Topic: Proof of Keys Event for a Beginner? (Read 946 times)

Hi back here.

Which multi crypto wallet supports the most non ERC-20 Altcoins? Is it Atomic Wallet or Coinomi? Which has Open Source Code?

Cheers for explaining.

According to user reviews I think Coinomi is the best:
https://uk.trustpilot.com/review/www.coinomi.com

Unless someone can prove me wrong otherwise by showing good independent reviews of those wallets mentioned above.

I'm thinking how wallets that claim to be user custodial (user controls the private keys not wallet provider) get bad reviews when your in control of your crypto so what can go wrong causing bad reviews like this  :

https://uk.trustpilot.com/review/trustwallet.com

You can take a look at the supported assets of each wallet on the links below if the information is up to date:
https://trustwallet.com/assets
https://guarda.com/coins/
https://www.exodus.com/desktop/

Sending via the Tron network is the cheapest, yes. There shouldn't be any transaction fees over Tron.
I can see that USDT is available as a TRC-20 token when clicking on Add tokens > Tron > USDT. The information on their website is probably not updated yet. Just to be sure, you can check with the Coinomi support > https://coinomi.freshdesk.com/support/home.

I don't think any of these multi-coin wallets are open-sourced. From the top of my head, I can't remember a single one that is.
Yes, you need the underlying asset if you send USDT tokens via that network. Ether is needed for the Ethereum network fees, bitcoin over Omni, and tron for the Tron network.

Thank you for explaining.

Yeah I know Coinomi also supports ERC20 tokens.

Do you roughly know how many non-erc20 coins that Trust wallet, Guarda and Exodus support each? Which wallet supports the most non-erc 20 cryptos?

Great when sending USDT to Coinomi which is the cheapest fee now, is it sending by Tron, Eth or Omni?

You sure Coinomi support Tron USDT? It says on their site they don't.

Which multi-crypto wallet has open source code not closed source code?

Finally if I sent USDT via Eth, Tron or Omni then am I required to have these coins/tokens too to cover the sending fees?

The best wallet is a subjective and personal opinion. You can still use Coinomi or try Trust Wallet, Guarda, or Exodus as multi-coin options.

We don't refer to wallets as centralized or decentralized. Wallets are custodial or non-custodial. A custodial wallet controls the private keys, whereas non-custodial wallets allow users to access their private keys. Trust Wallet supports ether and ERC-20 tokens. Guarda as well, but I don't know if Exodus does. Check their official website.

You click on add tokens, select the blockchain you want (Ethereum, Omni, or Tron), enter USDT in the search field, and follow the rest of the steps.

Yes, check the answer above on how to add USDT as a TRC-20 token.

It's a web wallet and interface similar to MyEtherWallet that supports ether, ERC-10, and ERC-20 tokens.

I mentioned three wallets that you can try above.

Hi coming back here....

Is Coinomi still the best non-erc20 multi-crypto wallet out there or is it out of date and now there is newer better/tech trends than Coinomi and if so what are they?

Any decentralized non-erc20 multi-crypto wallets out there that support loads of non-erc20 cryptos? Is coinomi centralized?

How do you deposit USDT in Coinomi and are fees cheaper via OmniLayer USDT or Ethereum USDT?

Does coinomi support Tron USDT?

What is this Meta-Mask?

Basically whats the best decentralized non-erc20 multi-currency wallet out there that supports loads of non-erc20 cryptos?

Ok just to clarify the erc-20 token Bela is not supported by ledger live?

Also I sent erc-20 token waxp from bittrex exchange to ledger nano but bittrex still saying pending for this however it didn't say pending for other erc-20 tokens I had on bittrex

You don't need Eth to receive Tokens, but to send.

If you are sending tokens to your ledger nano s, you don't need Eth there. You need eth from the address you are sending them.

If it is an exchange, they pay for those fees, usually.

