A little word of advice is enough for the wise

bitcoinst

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Quote from: Zemomtum on December 24, 2020, 02:16:00 AM

There is a popular saying that not your key, not your money but the chances of this happening is very slim depending on the volume. Binance allowed withdrawal up to 2BTC without KYC

Yes, but there is no guarantee that one day binanas will not stop working, or will not be hacked or something else.
In addition, if you are not verified and log in with a VPN, there is always a risk that support will ask you to prove yourself.

ife2020

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Quote from: lumierre on December 23, 2020, 02:02:01 PM

I think it's best to use several different wallets. Especially when you have a large turnover of funds. But of all the existing options that I had to use, the most convenient and interesting TrustWallet. The wallet is multifunctional and the design is better compared to others.

I personally do not think using several wallets saves you; the truth is that crypto currency deals with consistency and you have to be consistent in your dealings always . Use a wallet to store up your assets, portfolios etc and ensure that you keep it safe. except you run a cold storage; i see no reason why you would want to use multiple wallets. If your like trust wallets, use it, if you prefer imtoken use it, if u like cold storage better stick to it. choose one wallet. Makes it easier for you

pixie85

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Quote from: Anonylz on December 24, 2020, 09:27:45 AM

Bitrrex definitely the worst among them in blocking accounts unceremoniously, their level of strictness is nauseating sometimes, i had a long time account with bittrex i have not use for a long time and just recently i tried to access the account but for some reason the google recovery key is missing and i tried to deactivate the old account since i already have my kyc done (unwillingly) but those guys just making the whole process difficult, bittrex is a real pain now, far from what it use to be.

Bitrrex showed itself not in the best way 2 and a half years ago.
Even then, users with large balances received letters with a request to undergo verification, their accounts were blocked and funds could not be withdrawn.
It's funny that they even rechecked those who had gone through the procedure earlier.

If only the process was made easy.

I mean there's normal KYC where they want you to send them a photo of your ID and there's a painfull drag you naked through the bushes kind of KYC where they want you to have a video conference with them where they record you or like with bittrex where they want you to participate in a mass photo shoot, send media bills in your name and such.

While all this is taking place you are not allowed to withdraw your own crypto and if you don't get approved, they'll steal your money.

JeotQ

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It's very simply to handle this, coinbase is very popular and they will never seize non verified users assets without giving them a deadline to pass KYC or withdraw their coins from the wallet, only those who don't like KYC will have to move out their funds, I trust coinbase but wallets with private keys are much more better

jademaxxiss012

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I do rely on centralized exchange but never store funds in their exchange wallet because as the current trend like bitcoin bullish coinbase can freeze your account and nothing you could do but to wait for them to freeze it and usually happen during the ATH. There was someone has posted the same thread about it but now still happening and that he can't withdraw his funds due to some exchange technicalities.

Anonylz

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Quote from: pixie85 on December 23, 2020, 07:44:31 PM

Coinbase along with some other exchanges like bittrex and poloniex did block people from withdrawing. Poloniex later unblocked the accounts but it took them like a year to do so.
Bittrex is probably the worst. If you did not provide required KYC they would not allow you to withdraw any funds deposited before the KYC became mandatory.

Holding coins there or even depositing may lead to your account being blocked and you having to wrestle with support.

Bitrrex definitely the worst among them in blocking accounts unceremoniously, their level of strictness is nauseating sometimes, i had a long time account with bittrex i have not use for a long time and just recently i tried to access the account but for some reason the google recovery key is missing and i tried to deactivate the old account since i already have my kyc done (unwillingly) but those guys just making the whole process difficult, bittrex is a real pain now, far from what it use to be.

Gozie51

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Quote from: Em00n01 on December 23, 2020, 03:14:58 PM

Yes i also faced the same issue about a years ago. I was blessed with God any moved my funds by giving the requirement's documents. But one of my friends lost about $2k because his account got suspended without any notice.

No most of times they send email incase of such. In this, maybe your friend wasn't checking into his email regularly and maybe he saw the message late that made it suspended because of the time but I think he can keep doing request to the support. He can get a solution for another chance.

New_order

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Coinbase can't rob people using KYC verifications but it's true that some less popular centralized wallets can use this to their own advantage, people should stop storing huge amount of money (assets) in a centralized crypto wallet or web wallet, they are not safe, if the wallet gives no key to the cribs how will control your money?

el kaka22

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If you have over certain amount of money, it is always smarter to use bitcoin original wallet. That way you can make sure that you own every single thing about your own wallet and you could basically move that around anywhere you want, I would say try to put that into few different usb as well because if anything happens to your PC you will lose all of your money, so having it in many places and keeping all the info in all of them will make sure that even if one of them gets deleted, the others will be fine.

