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bitcoin is a protocol, not an app you run on your phone, you cannot verify the code of an app even if you had access to the repo
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It depends, if the app is really full open course with no close source dependence and anti-character features like many on f-droid you can verify the code.
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correct, you still have to trust the developer one way or the other
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trusting less and veryfing more is better than trusting more and veryfing less imo.
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would there be a possible way that you could still be monetized and make the app foss? I am soure you would reach a bigger number of downloads if it was foss.