Right now on my ledger nano s the parent Eth account balance is 0. So I cant sent erc-20 tokens to it yet as it's not free due to fees? How much balance should I need to cover the fees?

he Proof of Keys event on Jan. 3 this year was essentially a bank run on centralized exchanges, which aims to reassert holder control over their crypto assets. The “Proof of Keys” event aimed against centralized exchanges had happening on Jan. 3 this year, spearheaded by Bitcoin (BTC) investor Trace Mayer

We’re going way of course on this thread, but I’ll answer your question. I got it working (remember, I’ve no Pyrus myself, so it is all with an empty wallet):
 
I followed the Pyrus link found in the official article (https://support.ledger.com/hc/en-us/articles/115005459725-Ubiq-UBQ-), using Firefox. It took me to a Pyrus website where I created a New wallet, gave it a password, downloaded the Keystore file, continued, saved the address, reached a screen that says "How would you like to access your wallet", selected "Ledger Wallet".

Now you need to connect the Ledger device, pass the pin lock screen and open the ubiq app on the Ledger If you don't do this, it will display errors). Once you’ve done that, press the "Connect to Ledger Wallet” green button on the pyrus website and you are good to go (displays a list of addresses to interact with).

Note1: I don't really like the procedure, and even the Pyrus website is outdated (the instructions to connect to Ledger still talk about a chrome extention, which is obsolete).

Note2: If you wish to proceed with this topic, it is better to open a new topic.

Ok thanks

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Ok I followed the link above for Pyrus for Ubiq and I clicked on the green connect to ledger wallet and nothing is happening 

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It is a bit weird indeed. I personally don’t know much about Ubiq, and have none to further proceed from what I managed to do without having the Ubiqs themselves. Probably managing them on Ledger live natively is either in development, or complex (probable the latter), so they’ve met the situation half way and allow you to use the Ledger device to protect them, but still require a third-part to exploit them.

Oh ok the link above says I gotta use a 3rd party interface that is Pyrus to manage ubiq tokens on the ledger nano device right, meaning there's no dedicated account for ubiq on ledger live?

I have ubiq installed on my ledger nano device but what's the point if I have to use a 3rd party interface for it?

It is there: https://support.ledger.com/hc/en-us/articles/115005459725-Ubiq-UBQ-

I just tried it by doing this:

-   First I updated Ledger Live, since there was a new notice when I opened it.
-   Then go to Menu -> Manager.
-   In the search bar, search for Ubiq -> The 1.2.10 version of the app appears and is ready to install providing you have space.

During the process, it asked me to update the BTC and ETH apps, since it required them (probably shares some libraries). I had to uninstall another app to get Ubiq on, but it worked eventually.

Note: It would have been better to create a new topic.

Hi need help for Ubiq altcoin.

i downloaded the Ubiq app to nano s device but I can't find the corresponding ubiq account to add in ledger live 

Pretty much straight foward.
just download ledger live, update your Ethereum App in your ledger device and start using

Here is the guide

https://support.ledger.com/hc/en-us/articles/115005197845-Manage-ERC20-tokens

Great is there a guide on how to use this directly on ledger live?

The best option now is to use Ledger Live, which supports ERC-20 Tokens now
https://www.ledger.com/ledger-live-securely-supporting-erc-20-tokens/

You can download it from ledger.com website and manage your ERC-20 tokens from there, no need to use Mycrypto or myetherwallet anymore.

Hey yes I tried connecting my ledger nano but get error on mycrypto site:

TransportError: Failed to sign with Ledger device: U2F DEVICE_INELIGIBLE

Using chrome, will internet explorer work and be safe?

You do not read what users write to you :


So why then do you want to use this app? You should also know that Nano S has very limited storage, and if you install this app you will have less space for coin apps. If you want to try U2F try it, but this is not something you need for MEW or Mycrypto.

Ok great I use anything that is official mentioned by Ledger themselves.

Just to confirm before I go to mycrypto I require to download the tool app fido u2f onto the ledger device correct?

