Topic: Don't use web wallet (Read 717 times)

Updated the OP, thread is now locked.

I want to tell something here,

60 hours is not too long when compared to the reply from support team of many reputed exchanges,even it might take weeks for the replies to arrive.And 2FA is a problem for me in coinbase and it happens because of the low network coverage on your device,if you face it then remove that sim and insert it to other will take those codes to arrive.

Good for you that your issue with coinbase has been resolved. Perhaps you can now update the OP and your recommendation then lock this thread?

Update-
After more than 60 hours, coinbase refund me. I thank their support although it was a bit late. I wouldn't mind to use coinbase but occasionally. I wouldn't recommend anyone to use it for regular transactions.
Here is one more reason-
Coinbase asks for a verification code when sending balance. In case, if you don't enable 2FA, code will be sent through your sim. I have faced problem once, the code wasn't in my sim for more than 2 hours, as a result, I was not able to send BTC.

After all, a big thank to them for the refund.

MEW got hacked months back and my Blockchain got hacked when 2FA was enabled. You never know when these two wallets can get hacked as they are online and if big exchanges like Binance's hot wallet can get hacked, we stand a very little chance. For any amount less than $100, these wallets are OK like a temporary one but not for bigger amounts.

Totally agree on that. For small balance it is ok as long as it doesn't bothers you I guess but still I wouldn't recommend using web wallets like coinbase and blockchain.

They all are full with flaws.

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BTW what do you guys think about coinb.in as web wallet? You just only need to know how to send transactions and I am pretty sure mocacinno has a guide about it. I personally use it for huge balances now(not so often tho).

I did not use coinbase a lot but I don't think all the web wallets are like that (honestly I have not expected that from coinbase). but I used blockchain.info(.com now) when I was a newbie and never had any issue with them. they are still paying me from some random faucet referrals which I don't know where but they are legit. and yes using mobile or desktop wallets are much better alternatives from the convinence point but I trust blockchain.com more than my pc. They will not get hacked.

Web Wallets have some advantages, like easier user onboarding (We need that for mass adoption), access on every platform, the user doesnt need to install an app.
But the big downside of them is not being secure enough to hold more funds. Thats where hardware, offline and cold wallets come into play.

If you take fiat money as an example, we manage our funds in different stages with different security requirements. At first what we have in our pockets, a small amount to buy
something at stores or streetfood, etc.

Then many of us have a bit larger amount at our homes or at a bank with relative easy access, to buy a bit more expensive things, but not on a daily basis.

The last stage are life savings, stocks and more with big amounts, that are not instant accessible.

Lets take this model for crypto:

View web wallets as your pocket money for interacting with decentralized applications (dApps), small in app purchases or buy a usb cable at an online store. (Around 10$ - 100$)

Use your hardware wallet when you buy a new 60 inch TV, your new Laptop and so on. (In the 1000s $ range)

And for larger amounts you can use something like a multisig wallet with different hardware and/or cold wallets. (Life savings, long term investments, ...)

Thats my 2 cents on making crypto practical and usable. And why there are some use cases for web wallets

There's no intentional problem from their side, it was maximum a bug. I believe they will find the issue but OP have had taken the hassle already.

Why not? I've been using Blockchain and MEW for quite a while now and everything's quite fine. I've never never had a problem with those two though I only use them for small transaction.

It is enough to keep only seed of Electrum wallet, but you should be 100% sure that seed is correct. When it comes to Electrum it is only 12 words, so that the possibility of a mistake is somewhat smaller then with hardware wallets seed which have 24 words. Sometimes people write words in some unusual order, mixing them in horizontal and vertical direction, which can cause big problems in case of recovery. Users should not play with private keys in HD wallets, it's just another added risk, but in case you have all coins in one or two addresses printing such private key on paper may be additional insurance.


Blockchain.com does not give users direct access to their private keys in a way that you can see private key of address just by click on address. If user for some reason need to get private key then only way is to use seed from this wallet and extract private keys with some tool (iancoleman). However if you import private key/s in this wallet (which is possible), then you have full control on that address / private key.

harizen has cleared some facts which you probably have missed. Both cold and hot wallet have seperate usages and benefits. Hot wallets are better for using BTC regularly, on the other hand, cold wallet can be used for long term holfing purpose.

Yes, I do agree with you due to some reasons web wallet if possible should be avoided to use. There are some reports that it there are problems in regards to web wallet that includes from hi jacking on web wallet and exchanges. It will not assure that the web wallet is secured so this it is better to use offline or cold wallets.

36 hours of waiting is still tolerable. Yes, no choice but to extend your patience.

Feel sorry for what happened to you but your case shouldn't be a reason why people should not use Coinbase. Different people have different experience.

Anyways what happens to you is looks like a sort of technical bug.

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Crypto exchanges services are useful at some ways. No way I will stop using them just because of OP's case. I need their service. I feel the benefits.

People just have to understand what they are dealing when using a web wallet services. And come on, just used their service and not to act as their wallet.

