Not your key not your wallet - page 3.

Helena Yu

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Quote from: Faisal2202 on June 29, 2023, 08:58:29 PM

Even if you use any of the SPV wallets which provide you private keys and seed phrases, none wallet is yours until you create your own full node wallet.

It's completely wrong to say having a key must run a full node!

Running full node mean you help the decentralization and you take a part, it could increase your privacy too. But using SPV wallets don't mean your wallet are get controlled with the central server or someone else. Either SPV or full node, your wallet has a same security.

Quote from: BlackBoss_ on June 29, 2023, 09:07:03 PM

Don't instantly trust what you receive in your email.

I mean, that's a different topic.

What's the reason someone create a fake email when it's just remind to withdraw his funds on CEX and not ask him to click anything or send to specific Bitcoin address?

BlackBoss_

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Quote from: Amphenomenon on June 29, 2023, 08:40:33 PM

Coinbase sent this to my email to inform me that I have till September 25th before my account is disabled and I should withdraw my funds before then but the fact is that I have not completed my KYC and so I won't be able to withdraw my funds there.

Don't instantly trust what you receive in your email.

Scammers can send you phishing emails. Visibly, you will see their email address is like from Coinbase but it is not.

Punycode and how to protect yourself from Homograph Phishing attacks?

If you receive such emails, please check and confirm that information from Coinbase website, Twitter.

Cantsay

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I get the fact that this thread is to warn newbies about the danger of using centralise system and also how they put their privacy at risk by completing KYC process. But I couldn't help but wonder if you ever took your time to go through the ToS of the exchange before you made deposit? because it's clearly stated that all users are required to complete their identity verification before they can perform some certain activity and the fact that you didn't read the Terms also shows a wrong use of online services.

To all newbies and those who still have the habit of not read the Terms of Service of any online let this be an example to you of the danger that you put yourself. Yeah, I am aware of the fact that ToS are too long but you should use some keyword search like "identity, withdraw, VPN, KYC, fees, etc" to read the most important part before you start using that service.

Back to the Op, Since you mentioned that you created this account before you became a member of bitcointalk and now a preacher of the importance of using non-custodial wallet, do well to also practice it.

Faisal2202

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Even if you use any of the SPV wallets which provide you private keys and seed phrases, none wallet is yours until you create your own full node wallet.

The point is, these exchanges are just time-to-time sources for performing transactional activities like making trades, joining some launch pads, performing staking, etc. As we all know exchanges are full of different ways to make you profit and loss too. And of course with a wallet too which provides you no key.

But do you really think, having a key to your wallet means wallet is yours? Then I own a trust wallet, metamask, and any other wallet you guys prefer to use. None of them is ours and none of them we own.

The only wallet we could own and even the key phrase is full node wallet but of course, not everyone could make one. So I know the limitations also.

Moral of the story: these types of centralized exchanges at least try their full to save the money of customers so they even mail you. I am not in favor of Cexs but only of some factors.g

Amphenomenon

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Coinbase sent this to my email to inform me that I have till September 25th before my account is disabled and I should withdraw my funds before then but the fact is that I have not completed my KYC and so I won't be able to withdraw my funds there. Good thing what I have there doesn't really worth anything. Even if I want to do kyc I still can't because getting my documents would be really tasking for me.
This is among the reason we should be cautious of Centralise exchange because they can choose to change their terms and conditions which may be unfavourable to us.
Ps : I already have this account before I joined this Forum

Topic: Not your key not your wallet - page 3. (Read 538 times)