Hello. Yesterday I moved some tokens from my ledger and I couldn't use myetherwallet. I used mycrypto and it was much better

This is the tutorial from ledger website
https://support.ledger.com/hc/en-us/articles/360008268594-Set-up-and-use-MyCrypto

When you use MEW alongside Ledger Nano S, the device is what is used to sign your transactions. It is therefore a physical item that is required in order to move your assets, thus that being one of the key features for its purchase. Even so, when you send assets in a TX, the device will ask you to confirm the information on the screen of the device itself, which, just to be on the safe side, you should do comparing it to that shown on MEW.

The u2f App is meant to allow you to use the Ledger device as a 2FA enabling device for those sites compatible with the FIDO U2f standard. Basically, it means that you could use your Ledger in a way similar to what a dedicated device like Yubikey allows you, instead of using a phone 2FA app. It is therefore not part of the procedure to use the Ledger Nano S with crypto when linking to MEW, but a complementary 2FA app for third-party compatible sites with which you may want to establish a 2FA protection scheme.

You can start with this tutorial : Set up and use MyEtherWallet. There you have all info you need, but if you still need to see video tutorial : MEW+Nano S Video

Regarding any extra security (2fa /u2f), you should know that private keys are never leave hardware wallet, so you can not be hacked just by using MEW and Nano S. Ledger says about U2F : "FIDO U2F is not related to cryptocurrencies. It's an additional utility for your Ledger device.".

Ok great thanks.

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Hi is there like a video tutorial on how to use MEW with ledger nano s?

Becausing im using a web browser will it be secure to use or am I required to download the fido u2f app on nano s for 2fa security when visiting these sites?

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I have no familiarity with any of these coins, so take what follows with an appropriately sized grain of salt. It is based on 10 minutes of looking in to these projects for the first time.

Apex (CPX) - https://coinmarketcap.com/currencies/apex/. This seems to be a token on the NEO blockchain. You can find this information by clicking on "Explorer" on the coinmarketcap page, which will lead you here: https://neotracker.io/asset/45d493a6f73fa5f404244a5fb8472fc014ca5885

Bela (BELA) - https://coinmarketcap.com/currencies/belacoin/. This seems to be an ERC-20 token. Again, follow the "Explorer" link to go here: https://etherscan.io/token/0x2e98a6804e4b6c832ed0ca876a943abd3400b224. It maybe doesn't have a blue tick because it is such a small coin that it is yet to be verified by Etherscan, I'm not sure.

MaidSafeCoin (MAID) - https://coinmarketcap.com/currencies/maidsafecoin/. This appears to be a token for their own network, entitled SAFE. Read more about this here: https://safenetwork.tech/

Quantum Resistant Ledger (QRL) - https://coinmarketcap.com/currencies/quantum-resistant-ledger/. This is currently a coin, but used to be an ERC-20 token. As I stated above, some projects start out as a token to allow them to cheaply raise funds, and then later transition to their own blockchain. It seems that this is what has happened in the case of QRL. More info here: https://docs.theqrl.org/tokenmigration/guide/.

Ok there's 4 altcoins that I need help clarifying on whether they are erc-20 tokens or coins?:

- Apex (cpx)
- Bela (bela)
- Maidsafecoin (maid)
Coinmarketcap say these are tokens but cant see blue ticks in the etherscan site for these.

- Quantum resistant ledger (qrl)
coinmartketcap says this is a coin but showing as a erc-20 blue tick on the etherscan site.

 

Technically yes I suppose, it is possible for a project to have both a coin and a token, although I don't know of any project which does this. It isn't possible, however, for a crypto to be both a coin and a token, and the coin and token would not be interchangeable. There are some projects which start out as an ERC-20 token and then transition to their own coin once they are further along in their development/business, but the two do not run simultaneously.

That's because anyone can use any name to launch a new token, so many scammers create tokens with the same name as existing tokens in an attempt to fool people. The real token should have a blue tick next to its name in the drop down search box.

Is it possible to be both though?