I agree with not using addresses from exchanges (coinbase,binance,or whatever...) as you will face problems soon or later. When for the webwalet, i think most of us used blockchain.com when first start with bitcoin (don't know if it's considered as a centralized wallet because it gives access to private keys), and the compagny still has a good reputation as i saw no accusations against it. I had also the change to use counterparty wallet in DEX in which i received many tokens. Note that we are only mentioning btc here, because some other tokens (most are new market comers) release webwallet first (as the simplest way for a good start) before official wallet release/developement.
I think we should advice users not to use web wallets for important activities unless having access to its private keys.

There are so many informations everywhere to not use web wallets and people still use it why people if there are so many offline wallets like
walletgenerator.net
www.bitaddress.org
ian coleman 39 bip

Trust me mate, I would not worry much if the amount is a big one, it would be handle in a short time.
I'm not worry now because I know it's a bug only. But still it's a bit odd, isn't it?
From now, I'm not going to use any of these wallet for a tiny amount even.

The issue is they have your keys and if you can access them online so can other people. With some web wallets you can't even be sure if they won't disappear one day taking your keys with them.
I don't expect that to happen with blockchain wallets but it doesn't mean they can't be hacked or have some technical issues that will delay your access to your coins.

I am using coinbase for small amount but I have not face any problem still now. Coinbase taking bit longer time to show your balance on dashboard. But I don't think they will make any trouble for such as small amount. I am not encouraging to use it, just sharing my experiences. Coinbase return fund even they decide to closed your account, not just like closed account with funds. However, web wallet not much secure so better to use wallet with private key. Especially for big amount or if you want to hold for longer then should be use wallet with privet key.

Not many use electrum but for small amounts, these web wallets are fine while it's better to use Xapo as I have never faced any problem with them yet.

In your case, it's a problem from Coinbase and there have been many cases reported that coins sent to their address have not appeared in the wallet so I guess you need to wait longer for their reply. Not a problem for you as you have sent it to the right address.

It's more than 36 hours when I sent them text and still no reply. Should I contact their support once again or wait for their response for 1 more day?

Blockchain is open to everyone, but the dashboard maintained by them isn't open or isn't controlled by us. Maybe you got me wrong.

This doesn't make any sense. Blockchain.com gives you access to your private keys of the addresses and you have 100% access to everything. They cannot hide your balance even if they want to. Everything is visible in the blockchain explorer.

I agree that web-wallets aren't that secure. But they still can't hide your transaction.  

It's simple to secure wallet, so there is no essential requirements to own hardware wallets. Everything can be destroyed due to external unexpected factors, like water, fire, crashes, so many things. There are not completely safe methods to easily secure funds. In my opinion, to avoid all of such terrible things, I choose different means to store and save my seed phrases. Then, if one of them unfortunately destroyed or unable to recover, I can have another to recover my funds from seed phrases.

just wanna add a little note here, if most of your crypto is just erc tokens, then you can use metamask or something similar. they're better than your regular web wallet like blockchain. you can use hardware wallet with it too.

Thank you and yes, I stored the seed phrase securely and that's what I was trying to know. I think 3 places are more than enough to find out after 5 or 10 years 

You just have to securely store the seed. All your private keys will be recovered when you restore your wallet with the seed phrase.

Is it enough to store the seed of the electrum or we must have to store the private key of all of the addresses too? I'm using electrum and only stored in seed in 3 physical places.

Web wallets work just fine if you are dealing with small amounts and don't want to download a wallet on your computer.  Especially if you are dealing with a bunch of altcoins,you really don't want to be downloading hundreds of different wallets that only have a few dollars on them.

Sometimes the convenience is worth the risk but everyone should make their own decision. 

If you want to be in full control of your coins there is no other way then to be in possession of your private keys. In case that you see transaction confirmed on blockchain and address is correct, problem is in your wallet which is probably out of sync, corrupted or outdated. This is something every user can solve, no need to wait for any customer support.

Coinbase is just crypto exchange, and is not perfect as well as others exchanges. I think that in this case OP need to be patient and wait for a response of customer support. Electrum or any other desktop / mobile wallet has its drawbacks, and before using them everyone should study well how they work, and how to use them properly and safely.

That's why, I read about similar stories about receiving payments from gambling sources. most of them suspended.

You can not blame Coinbase, but these are rules. In addition, this does not mean that all web-wallets bad.
If you are a newbie, the level of protection offered by most of wallets (even electrum) is one and that is because you may misuse the other security aspects.

Risky in a way that you don't hold your funds because they don't provide your keys.

We can still web wallet but choose the ones that are reliable enough or use them with a very tiny amount for transfers. I don't use Coinbase but their reputation is well known and they have millions of users that trust them.

As figured out, it's a bug. I also experienced this long time ago with an exchanger, the balance didn't reflected to my account although it's already confirmed on the network. But as soon as I reached the support, they'd fixed it immediately.

That is just a minor problem, you have the blockchain record to support your claim, so eventually that amount will be credited in your balance.
Sometimes we encountered that kind of problem, but as long as the support take care of it, things will be okay.
I am also using electrum and I can vouch it's a good wallet, you can process transaction instantly, outgoing and income reflect faster.

