Online Wallet - Site Disappears - page 5.

SistaFista

sr. member

Activity: 1638

Merit: 251

Hexhash.xyz

Quote from: Kongxx on June 09, 2019, 12:28:52 AM

If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.

Are you scared?

That's why we need to using the wallet with backup options.
Online ETH wallet like myetherwallet is already forcing the users to safe the private key from the beginning.
With this strategy, myetherwallet is not responsible if one day the site is gone because server done or something bad happening.

Kongxx

jr. member

Activity: 132

Merit: 3

Quote from: siddartha1492 on June 10, 2019, 12:21:44 AM

Online wallets are always risky. Always choose wallets where you own the private keys. Though the advantage of online wallet is ease of access and use. If you choose trusted online wallets like Coinbase, then it shouldn't be a big problem. But choosing a new company for online wallet is not a good choice unless it is tried and tested by veterans.

If the site disappear, what will be the use of the private keys? Can the coins be retrieved then?

siddartha1492

sr. member

Activity: 952

Merit: 284

In love with Bitcoin!! 💓💕

Online wallets are always risky. Always choose wallets where you own the private keys. Though the advantage of online wallet is ease of access and use. If you choose trusted online wallets like Coinbase, then it shouldn't be a big problem. But choosing a new company for online wallet is not a good choice unless it is tried and tested by veterans.

Kongxx

jr. member

Activity: 132

Merit: 3

Quote from: Fesatmas on June 09, 2019, 11:05:15 AM

I still don't dare to keep the coins in the online wallet at risk for us, whatever security is good I won't want it, I will still choose MEW and nano ledger.

MEW is online wallet.

marcbitcoins

full member

Activity: 854

Merit: 108

Quote from: Kongxx on June 09, 2019, 12:28:52 AM

If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.

Are you scared?

Of course everyone will be worried and scared specially if all of our Crypto assets was in their keeping but this is normal as this is already part of the risks that will need to face therefore i suggest to store your assets in an offline wallet like Nano Ledger S which is 100% safe specially if huge asset is involved.

dataispower

sr. member

Activity: 1330

Merit: 289

If you are so skeptical about web wallets, why not use hardware wallets like Ledger Nano and Trezor. The hardware wallets are safer. Also, any website can go on maintenance, it doesn't mean your funds are gone.

mickey_miner

sr. member

Activity: 910

Merit: 250

Proof-of-Stake Blockchain Network

Quote from: Kongxx on June 09, 2019, 12:28:52 AM

If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.

Are you scared?

I'm not afraid
It is unlikely that this can happen, but for its own safety, it is better to store tokens on proven wallets such as MEW.

SMOKEU

member

Activity: 495

Merit: 10

📱 CARTESI 📱 INFRASTRUCTURE FOR DAP

the coins that you store in an online wallet should be those you want to trade asap, as we all know that its not the safest way to store your coins, maybe at the end of the day they will shutdown their sites and disappear

eagleman

hero member

Activity: 1190

Merit: 504

Quote from: Twinkledoe on June 09, 2019, 04:33:48 PM

Quote from: eagleman on June 09, 2019, 04:30:23 PM

Quote from: Kongxx on June 09, 2019, 12:28:52 AM

If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.

It's true that whenever that site disappears, your funds are lost too forever in your hands because it's already on the hands of the site's operator.

Quote from: Kongxx on June 09, 2019, 12:28:52 AM

Are you scared?

Why should I? I'm not keeping it on exchanges and online wallets.

This is the reason why as much as possible, store your coins in your own wallets. Even if the site has already established its name in the industry, still you should not left your money in the hands of anyone. Because you'll never know what will happen, the site disappears or that site has been hacked. You can't blame the owner but your self on this regard. That scenario is very possible to happen nowadays. Even famous exchanges are victim of hacking incidents.

A desktop wallet or hardware wallet is the best.

You may trust the online wallet that you use or the exchange that you use but as long as they won't give you the private key, be aware that everything can turn into dust if you are into that kind of situation.

IvugeoEvolutionCoin

sr. member

Activity: 952

Merit: 267

Vave.com - Crypto Casino

Quote from: Kongxx on June 09, 2019, 12:28:52 AM

If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.

Are you scared?

