Well if you use an online wallet gives you private keys of your wallet you can access that wallet even that website disappears.
Topic: Online Wallet - Site Disappears - page 6. (Read 5241 times)
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 the risk we take if we put our altcoin in an online wallet or exchange, everyone would be afraid if it really happened but we can choose to have an official online wallet that has good trust.Are you scared?
Nothing needs to be feared in crypto, because everything we do must have risks. Because the possibility that happens a little if we save coins in the wallet online and at one time the site will disappear, actually I am not afraid because there is no way that could happen.
if you had a huge sum of coin on the site you will know that you have to be scared, the possibility of it happening in an account you control the private Key is very slim, only if you expose your private key to someone else, so someone gat to be scared if he has huge amount there
Maybe, but it depends on what service you hold them on, if in big wallet, I don't think there will be any problem in the next few years.
If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.
Are you scared?
If they disappear you should have your private key with you in order to recover your asset, you can be scared expect you don't have access to your private key. Are you scared?
I'm always worried that the exchanges I trade on will "suddenly go down" so I try and minimize the amount of capital stored there. If I happen to do well and my account grows significantly in size, I will withdraw a portion to my core wallet for safe keeping.
The rest of my coins stay in cold storage offline.
The rest of my coins stay in cold storage offline.
If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.
Are you scared?
Are you scared?
There are several case with different reaction.
1. If I have the private key and the site owner does not store private key on his server then I won't worry at all.
2. If I have the private key but the site owner do store all the information on the server then this will get me worried.
3. If I do not have a private key and just a user log in info on that site, the thought of that site disapperaing is frightening thus I will never use this kind of wallet to store my coins in a long term except when I am trading or doing some important transactions that needed this kind of service.
But usually the average online wallets have conditions that only users when they first make a wallet can know the Private Key. I also haven't found anything other than that.
The third case mostly happened when we use crypto exchange/market.
If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.
Are you scared?
Are you scared?
There are several case with different reaction.
1. If I have the private key and the site owner does not store private key on his server then I won't worry at all.
2. If I have the private key but the site owner do store all the information on the server then this will get me worried.
3. If I do not have a private key and just a user log in info on that site, the thought of that site disapperaing is frightening thus I will never use this kind of wallet to store my coins in a long term except when I am trading or doing some important transactions that needed this kind of service.
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.
Nothing needs to be feared in crypto, because everything we do must have risks. Because the possibility that happens a little if we save coins in the wallet online and at one time the site will disappear, actually I am not afraid because there is no way that could happen.
Who told you the possibility is little. please try and research before you make ill-informed information. Online wallet do not backup your private key.This is also incorrect. Any online (hot) wallet worth their weight in salt will back up this information. That doesn't mean they'll give it to you, but in order to spend your funds (or let you spend them) they definitely need it.
I don't think it is wise to store coin on online wallets esp those that hold coins on peoples behalf. There are some that lets you control your private keys/seeds. If something bad happens to the company your coins still remain with you as long as you have your private keys
Online wallets are vulnerable to hacks and it is worst way to throw away the holdings. Offline security is second to none feature of crypto investors but small volume traders prefer to hold it in the exchanges or in online wallets which opens a gate for such cases.
If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.
Are you scared?
Why the heck you have to store your coin to an online wallet which is controlled by another party? This is why crypto currency has been developed, no third party in between. Better you must have stored in your own client wallet. Are you scared?
Nothing needs to be feared in crypto, because everything we do must have risks. Because the possibility that happens a little if we save coins in the wallet online and at one time the site will disappear, actually I am not afraid because there is no way that could happen.
there is a small chance that could happen.
There are some coins who have their own wallet like having their own blockchain.
If the project is a scam it will sure be gone sooner or later.
I'm try to don't store coins on exchange a long time, and you're talking about online wallets, only cold wallet.
I wouldn't recommend you to store your funds in an online wallet for a long time. Not because the site could disappear anytime. I think there is still a very low chance that that site will disappear. But in my case, I put my funds on a site that there is the lowest chance of disappearing. Also, your wallet can also get hacked so better take them out even in myetherwallet and don't put it there for a long time.
If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.
Are you scared?
Are you scared?
Of course, I am scared, and that is why we need to save in another wallet, and it's better in other hardware. Don't use the online wallet or the exchanges to save all of your coins because that will not be advisable, and you know the risk. We need to prevent the worst scenario that might happen in the future so we can anticipate before it happens.
No, I am not scared about it. Because I believe those online wallets where I store my coins. Blockchain, Coinbase, Metamask, Myerherwallet are not here to disappear. Though I am a regular Ledger Nano S user but still I use these online wallets too and I feel safe there except MEW in case of hack!
If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.
Are you scared?
Are you scared?
People ought to be wary of online wallets and small exchanges. This is why only you should have access to your private key, and if using an exchange your risk of loss is reduced with a larger, well-established exchange.
After reading these so many online web wallet hacking I stopped using these online wallets and just use the desktop version, on erc20 tokens I use MyCrypto on Bitcoin and other coins my pick is Exodus, just be sure to always update your desktop wallet to their latest version.
even desktop wallet are vulnerable to attack and that is the reason while they always provide security update every time especially when they have done security auditing. the best wallet still remain Hardware wallet. Jump to: