Tether's New Bitcoin Wallet: Good or Bad?

Tether just dropped their own Bitcoin wallet. It supports Bitcoin and Lightning, plus their own tokens like USDT. They’re using usernames instead of traditional addresses and private keys.

Just gave it a shot. The interface looks pretty simple and clean. Works for Bitcoin on-chain and via Lightning too, which is nice.

Honestly, the name Tether raises a red flag for me. Feels like this thing might be closed source. I mean, they don't even mention open source anywhere.

Yeah, I checked their site too. No mention of open source. Plus, they suggest saving your wallet backup in the cloud. That’s... questionable.

I’m gonna wait before trying this wallet. Seems risky, and I just can’t trust a closed source product. Downloads are super low on Playstore, so I’ll pass for now.

I understand the concerns, but encrypted cloud storage isn’t all bad for securing keys. Used a wallet like that years ago and it worked fine.

True, but I’d stick with wallets I know, like Electrum or Core. At least they’re tried and tested. Tether wallet just feels like a sketchy move.

The download count being low doesn’t mean it’s bad. But yeah, I agree no GitHub link is a big 🚩.

Exactly! Plus, there are tons of open source wallets already out there that can hold USDT. No reason to risk a closed source option.

I had Trust Wallet before when everyone was complaining about it, but now I just keep it to help others with questions.

But it does have the unique feature of supporting Bitcoin, USDT, and XAUT all in one place. I don’t think other wallets offer that.

Yeah but security is questionable since it’s closed source. I’d rather use something that’s open for code review.

Electrum only does Bitcoin, but it's so reliable. How can you trust a wallet where you can’t see the code?

There's Cake and Unstoppable for altcoins, which are decent options too. They support some stablecoins as well.

For sure, lots of open source wallets out there. Unstoppable is pretty solid, especially with notable support for stablecoins.

I just think Unstoppable has a longer track record, so it's more trustworthy compared to Tether's new wallet.

I vaguely remember Tether trying to introduce another stablecoin called USAT, but it never took off like USDT.

Tether's a powerhouse in the crypto game. They have resources to keep things running smoothly, but limited asset support is a bit concerning.

Stablecoins have risks too, especially with companies like Tether that can freeze assets. DAI is a solid choice for more stability.

Convenience is nice with username support and multi-asset capabilities, but Tether's history makes me wary. It's like handing them your cash.