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Ok the Etherscan site is complicated because when i type in a altcoin in the search box on that site I get like 10 results for the same coin and don't know which one is official. How do i know which one from the results is official or shall i stick to coinmarketcap to find out whether its a coin or token but coinmarketcap doesn't say which type of erc it is.

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Stakenet XSN is a Coin. If you follow the info on CoinmarketCap on the left, you’ll be taken to the original website and Bitcointalk Ann thread.

The entry on Ethescan on the other hand points to what looks like a bogus ERC-20 token created on the 23/04/2019, which has just a couple of token holder addresses and TXs. The reputation on Etherscan states ‘Unknown’, which is the default value for any created ERC-20 token  there (see the little icons shown in the "profile summary" area). It bears no official site link, no social media channels and no market value.    

Apparently both...?

I have never heard of this project, given that it is tiny and has next to no volume. However, it seems to have existed for at least a year and have its own blockchain as per their website, specifically: https://stakenet.io/faq/#why_are_there_many_cryptocurrencies_what_is_the_difference_between_a_coin_and_a_token

However, it also seems that about a month ago an ERC-20 token by the same name was launched. I can't find anything about the ERC-20 token online, whether it is linked to the coin of the same name, whether it is a scam masquerading as a known project, or what.

So to answer your question, pick a larger and more reputable project, haha.

Please help its confusing :

Let's give a example of Stakenet (XSN):

On here it says its a ERC-20 token: https://etherscan.io/token/0x2ec790bfe8ff91d89b9fe3d360b6c9e414577a4b

But on Coinmarketcap it says its a coin: https://coinmarketcap.com/currencies/stakenet/?utm_medium=widget&utm_campaign=cmcwidget&utm_source=&utm_content=stakenet

Is it a coin or token and how does one make sure before sending to addresses?

No. Although the vast majority are ERC20, some tokens run on the other Ethereum protocols, ERC223 or ERC721. If you search for the token you are interested in, it tells you at the top (beside the word "Overview") what kind of token it is. For example, BNB says ERC20, while Cryptokitties says ERC721.

Ok just to confirm everything on that that etherscan database site is erc-20?

After you click on a crypto, at the bottom of the list of things like "Website", "Explorer" "Source Code" and so on, there is a tag as to whether that crypto is a coin or a token. However if it is a token, it doesn't tell you which chain the token is based on, so you don't know if it is ERC-20 or not.

Probably the easiest way to find out for sure is to search the Etherscan database here: https://etherscan.io/tokens

They will be market with an orange tag writeen "token"

You can see all of them here
https://coinmarketcap.com/tokens/

Note that some of those tokens are EOS or NEO tokens. But most of them are erc20

Ok on coinmarketcap how do i find out whether an altcoin is a erc-20 token?

Well it depends on which blockchain your 25 tokens are located, if their are erc20 tokens then it will be OK to store them in one wallet that support them because most of the token are erc20 base so you don't necessarily need multiple wallet for your token and can carry out you transactions from there.

Just Go to MEW myetherwallet.com/
Click on hardware wallet option.
Open your ethereum app on ledger device.

Click on the coins you want, and send them. Using web browser on mew.

Ok how do I send different types of ERC-20 tokens under the ethereum app installed on my nano s?

Unlimited.

Tokens are not coins, and no matter how many ERC-20 tokens you have, you only need one Ledger Nano app (ethereum).

So, if you have 30 ERC-20 tokens and bitcoin, you only need 2 app installed on ledger: Bitcoin app and ethereum app.

Ok instead of moving what about sending coins to its addresses on the ledger live app and if I want to withdraw coins from ledger I need the app installed on the nano s device right?

How many erc-20 tokens can I store under MEW or ethereum on the nano s?

I use coinomi for years. I think it's a good wallet that you can use for free. It is closed source and it is a problem, but you can keep small amounts of money there.
Ledger nano is a much better option on the other hand. Anyway, it is also closed source, but very realiable.



