Xapo is a good wallet and it has a nice design too. The only thing that i dont like about that site is that they have ridiculous fees. I have a friend who uses wallet because he has the debit card, but he told me that when he wanna send btc to another wallet xapo charges him 0.002 fees per transaction. That is ridiculous, almost $10 per payment.
A lot of people are stoping using xapo because of that.
Topic: Is it still worth trusting the services of Xapo? - page 2. (Read 1041 times)
I am one of those beginners whose initial choice to get my first satoshis were the faucets. At that time Xapo was instituted as the wallet preferred by beginners because it did not charge fees, allowed very small transactions and was the most popular wallet among faucet managers.
Ah, the same reason i used Inputs.io back in 2013. I guess that was before your time, but it was a hard lesson about using a wallet where you control the private keys vs. a web wallet where you don't. I, too, was using my Inputs.io wallet to collect lots of small transactions to avoid paying so much in fees. Then Inputs.io was hacked for 4100 BTC, and that was the end of that chapter.
Switch to a wallet where you control the keys. At the very least, use blockchain.info instead (which comes with its own security risks). Core, Armory and Electrum are all very good choices.
I'm in same boat as you. I also used Xapo to receive payments from faucets.
It's right that in past Xapo had more advantages. But then they started to charge fees for receiving small transaction. Later Xapo started to charge miners fees from their users. I had part of my btc on Xapo, but I left Xapo. I moved all my btc from Xapo before hard fork. Now I don't see any reasons to use Xapo wallet.
Their debit card is more expensive than other Bitcoin debit cards. Only their small advantage is free Xapo to Xapo transactions.
It's right that in past Xapo had more advantages. But then they started to charge fees for receiving small transaction. Later Xapo started to charge miners fees from their users. I had part of my btc on Xapo, but I left Xapo. I moved all my btc from Xapo before hard fork. Now I don't see any reasons to use Xapo wallet.
Their debit card is more expensive than other Bitcoin debit cards. Only their small advantage is free Xapo to Xapo transactions.
No, it's not worth anymore as you have mentioned the reasons.
Unless for newbies who trying to earn bitcoin through faucets which connected to xapo or has been suggested to use only xapo wallet. Consider high fees compare to other wallets that offer low fees such as blockchain, breadwallet, or electrum, it's not suitable for newbies to get decent amount from faucets.
But, high fees problem could be solved by segwit right now, I am not sure whether xapo has launched an update that support segwit or not. The most important thing is private keys, as most exchanges hold bitcoin private keys and nothing you can do about it. I prefer to use a wallet which has a feature to export the private keys just in case I need it.
Unless for newbies who trying to earn bitcoin through faucets which connected to xapo or has been suggested to use only xapo wallet. Consider high fees compare to other wallets that offer low fees such as blockchain, breadwallet, or electrum, it's not suitable for newbies to get decent amount from faucets.
But, high fees problem could be solved by segwit right now, I am not sure whether xapo has launched an update that support segwit or not. The most important thing is private keys, as most exchanges hold bitcoin private keys and nothing you can do about it. I prefer to use a wallet which has a feature to export the private keys just in case I need it.
At this point it's normal for even online wallets to offer access to your private keys at some point and less trust in their services. Services such as Green Address, BitGo and Blockchain.info offer you at least some access to your private keys.
The only wallets that shouldn't do this are exchanges and wallets which try to interact with fiat in other ways (such as Xapo's debit card). However, these things should be opt-in features which are distinct from the wallet service which they should be providing.
As for faucets, I suspect that they acted similarly to a "faucet cache" in that sense - receiving larger transfers of BTC at once from the faucet, and then adding the tiny amounts to users' accounts from the money they had already received from the faucet.
In that sense they would still be acting the same with faucets today as they were before, and they have become no less trustworthy. The only difference is that the BTC transaction fees are now too high for them to cover on their own while still having a profitable business model.
The only wallets that shouldn't do this are exchanges and wallets which try to interact with fiat in other ways (such as Xapo's debit card). However, these things should be opt-in features which are distinct from the wallet service which they should be providing.
As for faucets, I suspect that they acted similarly to a "faucet cache" in that sense - receiving larger transfers of BTC at once from the faucet, and then adding the tiny amounts to users' accounts from the money they had already received from the faucet.
In that sense they would still be acting the same with faucets today as they were before, and they have become no less trustworthy. The only difference is that the BTC transaction fees are now too high for them to cover on their own while still having a profitable business model.
I am one of those beginners whose initial choice to get my first satoshis were the faucets. At that time Xapo was instituted as the wallet preferred by beginners because it did not charge fees, allowed very small transactions and was the most popular wallet among faucet managers.
But over the course of this couple of years all those attributes that made it advantageous have been gradually disappearing and has become an expensive and especially risky wallet since Xapo is the sole owner of our private keys. The disadvantage of this matter has now come to light more than ever because it has not given us options to collect our portion of the corresponding Bitcoin Cash.
That is why I wonder if anyone in the forum still sees some advantage for which it is convenient to continue depositing our coins in Xapo?
But over the course of this couple of years all those attributes that made it advantageous have been gradually disappearing and has become an expensive and especially risky wallet since Xapo is the sole owner of our private keys. The disadvantage of this matter has now come to light more than ever because it has not given us options to collect our portion of the corresponding Bitcoin Cash.
That is why I wonder if anyone in the forum still sees some advantage for which it is convenient to continue depositing our coins in Xapo?
If you use the debit card, then maybe it's worth it. Personally, I don't see any reason to do that; I am a long term holder and don't have any interest using my BTC for day-to-day purchases.
I'd ditch them for a more user-friendly wallet (like Electrum) where you control your own private keys. Not being able to collect your BCH showcases why you should always control your private keys. If you don't, it's not your money, and you can't complain.
Anyway, I tried out Xapo a couple years ago and immediately trashed it. Never liked the UI. There are much better options now.
At the moment I only see the advantages of xapo in its debit card. It is just easy to fill it with bitcoin and pay with bitcoin.
I think, the services were to get customers for their services. So if I would need a debit card that could be filled up with bitcoin, I probably would choose xapo. Xapo can't anymore offer free transfers, because fees are so high at the moment.
I think, the services were to get customers for their services. So if I would need a debit card that could be filled up with bitcoin, I probably would choose xapo. Xapo can't anymore offer free transfers, because fees are so high at the moment.
I am one of those beginners whose initial choice to get my first satoshis were the faucets. At that time Xapo was instituted as the wallet preferred by beginners because it did not charge fees, allowed very small transactions and was the most popular wallet among faucet managers.
But over the course of this couple of years all those attributes that made it advantageous have been gradually disappearing and has become an expensive and especially risky wallet since Xapo is the sole owner of our private keys. The disadvantage of this matter has now come to light more than ever because it has not given us options to collect our portion of the corresponding Bitcoin Cash.
That is why I wonder if anyone in the forum still sees some advantage for which it is convenient to continue depositing our coins in Xapo?
But over the course of this couple of years all those attributes that made it advantageous have been gradually disappearing and has become an expensive and especially risky wallet since Xapo is the sole owner of our private keys. The disadvantage of this matter has now come to light more than ever because it has not given us options to collect our portion of the corresponding Bitcoin Cash.
That is why I wonder if anyone in the forum still sees some advantage for which it is convenient to continue depositing our coins in Xapo?
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