Web wallets are risky. It's not all about being scammed. A simple mistake of the authority may feel you bored. I'm agreed with Little Mouse, we must have controll over our fund.

Why not simply change your title to "Don't use Coinbase" since it's the only wallet you are having issues with.

I have not used coinbase but have been using other web wallets and I had no issues.

Coinbase and blockchain.com are very different. The only thing they have in common is that they both have a browser interface. If you don't know the difference then you don't understand the risks.

you can't generally tell everyone to to use web wallets! we wallets, like any other tool, have their own purpose and usage and people should learn to only use them for that purpose. for example Coinbase in my opinion is an excellent starting point for newcomers who are lazy to learn more about bitcoin or are "technically challenged" and have trouble with computers in general! someone like that will have a much easier time using a website like Coinbase to buy bitcoin, sell bitcoin, and store bitcoin all in one place in an easy and user friendly way and more importantly in a way that they may even be already familiar with (like using PayPal) and there is nothing wrong with starting with Coinbase in this situation.
but if you are using it to store your bitcoin and if some time has passed and you no longer are a "newcomer" then that is the problematic part.

I  know how you feel about this but I agree that you should wait besides it's less than 24 hours after it happened so give them some time. While you also mentioned that you're using it for 15 weeks with no problem so maybe now there's minor issue that occur.

By now I guess you're thinking to move all your funds when you got your bitcoin otherwise don't ever use wallet that doesn't let you hold private.keys moreover a third party wallet.

Why not wait for their support reply? and maybe they can tell you the reason why your bitcoin is not added yet in your coinbase wallet.

I have experienced before that when I received a bitcoin from another exchange to coinbase sometimes no transaction shown in coinbase and I tried to contact their support they tell the reason and solve my problem.

You just need to be patient and wait for their answer they are sometimes busy but in my case, it takes 1 day before it solves my issue at least they are active and I'm sure you will receive a reply from coinbase within 24 hrs.

Coinbase is only good for daily activity but I never heard that someone scam with this wallet until now it's a will known wallet the only problem on using this wallet they don't have a private key backup feature or even seed Mnemonic.

Sorry about the ordeal OP.
Web wallets are not a thing for me. Anytime, anything could go wrong and you account could be locked up due to their stupid terms and conditions and you end up loosing your money.or this reason I avoid them at all costs and instead use the likes of Electrum, mycelium, coinomi etc

A few days back, i had this to say

Keeping money/BTC on exchange is extremely risky and not wise thing to do.
Using web wallets is not the same because you say about this two things while on same sentence still.
Web wallets have their advantages for example to handle pocket money. If you loose it, it won't matter that much to you, but you have the ease of use same with android wallets.
Keeping larger amount is another thing. You should choose paper wallet here or hardware wallet.

The payment was from Bitvest campaign made by Hhampuz and I have been receiving payment for at least 15 weeks.
I have received the payment notification through my email, the transaction is confirmed(coinbase requires 6 confirmation). So, it's a bug, anyway, I intended to encourage people stop using those.
The amount is a few satoshis and I have stated that they might be sent the amount later. But, why do I have to continue with this. It's my satoshi, and there will be my rules, let's use self wallet, no web wallet.

Maybe they have found a way to blacklist payments from Gambling wallets. Their terms don't allow such payments:



https://www.coinbase.com/legal/user_agreement

But I don't know if that's the reason. Normally, I guess they would just ban your account.

I'm not going to say you're lying, but it'd be weird for Coinbase to hide your BTC for such a small amount. I'm not sure how Coinbase's wallet works, but maybe it didn't appear on your balance because it wasn't confirmed yet?

Also, any update with your problem with Coinbase? I'm really interested how this is going to be resolved by them.

Story time?

Once I experienced the same thing with coinbase on my early days at this forum but they returned me the funds after few weeks without any notification to the mail at all so people using coinbase are at the high risk just like how their wallet at risk the the hackers.

Imagine I received the deposit notification but no balance added? I instantly changed myself and I am no loner using any web wallet. This is the same we are giving responsibility to bank for keeping our fund and we have to take the hassle if anything happen.

Fuck Coinbase & Sally @ Coinbase!

 

Most of the newbies are likely to use Coinbase or blockchain.com for receiving payment. I am gonna share a true story with you. Don't use this anymore.

I have been participating in a signature campaign managed by Hhampuz and I used coinbase BTC address to receive payment. Today, when I received the payment, I got a notification email, but there was no pending transaction in my dashboard. It wasn't even been added to my balance.
Short story-
The transaction was checked by me in block explorer, everything was okay, I even received notification of deposit but no BTC was added to my balance, no record was found on my dashboard.
i have contacted with them, no reply. They may have returned me the payment tomorrow or later, no guarantee though but why do I have to take so much hassle?

We have electrum.
We have electrum android.

Stop using web wallet and/or centralized wallet and/or any exchange.