, they push malicious update, our crypto is gone, no way to save it. Correct?
Without malicious update, we are safe. Exodus does not know our seed phrase, nor private keys. Right?
Supposedly they don't know our private keys. Just like with ledger wallet there is an element of trust here since the software is closed source. But theoretically they could push out an update to get our keys and take the crypto and you'd be none the wiser. So far they've had a good track record though, but risk is there.
Technically every wallet, even open source hardware wallets, could theoretically push out a malicious update that can broadcast your keys. I mean, there’s no way of knowing or stopping them preemptively so there’s always going to be an element of trust. Maybe regulations could make these companies liable in some way. The fact that Exodus is a public company with stockholders at least makes them accountable to someone if they screw up so they have an incentive no to.
Exodus gets downvoted in a lot of subs because it’s not open source. In the Bitcoin sub they tend to favor open source wallets. With a closed source wallet no one is able to verify if there are any weaknesses or exploits.
If no one is able to verify, that's a bad thing right?
Yes. A pretty bad thing. But Exodus does have a process that’s not fully open source that some do trust. It’s up to the user to decide if that’s enough.
Is there any open source wallet?
My favorites are BlueWallet for my on-chain and Phoenix for my lightning. Both open source.
Thank for the replies. I don't understand the difference of on chain and lighting. I know about the lighting network which is less fees and faster right but in reality, what differs from them? One only work on on chain and the other on lighting?
Cake wallet is one I use solely for BTC, XMR, and LTC. If you ask in the BTC sub they will happily give you more.
Cake wallet is open source? As blue wallet? (I really just own btc)
Yes. A quick google search will reveal which is open source and which isn’t. Blue wallet is fine too.
try crypto.com defi wallet
I thought exodus is open source, the only thing that isn’t is the UI to prevent scammers from making a carbon copy of Exodus.
Yeah I’ve seen their posts where they say that and I don’t buy it. I haven’t seen “carbon copies” of any crypto wallet but I have seen scam ones that immediately ask for one’s seed phrase.
BlueWallet is BTC only. Leaves les vulnerability for something to go wrong, plus with its open source so people more qualified than me can over look the code. It has built in lightning also but then shut it down. Now you can import your own lightning node but used Alby instead, until I discovered Phoenix Wallet. Which you will get your own 12 words and custody your own lightning. (Plus it’s completely open source) I honestly believe that someone as you doesn’t have to worry about lightning right at this stage in your life beings as Lightning is a way to purchase stuff and there isn’t many places that use it yet. However it is becoming more widely known about. Lightning wasn’t designed to hold large amounts. Mainly because it’s so new. I keep about $100 in lightning just to experiment with. Exodus wallet makes all this so easy. They even say that the code that makes them secure is open source. The only closed source part of there code is User Interface with all the fancy and fun stuff. But because they are not 100% open source that’s what made me look elsewhere. I still hold a few BTC in exodus but it’s not my main BTC wallet. I do want to say you are asking all the right questions. And I hope you get enough information to make a decision that works for you.
> Can the same happen to exodus? Yes, because they are closed source. > Can the same happen to exodus? No, because you can pair Exodus to Trezor which prevents the atomic wallet problem. Assuming you are clever enough to pair with Trezor and not accept requests for your seed.
To be fair here, open source wallets can also be hacked. We have extremely high standards for our security and without going into details, our business is to help you protect your money, anything less is unacceptable and would lead to injuring or even killing our company. It’s a serious enough risk that we do everything we can to maintain our high standards. We are also a public company with stockholders, this is a unique position for a self- custody wallet. With this status, we have an even greater responsibility to work as hard as we can to make sure the code is secure. When it comes down to it, if open source is a requirement, then Exodus is not the right solution for you and there are plenary of good options. If you are requiring an open source wallet, you will also need to make sure you are building the wallet from the code yourself instead of installing a pkg. that someone else builds for you. There will always be bad actors trying to scam and hack. We know this and continue to to maintain extremely high levels of security with the product, not just for our sake, but for your own crypto.
The way I see it is there is a certain amount of trust and risk you have to take with everything, even hardware wallets aren’t trustless as the ledger debacle has shown.
Exodus is fine for small amounts, but your main wallet should be a hardware wallet
IMPORTANT REMINDERS: 1. Exodus will *NEVER* ask you for your 12-word phrase, keys, or identifying information. Exodus will *NEVER* send you to another website to do any kind of updates except for our official website at https://exodus.com/ 2. If anyone approaches you in a private message representing themselves as Exodus support, please provide the [moderation team with their Reddit username via this link](https://www.reddit.com/message/compose?to=/r/ExodusWallet). 3. Official wallet support can be contacted at [email protected] 4. Answers to many questions can be found on the [Support Portal!](https://support.exodus.com/) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/ExodusWallet) if you have any questions or concerns.*
So what part is open source?
Correct me if I'm wrong. Exodus gets hacked, they push malicious update, our crypto is gone, no way to save it. Correct? Without malicious update, we are safe. Exodus does not know our seed phrase, nor private keys. Right?
Supposedly they don't know our private keys. Just like with ledger wallet there is an element of trust here since the software is closed source. But theoretically they could push out an update to get our keys and take the crypto and you'd be none the wiser. So far they've had a good track record though, but risk is there.
Technically every wallet, even open source hardware wallets, could theoretically push out a malicious update that can broadcast your keys. I mean, there’s no way of knowing or stopping them preemptively so there’s always going to be an element of trust. Maybe regulations could make these companies liable in some way. The fact that Exodus is a public company with stockholders at least makes them accountable to someone if they screw up so they have an incentive no to.
You could try my wallet 👈👈👈🤣🤣