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hosseinimr93

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Quote from: Eureka_07 on August 30, 2021, 03:45:31 PM

How can we possibly tell that there is a possibility that a wallrt service has the info of our seed phrases on their database? Is it because of they being open-source/close-source? Does being closed means that they're the only one that fully knows what the codes are so they can hide something?

If the wallet is close-source, there is no way to know that. They may claim that they have no access to users keys, but there's no guarantee that they tell the truth.
If the wallet is open-source, one can read the code and know whether the keys are stored on their server or not.

Eureka_07

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Quote from: hosseinimr93 on August 30, 2021, 02:33:44 PM

Quote from: QuickAccount on August 30, 2021, 12:40:26 PM

I will be switching to the Mew wallet because my dad recommend it to me. Its decentralized so the keys are stored on your device. I think this is my best bet because then I can manually backup my keys in a encrypted file on my computer.

With storing the keys on your device, you don't make your wallet secure.
If the wallet has been created using an online tool or the keys are stored on an online device, there's the risk of getting hacked.

Quote from: S3300 on August 30, 2021, 02:01:23 PM

Download a wallet that doesn't have any terms of service requirements instead, crypto wallets should be fully decentralized like trust wallet, if any wallet is asking to pass any terms of service they have your private keys believe me

There is no guarantee that trustwallet doesn't have access to your private keys (or your seed phrase). Trustwallet is close-source and we don't know whether the keys are stored on their server or not.

How can we possibly tell that there is a possibility that a wallrt service has the info of our seed phrases on their database? Is it because of they being open-source/close-source? Does being closed means that they're the only one that fully knows what the codes are so they can hide something?

hosseinimr93

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Quote from: QuickAccount on August 30, 2021, 12:40:26 PM

I will be switching to the Mew wallet because my dad recommend it to me. Its decentralized so the keys are stored on your device. I think this is my best bet because then I can manually backup my keys in a encrypted file on my computer.

With storing the keys on your device, you don't make your wallet secure.
If the wallet has been created using an online tool or the keys are stored on an online device, there's the risk of getting hacked.

Quote from: S3300 on August 30, 2021, 02:01:23 PM

Download a wallet that doesn't have any terms of service requirements instead, crypto wallets should be fully decentralized like trust wallet, if any wallet is asking to pass any terms of service they have your private keys believe me

There is no guarantee that trustwallet doesn't have access to your private keys (or your seed phrase). Trustwallet is close-source and we don't know whether the keys are stored on their server or not.

S3300

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Download a wallet that doesn't have any terms of service requirements instead, crypto wallets should be fully decentralized like trust wallet, if any wallet is asking to pass any terms of service they have your private keys believe me

QuickAccount

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In a world of coins, use them.

Thanks for the suggestions! I will be switching to the Mew wallet because my dad recommend it to me. Its decentralized so the keys are stored on your device. I think this is my best bet because then I can manually backup my keys in a encrypted file on my computer.

Evgenklm

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if you are already thinking about such a problem, and it bothers you, I would change the location of my assets to sleep peacefully, and if this wallet can carry KYC, then you will have difficulties with this, or just let KYC pass to close relatives, it's up to you.

The Cryptovator

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Quote from: ?? on ??

Thanks for your replies, I am going to take your guys' advice and look into getting a hardware wallet, my dad is also into crypto so I might be able to get a recommendation from him for a good hardware wallet. Thanks for the advice!

That's the right decision so far. Keep in mind, you should buy the hardware wallet from the official store. I am not sure what hardware wallet you are going to buy since you are going to take suggestions from your dad. So here are a few lists where you may compare wallets and you may find real sources to buy, [General] Bitcoin Wallets - Which, what, why?

Make sure the seed phrase isn't pre-generated and the device hasn't been used. Very carefully write your seed phrase and make sure you wrote the right seed phrase before making a deposit. You may try to recover your hardware wallet with your seed phrase to make sure you wrote the right one and everything working properly. Don't save your seed phrase in any machine either online or offline. Just write it on multiple pice of paper and keep safe multiple places as well.

jrrsparkles

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Quote from: ?? on ??

Thanks for your replies, I am going to take your guys' advice and look into getting a hardware wallet, my dad is also into crypto so I might be able to get a recommendation from him for a good hardware wallet. Thanks for the advice!

Once you bought a hardware wallet probably Ledger Nano X is the best, don't import your funds to the HW, just move it to the new wallet created using the hardware wallet.

nakamura12

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Thanks for your replies, I am going to take your guys' advice and look into getting a hardware wallet, my dad is also into crypto so I might be able to get a recommendation from him for a good hardware wallet. Thanks for the advice!

If you have funds in your exodus wallet and you are not sure if you won't get banned or blocked to use their services then you have import your wallet to electrum using your wallet credential either private key or seed phrase if you feel your getting blocked or banned using their service. What's best to do is use non custodial, open source and if you have funds in your wallet then transfer/import it to the new wallet that you will now use.

Gorosden

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Quote from: QuickAccount on August 26, 2021, 02:36:55 PM

I use Exodus for my wallet, but something Im worried about is the possibility of my account getting banned for being under the required age to use their service. How high is the chance that my investments evaporate because my account gets banned by exodus?