You can install and uninstall very easily any coin at any time. It takes a few seconds only.
Ledger live app is a good software and it will show all your balances and addresses of all coins you have, installed or not. To move the coins, the app of that coin must be installed on the device. So you don't need to install, just to move the coins

And yes, you can use ethereum app or MEW to manage your erc20 tokens from the ledger.

When it comes to security is coinomi better than jaxx or exodus?

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Ok I can see from the link ledger nano s supports over a 1000 coins but I can have 5 installed on the device at a time?

What about the ledger live app/software? Can I use this as like a software wallet so I can have like for example 5 coins on the ledger nano hardware itself and 50 types of coins on the ledger live software app or is it strictly only 5 coins on hardware only?

Ok If i install the ethereum app on my ledger nano s hardware device then I can have many different types of ERC-20 tokens under this ethereum app?

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Indeed, that's one of the snags that encourages people to keep funds on exchanges -- the inconvenience of maintaining different altcoin wallets.

All your Ethereum-based assets like ETH and ERC-20 tokens can all be held in a single Ethereum wallet like MEW or Mist. Other altcoins are more cumbersome and usually require their own wallets.

There are some multi-coin wallets like Coinomi, Jaxx, and Exodus that support a wide variety of coins. These are closed-source wallets with questionable security, so I can't wholeheartedly recommend them, but they are still probably a better option than trusting exchanges to secure all your coins.

Is there any wallets that could hold different coins in different platforms? We know that there are many coins now being launched in the market and that includes the ERC20 tokens, bitcoin platform and other strong block chain technology. If there are wallets that hold coins in different platforms then that would do better. For now, only exchanges are operating that hold different wallets for exchange.

As stated above, it does have a limited amount of Apps that can run simultaneously on the device, typically around the 5-8 range I find (depending on the actual Apps you load on to the device). Each App can cover one or more coins/tokens (i.e. the ETH app covers ETH and ERC-20 tokens, although to display the tokens I need to link to MEW).

Nevertheless, that does not delimit the amount of assets the device protects. Say you have 15 different types of tokens in your portfolio that are compatible with Ledger Nano S. You can manage them all with the device, although you will need to uninstall/install apps in the process to overcome the App delimitation. Not much of an issue, but you do need to keep an inventory somewhere of what coins your Ledger device (seed really) protects. Ledger Live helps here (the desktop software), but currently does not seem to support all the different cryptocurrencies that Ledger Nanos S does.

You could also take a look at Ledger Nano X, which multiplies the capacity by five, although at a larger expense (see https://support.ledger.com/hc/en-us/articles/360015259693-Choose-your-Ledger-device).

Yes, ledger nano.

No. It supports dozens of coins.
However you can't have all of them installed at the same time. Delete the software if your ledger is full (about 5seconds to uninstall) and install the new one you need.  You can delete and install new wallets as much as you like and that doesn't compromise your balance.

Coming back to this thread is Coinomi still the recommended wallet?

I also have hardware ledger nano s, how many coins can I have on it?

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Ok is there anything better than coinomi?

Ledger nano s supports 5 coins only?

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Absolutely. Mobile wallets aren't great, but they are still better than an exchange wallet. Just don't transfer to a web wallet - they have all the same problems as exchanges do. Software wallets are ok (mobile or desktop), hardware, airgapped, or paper wallets are better.

Coinomi have also just launched their multicoin desktop wallet, if anyone is thinking of going down that route. It's technically still in beta, but it looks pretty slick from what I've seen of it: https://www.coinomi.com/en/downloads/

That's right, it's much better to use a hardware wallet.
Ledger offer support to a lot of coins and all tokens.

However this event is about removing your coins from the exchange. Using any kind of wallet is a great step already, even a mobile wallet

I wouldn't want to store my wallet on a computer or phone honestly.  I would suggest hardware (such as Ledger Nano) or paper wallet.  Your machine/phone can be compromised and your coins stolen.