Certainly. But then we are strongly advised to use reputable online web wallets like coinomi and blockchain because of their track record. Moreover, if you want a tighter security over your funds, kindly purchase an offline wallet like ledger to serve you better

pixie85

hero member

Activity: 2184

Merit: 531

I know this can happen and I don't store my coins online. I don't even keep them on exchanges for more than a day or two. If I can't find a good trade I take my coins off the exchange. The only thing that I tend to keep there is fiat money because it will be rather easy to prove how much fiat I had there and what its value was if something happens with the site. I also don't trade on smaller exchanges and I never send all my money there.

Twinkledoe

full member

Activity: 1904

Merit: 138

★Bitvest.io★ Play Plinko or Invest!

Quote from: eagleman on June 09, 2019, 04:30:23 PM

Quote from: Kongxx on June 09, 2019, 12:28:52 AM

If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.

It's true that whenever that site disappears, your funds are lost too forever in your hands because it's already on the hands of the site's operator.

Quote from: Kongxx on June 09, 2019, 12:28:52 AM

Are you scared?

Why should I? I'm not keeping it on exchanges and online wallets.

This is the reason why as much as possible, store your coins in your own wallets. Even if the site has already established its name in the industry, still you should not left your money in the hands of anyone. Because you'll never know what will happen, the site disappears or that site has been hacked. You can't blame the owner but your self on this regard. That scenario is very possible to happen nowadays. Even famous exchanges are victim of hacking incidents.

eagleman

hero member

Activity: 1190

Merit: 504

Quote from: Kongxx on June 09, 2019, 12:28:52 AM

If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.

It's true that whenever that site disappears, your funds are lost too forever in your hands because it's already on the hands of the site's operator.

Quote from: Kongxx on June 09, 2019, 12:28:52 AM

Are you scared?

Why should I? I'm not keeping it on exchanges and online wallets.

Classica35

jr. member

Activity: 518

Merit: 3

Quote from: Kongxx on June 09, 2019, 12:28:52 AM

If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.

Are you scared?

Right from day one, I have always known that online wallets are easily prone to hack. The best option is paper wallet, because you can carry out transaction without necessarily connecting to the internet.
The rate at which scam cases are being treated, is quite alarming.

mr.robot8

full member

Activity: 938

Merit: 159

nothing is impossible but i don't keep anything on the online wallets and very little amount on the exchanges, we have to protect our altcoins keeping them possibly on a wallet hardware

Teawhalee

copper member

Activity: 482

Merit: 1

Just be careful with using of these wallets. Nothing can be done if this happens which is why it is advisable to never use untrusted website or wallets. So of them out there ! Care is needed in this space!

sorrros

full member

Activity: 954

Merit: 104

ludenaprotocol.io

I just have problem with Cobo wallet, I sent a transaction to my EOS wallet but after 7 days still nothing, support not working. That is the risk of using cloud wallet. Angry

GrosWesh

legendary

Activity: 2408

Merit: 1442

Quote from: AltcoinsBattle on June 09, 2019, 12:44:14 AM

In my case, these are ERC20 tokens. The sites that display this are myetherwallet and etherscan and the like. If these sites disappear, it will no longer matter what I have, since the all cryptocurrencies will be in a deep hole (_*_) Grin

.

Myetherwallet or other sites like Mycrypto are only 'gateways' to your erc20 wallet dude. Since you own your private key nobody can take your assets. No deep hole to be afraid of Wink

If you can afford it, best way to protect your well loved tokens is purchase a hard wallet (Ledger, Trezor...). No so much expensive these days and so convenient

badykvik

sr. member

Activity: 895

Merit: 250

Quote from: Kongxx on June 09, 2019, 12:28:52 AM

If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.

Are you scared?

It is a natural for someone to get scared when they save funds in an online wallet and its website is offline in fact the higher the funds in the wallet the higher the level of fear ad anxiety to the person.

AgentZero23

member

Activity: 644

Merit: 10

Don't store your tokens or coins in unknown online wallets. Better use Mew or Metamask because they are safe and reliable. I have been using Mew and majority of tokens are in my Mew wallet and some are in Metamask. In using online wallets you need to bookmarks the sites so that you don't have to be a victim of phishing attacks. And using antivirus with anti-spyware would also help. I'm using Eset mobile security for my smartphone and so far never had experience of getting compromised.

Topic: Online Wallet - Site Disappears - page 5. (Read 5251 times)