It's unclear whether exodus is open source or closed source but I suspect the wallet is closed source which I don't like, crypto wallet should be completely free for users, there shouldn't be any form of restrictions on them, it's better to import your recovery seed into trust wallet, this is the best crypto wallet I've ever used

dkbit98

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Quote from: QuickAccount on August 26, 2021, 02:36:55 PM

I use Exodus for my wallet, but something Im worried about is the possibility of my account getting banned for being under the required age to use their service. How high is the chance that my investments evaporate because my account gets banned by exodus?

Exodus is non-custodial wallet so there is no account they can ban, but I know they are restricting some built -in services (exchange, staking, earning interest) based on your IP address and location.
They are closed source software so we don't know exactly what is hiding under the hood, that is why I would suggest switching to open source wallets like Electrum or Wasabi, and even better if you use them as cold wallets.
Anything can happen in future with new bills and regulations so better be ready with several alternatives while you still can.

mk4

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The solution: use non-custodial and open-source wallets so you don't even have the possibility to get blocked out of any service.

Exodus is kinda reputable, but yea like others have said, it's closed source, so we really don't have an idea on what's going on in the back-end.

pakhitheboss

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Quote from: QuickAccount on August 26, 2021, 02:36:55 PM

I use Exodus for my wallet, but something Im worried about is the possibility of my account getting banned for being under the required age to use their service. How high is the chance that my investments evaporate because my account gets banned by exodus?

Why don't you switch to another wallet that is open source and noncustodial?

I do not think Exodus had asked you to fill up a signup form when you activated the wallet. So, how will they know about your age? But, if you still fear that they might block your wallet account then move your crypto assets to another wallet like Electrum.

SquirrelJulietGarden

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Exodus wallet is closed source but you have private keys and you can import them to other open source non-custodial wallets.

You should do it because their rules can change and you might wake up, open your wallet and see it already was frozen. It's bad experience with closed source wallet and if you did not backup your private keys before that event, you will not be able to import priv keys to other non-custodial wallets.

Prevention is better than cure.

Darker45

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When you started using Exodus, were you asked to sign up? I guess not. You were not creating an account with the wallet. You were not asked for any information such as name, email, phone number, and so on. There's no reason why Exodus would know your age.

Exodus is non-custodial. You are given full control of your funds with your mnemonic phrase. However, as others have already pointed out, since it is close-source, we cannot tell whether the control of your funds is solely yours.

bL4nkcode

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Quote from: BitMaxz on August 26, 2021, 07:15:54 PM

According to Exodus terms, you must be at in legal age to accept their terms and condition so you should be 18+ to be able to use their service.

But how can they know if you're above on legal age or not if they won't ask user's ID or take kyc.

Anyway, to avoid such kind of terms, I recommend to use other wallet instead of exodus, yes exodus wallet is cool due to the wallet's looks but in terms of functions, you can use other multicoin wallet such as coinomi too, you just need to import your 12-words recovery seed from exodus to coinomi. Also, any hardware wallets, but it's not free, you need to buy it first from $75 to 100$ either ledger nano s or trezor as already mentioned above.

sheenshane

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Quote from: BitMaxz on August 26, 2021, 07:15:54 PM

According to Exodus terms, you must be at in legal age to accept their terms and condition so you should be 18+ to be able to use their service.

I didn't have tried using exodus wallet but I think users can simply be denied their age since upon creation of wallet only creating seed phrase or 12 words phrase and password will be required. There's no need to submit personal information that reveals the user's age AFAIK, is this right?

Electrum which is an open-source wallet and also hardware wallets are highly recommended as a secured wallet. If you have already been created a wallet on Exodus, you can simply import to other wallets that make you comfortable.

This is how to Import your Bitcoin Wallet into Electrum.

BitMaxz

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According to Exodus terms, you must be at in legal age to accept their terms and condition so you should be 18+ to be able to use their service.

If I were you better switch to another wallet because they have past issues that their coins are stolen from this wallet and since it's a close source we do not know if our keys are not saved on their own server.

If you are looking for a wallet with multiple coins supported it would be better to switch to a ledger nano or Trezor wallet which is much secured compared to the Exodus wallet.

stomachgrowls

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Quote from: QuickAccount on August 26, 2021, 02:36:55 PM

I use Exodus for my wallet, but something Im worried about is the possibility of my account getting banned for being under the required age to use their service. How high is the chance that my investments evaporate because my account gets banned by exodus?

Just like on what mentioned above that you could still access your wallet using up seedphrase into other wallet but i dont really think off that Exodus does have the records nor databases of those wallet seedphrases.

They've been here for a while now and i didnt see any issues on using this one but i wont really be that too confident on using up. I would always prefer on using up
pure open source like Electrum for bitcoin and some other wallets used for alts.

hosseinimr93

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Since Exodus is close-source, there is no way to know whether they are technically able to block you from accessing your wallet or not. But even if you can't access your wallet on Exodus for any reason, you will be able to access your fund using your seed phrase (the series of 12 words that you should have saved) in other wallets.

Note that this doesn't mean Exodus is 100% secure. There's the possibility that your keys are stored on their server.

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