A little word of advice is enough for the wise - page 2.

Genemind

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Quote from: Bitbtc8 on December 22, 2020, 05:04:12 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

It's better that they move their fund not because about the KYC but it's the fact that you won't be able to hold your own private key. No key = Not your coin well it's much better to hold your fund on your own wallet.

Agree with this, aside from identity security, people should prioritize their fund's security. Online wallets are susceptible of hacking, if you are not holding your own keys, you don't own your funds. Funds on centralized wallets can be frozen at any time due to suspicious activities. Store funds on a hardware wallet for security, no KYC needed as wel, you get to keep your own seed phrase and keys.

Debonaire217

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KYC was developed because clearly it has its advantages for crypto users. One advantage of it is the trusted idetification because nowadays in internet and crypto world there is a lot of hackers roaming around waiting for a prey. However this advantage also has its downside considering that the crypto users identification will not going to be stay hidden. Since, crypto users wants the culture of anonymity to ensure their very own safety and security. KYC provides assurance to the users of safety of tokens and minimize the criminal acts such as money laundering. So, clearly put a little bit of trust in having KYC when having a transaction.

bakasabo

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Quote from: bakasabo on December 22, 2020, 06:45:17 AM

They do not ask to pass KYC to withdraw funds, they ask to present a copy or picture of documents and apartment bill (any kind of bill with your name and address will do actually) already when creating account.

If they ask for document verification, if they ask for your address verification through copy of bill, how can it not be KYC? Do you have any idea what you are talking about? I don't know how coinbase act on KYC things, but above mentioned procedure is another form of KYC.

And what I have written? They ask address, bill and a document for verification. Same as KYC process includes ID card verification, face verification, document verification such as utility bills as proof of address, and biometric verification. Coinbase doesnt ask for KYC or any kind of verification when you withdraw funds, because your account is already verified when you create it.

Please explain what I have written incorrectly.

fia_naila

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I dont have any doubt for big centralised wallet like coinbase, but dont you dare put your coin in centralised wallet which is new, because its same like you give your coin to someone you and the community dont know about. Very high risk. I suggest you put your coin at trust or exodus it has multiple wallet but does not centralised

maxreish

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There's a perks of choosing centralized wallets although they are requiring users to submit KYC but when there are some unexpected issues, users can definitely assured that funds can be stored safely like coinbase.

On the othet hand it wasnt still safe and still vulnerable with hackers. One more thing is that data has been proccess and can be leaked.

serjent05

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Quote from: ?? on ??

Quote from: bakasabo on December 22, 2020, 06:45:17 AM

They do not ask to pass KYC to withdraw funds, they ask to present a copy or picture of documents and apartment bill (any kind of bill with your name and address will do actually) already when creating account.

If they ask for document verification, if they ask for your address verification through copy of bill, how can it not be KYC? Do you have any idea what you are talking about? I don't know how coinbase act on KYC things, but above mentioned procedure is another form of KYC.

I think he is trying to say that KYC is done upon creation of an account, so it is impossible to ask for KYC when you have already done it. Though some centralized exchange doesn't do this kind of process instead they only require users when the time comes they need to withdraw the funds.

I am not against KYC since it is also one of the option to protect our account and at the same time recover it whenever there is some issue arise regarding owning it such as 2fa problems and others.

btc-facebook

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Even though Coinbase or Blockchain wallet is a type of centralized wallet, this wallet is safe, because I've read an article that there was a user who couldn't access a blockchain account because he forgot to save his login code, and blockchain support helps to open his account with several verification steps to ensure he is the original user.
from here I am always sure if a centralized wallet is still a suitable choice of wallet to store your assets.

Koutami

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Quote from: Bitbtc8 on December 22, 2020, 05:04:12 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

They asked KYC because they avoid hack or anything like that, and if you want to still anonymous because your id was important then you need to provide the wallet by yourself. Isnt using centralized wallets like coinbase make your bitcoin transaction for every coinbase user cheaper? I still see the benefit of using centralized wallet here...

Twinkledoe

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Quote from: iv4n on December 22, 2020, 04:40:26 PM

Quote from: jacafbiz on December 22, 2020, 03:50:22 PM

Glad you bring this up, some people do not understand the implication of this new rule, if some exchange can decided against giving you your fork tokens and prevent you from withdrawing them because they do not support the fork, just imagine what they will do when they have law backing them up. I believe we need DEXes more than before

It's not about "some" people, it's usually what happens to newcomers! There are two ways to learn something, watching others and learning from them or on your own mistakes! This is advice for all new people, to learn how to protect themselves, if they don't read and learn about this before they start dealing with crypto, they have big chances to lose some of their funds, if not all! It's a newbie thing, and this is just one of the basic things in crypto! OP should update his topic with other basic and important things for newcomers to learn, it's never enough to repeat them and give them another format!