I am not saying we should all use it, because if you have only few hundred dollars you could put it in coinbase or binance or whatever and you will be fine, it is not really that much amount of money and doesn't worth all the hassle of moving it around and securing it, but if you have few thousand dollars or more, it is always smarter to use the OG wallet.

Zemomtum

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There is a popular saying that not your key, not your money but the chances of this happening is very slim depending on the volume. Binance allowed withdrawal up to 2BTC without KYC

Eco_111

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Coinbase put a long lock on someone's account and that's where he store all his crypto life savings on, I read that somewhere on this forum two days ago, it's easy to use coinbase service most especially if you are from United States of america but what many don't know is how to take control of their funds themselves, coinbase don't give such freedom

KellyCoin

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Pretty soon any reputable companies that wants to have anything to do with fiat transactions will have to require KYC. So better to start thinking of a plan when that happens.

pixie85

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Coinbase along with some other exchanges like bittrex and poloniex did block people from withdrawing. Poloniex later unblocked the accounts but it took them like a year to do so.
Bittrex is probably the worst. If you did not provide required KYC they would not allow you to withdraw any funds deposited before the KYC became mandatory.

Holding coins there or even depositing may lead to your account being blocked and you having to wrestle with support.

FaucetKING

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Thanks for sharing the article, some of the newbies doesn't know the difference between a CEX and a DEX and doesn't know the difference between centralization and decentralization too so it's an important step to let them know and to illuminate them. I might recommend blockchain wallet and MyEtherWallet or maybe they can use a built in wallet like the one used by Brave Browser.

kindbtc

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Quote from: Bitbtc8 on December 22, 2020, 04:04:12 AM

If you are still using centralized wallets like coinbase and others that requires email logins only it's better to move your funds to a wallet have give you access to your private keys or Mnemonic seed, do not be surprised if you are asked to pass KYC before you can withdraw your funds, even if coinbase go easy on users some centralized wallet may use this as a opportunity, if you don't know the difference between DEX and CEX wallet kindly go here to learn know

https://hackernoon.com/centralized-vs-decentralized-cryptocurrency-exchanges-explained-simply-639411ecb452

Yes, private and quality wallets should be the priority for safety and there is no need to store your coins in centralized or third party wallets other than when you just want to sell or buy some coins and then you can transfer the coins to your private wallet, thats it.

Em00n01

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Yes i also faced the same issue about a years ago. I was blessed with God any moved my funds by giving the requirement's documents. But one of my friends lost about $2k because his account got suspended without any notice.

lumierre

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I think it's best to use several different wallets. Especially when you have a large turnover of funds. But of all the existing options that I had to use, the most convenient and interesting TrustWallet. The wallet is multifunctional and the design is better compared to others.

ethereumhunter

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I do not have a problem doing KYC in the exchange that I trust because they can protect the member's document and make sure that they are really competent to take care of the document from the hackers. But I do not use Coinbase to trade or keep my funds because I believe it will be safer if I can feel safe it in my personal wallet. After all, I have the key and control my own money.

adzino

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Quote from: bittick on December 22, 2020, 07:52:22 AM

That should not be a big problem and i have been doing KYC for some trusted exchange sites and I'm not facing any problem with these exchange sites.
people are having a different opinion about KYC but so far I never got a difficult thing with the verification process.

It's good to hold your coin in your wallet but how can you trade it then?

You aren't facing any problems because you have already went through the KYC process. Those who are concerned about their privacy are the ones facing problems. And just because you haven't faced any problem doesn't mean that you won't face any in the future. Moreover, OP is talking about private keys. The exchange that you use probably doesn't provide you with your private keys. This means, if the exchange goes down, so does your coins!

Move them when you want to trade but don't hold in an exchange.

Psynthax

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I mean if the exchange is really popular like coinbase which has really huge valuation I think it's fine. my main concern is if they decide to freeze up our money out of the blue then it's really annoying and usually takes so long to get unfrozen again.
Moreover if the exchange that provides wallet offer reimbursement if any hacking happens within their system. Not all people know some tech stuff like some of us are and they can't be bothered to set up everything from scratch.

Topic: A little word of advice is enough for the wise (Read 582 times)