Ok in regards to getting notifications of coin/token swaps I thinks its a good idea to withdraw 99% of the balances from centralised exchanges to my own multi wallet leaving just 1% leftover balance on these centralised exchanged for the sake of getting email notifications from these exchanges in regards to possible future coin swaps.

Im happy to risk 1% for the notifications. Its a price worth paying for I guess. Notifications should be free but due to the only circumstances available to us crypto hodlers this is the only idea available at the moment which seems primitive and non user friendly in this day of age and technology.

The more coins and diverse your investment portfolio the more higher chance of being striking rich if lucky. Hodling a less manageable number of different coins is easier however less chance of becoming rich.

Unless someone can invent a private wallet that obtains notifications from the coin/token developers servers. That will be the first step to user friendliness 

To answer all your questions one by one:

If you can't even keep track of when a coin is launching its own blockchain, then you definitely can't keep track of the more nuanced and less advertised developments for said coin. You should definitely reduce the number of coins you are invested in.

No, Coinomi does not provide notifications for token swaps. As far as I know, no multi-coin wallet does, and why should they? You should be able to keep an eye on your own coins.

Yes, Ledger Nano S supports multiple ethereum addresses. No, it does not notify you of token swaps.

As many as you want. Each address can hold ERC20 tokens.

Coinomi is a widely used multi currency wallet. There is no such thing as the "best" wallet.

Ok I agree its best to withdraw however one thing worries me when it's withdrawn and that is not being notified of possible coin swaps/coin moving onto new chain in future while im hodling the old chain in my own wallet for example for 5 years and there's usually a deadline to do the swap or it's too late! Deadline is usually just weeks.

Just to confirm does coinomi wallet notify the hodler of coin swaps/new chains?

Does multi currency hardware wallet like ledger nano s support multiple ethereum addresses like coinomi and does ledger nano s also notifies hodler of coin swaps/new chains?

How many ethereum addresses I can have on coinomi and each ethereum address can be used for any erc-20 token?

Coinomi is the best multi currency wallet?

Yeap. This is what boggles me. There has already been a good number of exchange hackings in the past, that it's expected for people to already be cautious. Unfortunately and apparently, people don't do their research; which is honestly no surprise as if everyone was actually doing their research then we should have no investors/speculators in EOS and a good number of other alts in the first place. 🤷‍♀️

This is the key right here. Nobody should be using exchanges to store funds. They aren't wallets. Any coin you want to hold long term should be held in a secure wallet where you control the private keys. Day trading or running trading bots requires keeping funds on exchanges, but one should always withdraw any excess funds that aren't being used for trading.

This goes for fiat money as well -- there's no reason to hold USD on an exchange for months at a time. People should withdraw to their own bank accounts in case their exchange suffers hacks, legal problems, or in case they exit scam.

People never heard of mt gox? It may happen again, even with binance or coinbase.

Exchanges are a huge attack vector. Thousand of hackers are daily trying to hack them to withdrawal the funds you leave there.
The geniality in blockchain protocol is that the private keys can be hold offline (unhackable). Not in a online exchange.

Not only that, but there is zero chance you can keep track of what is happening with every coin. If, as OP says, he can't even keep track of which ones are launching their own blockchain and performing a token swap (arguably the biggest event possible for an ERC20 token), then how is he going to keep track of things like technical developments, issues, hacks, news, wallets, team members, etc, that may affect a coin's performance or use. Not to mention the fact that there aren't 25 altcoins with an actual real world use.



This is it in a nutshell. You are trading your security for convenience. It would be more convenient to just leave you front door unlocked and not have to worry about carrying your keys around all the time. It would be more convenient to just use the password "123456" for everything, and then you don't have to bother with remembering complicated passwords or using password managers or any of that stuff. It's more convenient to just leave your coins on the exchange after you've bought them, and not waste time setting up your own wallet or securing your own keys. However, these are all equally terrible ideas. There are far too many things that can happen to exchanges (as history has shown us) that will leave you unable to access your coins. If you aren't actively trading, transfer to your own wallet.