I think, no need to update as there are so many threads in the Beginners section alone discussing related topics. Some are already redundant. So what the user can do, is just browse the forum and not be lazy reading some of the important stuffs especially if he is a newbie in crypto. People usually lose money because of stupidity and ignorance. And they will just read when they were already lost their funds.

Eddyc

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It's a very relative topic and depends on the amount and level of security we need to be calm and without problems. Maybe the past with large invasions and exposures of information may have left a spot between centralized exchanges. However I have already commented on previous topics that today we can find legal defenses in any government in cases of cyber attacks.

Dragonfund

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We need to know the difference between a custodian wallet and non-custodian wallet. Using a custodian wallet is very risky, we all see what happened to the ledger the other day and how some accounts were compromised and also email was stolen by hackers. You risk your fund keeping funds on such wallet and platform just as stated OP.
Get a custodian wallet and safe your self, remember that your keys is your fund, don't let anyone hold your head earned money for you.

iv4n

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Quote from: jacafbiz on December 22, 2020, 03:50:22 PM

Glad you bring this up, some people do not understand the implication of this new rule, if some exchange can decided against giving you your fork tokens and prevent you from withdrawing them because they do not support the fork, just imagine what they will do when they have law backing them up. I believe we need DEXes more than before

It's not about "some" people, it's usually what happens to newcomers! There are two ways to learn something, watching others and learning from them or on your own mistakes! This is advice for all new people, to learn how to protect themselves, if they don't read and learn about this before they start dealing with crypto, they have big chances to lose some of their funds, if not all! It's a newbie thing, and this is just one of the basic things in crypto! OP should update his topic with other basic and important things for newcomers to learn, it's never enough to repeat them and give them another format!

jacafbiz

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Glad you bring this up, some people do not understand the implication of this new rule, if some exchange can decided against giving you your fork tokens and prevent you from withdrawing them because they do not support the fork, just imagine what they will do when they have law backing them up. I believe we need DEXes more than before

ardentvolcanoes

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In general, this is already an old story. It makes sense to keep funds on centralized exchanges only if you are going to trade them, if not, then it is better not to hold the funds there for a long time.
In any case, the most important thing is always your private key. If you can guarantee that no one else can reach it, that's enough.

Private keys if being secured well then everything will be fine. In case of storing your money inside exchange it depends from which cex did you

going to entrust your assets, there are traders who trust CEX and keep their funds for both daily trading activities and investment plans that they've

enjoying from the service offered by the CEX exchange.

nicecrypto

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Not entirely impossible but very rare to see a wallet will ask it's users for kyc verification before withdrawal when they are not an exchange, any wallet that requires that should be dropped, users have option unlike when dealing with exchange when you are compell to do this.

tabas

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Great reminder!
There is an on-going proposal that wallets in the US would likely to ask for KYC. Even they're exchanges that were already asking for it but self-hosted wallets will be the one that will be included into that proposal.
This is the reason why keeping funds on exchanges shouldn't be done if you're not going to trade. You may be included when they start asking for it.

cryptoknightt

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depending on the exchange, if in binance I have no doubt put it, many people even prefer binance or other large cex. Of course I would be worried about saving on a not-so-reputable exchange. At least people understand where they put their money.

hahay

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That is very worrying because we don't know what will happen in the future when prices are very high and higher, suggestions like this have been widely recommended and when those who ignore this suggestion it will be at their own risk. Maybe for a few percent of holdings held in centralized wallets will still be fine, we are talking about those with large holdings, so it is time to implement the advice given to keep you safe.

Hamphser

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Quote from: Bitbtc8 on December 22, 2020, 05:04:12 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

Majority of people here do know the risk of using CEX and even myself do knows that but you can really be still ending up or making some consideration on using up
an centralized platform specially if you do deal with fiat and conversions which you would mainly needed these platforms which you cant really do these things
when you do using up DEX.

Of course the risk is there but do you have any other choice? You would really be ending up on using this.Also, just remember on not to sit it for too long if you
you dont really like centralized ones.

decodx

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Quote from: isaac_clarke22 on December 22, 2020, 01:32:11 PM

Quote from: Bitbtc8 on December 22, 2020, 05:04:12 AM

~

Just use those platforms mentioned to buy specific coins. Do not hold coins in such centralized wallets. If people aren't up to buying Trezor or Ledger, just use desktop wallet.
People have their own access to their own seeds as well as their private keys.
Don't hold your coins in an exchange as well, no matter how reputated it is.

There are some centralized wallets that allow you to export private keys and seed phrases (like Blockchain.com) or open source web wallets (like Bitamp.com). Any of these services is better to use than Coinbase, imho.

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