It's definitely not mandatory, and it's definitely a choice; and yes, leaving funds on exchanges are definitely far more convenient. But if your exchange account gets hacked or the exchange itself gets hacked? Don't go crying on Reddit or any bitcoin/cryptocurrency-related forum like you didn't see it coming. I honestly couldn't comprehend why some people leave hundreds of thousands of dollars worth of cryptocurrencies on exchanges. Heck, I'm not even comfortable with leaving $500 worth of funds on exchanges(that are not used for trading).

Firstly newbies need to understand that it isn't mandatory to participate in the Proof of key event,  it's a choice and shouldn't be done if it'll inconvenience you. But you should understand that anything that make the blockchain technology stronger should be encouraged. Early January last year I had 25 different altcoins on binance and truly speaking if there was a proof of key then I would  had participated too.  It's a one day event so after the event is over you can send your tokens back to the Exchange and continue your trading.

This is what proof of key is all about it should be a welcome development and just as jet cash suggested it should be a one week event not one day event. Also if you aren't a trader don't store bitcoin on exchange it's just foolishness

there aren't really "dozens" of legit exchanges to use and most traders only use 2 exchanges tops. and if you are using an exchange then you can't call yourself "holder", you are a trader and you need to act accordingly meaning you are not "storing" coins on exchanges you are keeping them active meaning you buy and sell these coins constantly. and if you are doing otherwise then there is something seriously wrong with your strategy.

additionally i would like to point out that holding 25 altcoins is a terrible decision because they are all moving down with bitcoin and rarely move back up with it.

no you should not move your coins because of a silly thing such as "proof of keys" that is running on social media. you should however withdraw them if you are not trading as i explained above. exchanges are not meant for storage.
and if you are planning on holding 25 then you also have to accept the difficulties of doing so. you can't expect easy money with easy security. it is tough to stay secure.

as other user said there are multi-currency wallets although they are new and some of them have had bad bugs.

all your arguments are the same. if you want to bag hold a lot of them then you also have to accept the difficulties! and if you find it tedious then you have to think about not doing it! or at least reduce the number to something more manageable.
not to mention that a coin that has the risk of becoming obsolete overnight is not worth bag holding!

yes they are easy but you are giving up safety and in a blinking of an eye you can go to zero if the exchange decides to scam you. which has happened thousands of times already.

No. You can use multcurrency wallets.


For newbies, I can suggest you download coinomi wallet. It has an Android and iOS version. Download it on the official Google/Apple store.

There all your 25 coins, or most them, will be supported.

You just need to be sure if they are coins or tokens. Tokens are usually erc-20, those can be sent to Your ethereum addresses within coinomi.

Use this proof of keys days to educate yourself about the coins you have.

What about the hodler who has a portfolio of lets say for example 25 different cryptos/altcoins spread between dozens of centralized exchanges.

How does this person withdraw all of the 25 cryptos balances for the sake of proof of keys? Is there a easier convenient way to do this inconvenient task?

Also does every crypto has its own wallet to accomplish the above task? If so the person has to download 25 different wallets which is another inconvenience and hassle. Is there a user friendly way?

Finally what about cryptos/altcoins that due for a coin swap to the new chain or version decided by the development team? On centralised exchanges you should get a notification of this in advance by email so the person can make preparations to prevent hodling useless worthless obsolete coins. If the person downloads 25 different wallets then will he/she be notified of possible coin swaps for each wallet? Is there a user friendly way of doing this for sake of proof of keys?

I already understand bitcoin and other alts like ripple and ether are popular and most wallets supports these or all 3 at the same time and because they are popular any future news regarding these popular coins will be on the mainstream crypto news any way. However I am talking about for an example above 25 alts that may not be popular like bitcoin, ripple and ether.

Centralised exchanges seem easier and convenient otherwise can someone explain to me a easy or convenient way for what mentioned above?