You had a problem with Coinbase, good. But that is not a reason enough for you to drag other platforms into it. And moreover you didn’t even detail the problem you had with Coinbase so that we will understand, you just said they didn’t help you gain access back to your wallet. And I don’t even see how that’s possible. A centralized wallet makes use of your email and you can recover that wallet anytime by using the wallet you used to create the account on that platform. So, I am not understanding.
I have also seen people that have said that decentralized wallet like Coinomi are not good, and those people stated reasons why. Every wallet had their cons, you just have to be careful with any wallet you’re using.
Topic: Stay away from centralized wallets - page 10. (Read 3960 times)
These wallets are good, they serve their own purpose and they're the only way we can easily transact between fiat and cryptocurrency despite being centralized.
You see, you cannot say centralized wallets are good because they support fiat, because coinbase, blockchain are usa based projects.
And on the other way around, if you say they are good for their purpose i agree.
Do not forget that you do not have access over your funds on centralized wallets; so always ensure to withdraw your funds to your paper or trezor wallets for safety
Centralized wallet is not secure for holding coin in huge amount indeed, we should use it only when we need it.
Should be better to use decentralized wallet although it will cost much space, for example : desktop wallet
But if we want to using wallet in our mobile phone, using centralized wallet is required i think.
I do not have too much time with the personal computer. So I use the mobile wallet to store all my assets, so far I am safe with centralized wallets and there has been no problem with it. But I also agree with you, should not store too much money on centralized wallets Should be better to use decentralized wallet although it will cost much space, for example : desktop wallet
But if we want to using wallet in our mobile phone, using centralized wallet is required i think.
Do you even know the difference between Centralized wallets and Dec wallets? Days back I lost my coinbase account and the team aren't helping, I'm glad I only have little Bitcoin on the account, would have been a different story if I use coinomi or atomic wallet because they give users 💯 control over their funds, private keys and recovery seed are important, always remember that
Example of Centralized wallets
1. Coinbase
2. Nexo
3. Luno
4. Xapo
5. Freewallet
Any wallets that ask you create an account with mail and password is centralized, they monitor your private keys for you, be smart
Example of Centralized wallets
1. Coinbase
2. Nexo
3. Luno
4. Xapo
5. Freewallet
Any wallets that ask you create an account with mail and password is centralized, they monitor your private keys for you, be smart
You are right, if you are not in full control of your PV keys you are not in full control of your coins, I do prefer using Coinomi, trust and electron wallet, because I Just need to have my private keys safe and no one will have access to my coins.
I don't like centralized wallet either, I only use it for converting my crypto into cash, My crypto only stays there for a minutes or hours. It is said that "Not your keys not your coins" and it is true, If we decide to hold for long term it is better to have a wallet that you own the private keys Like Electrum it is both available on Desktop and mobile it is for BTC. On altcoins make sure you own the private keys and don't just import it anywhere and store it on a safe place. Trustwallet has supported various blockchain like ethereum, tron, stellar, etc.
These wallets are good, they serve their own purpose and they're the only way we can easily transact between fiat and cryptocurrency despite being centralized.
Yes for services its good but what OP is trying to prevent here are those cases that accounts of users got compromised on the exchange and some cant refund them if the exchange has totally devastated by the hackers. There are no insurance when it comes to this and luckily if those big wallets have contigency funds for this but what if they dont have? So users are doomed. So he suggest to have own wallet where PK or keys are hold by us.
How long has this Aladdin wallet been in the system? This is my first time seeing something like this.
There is definitely no security when it come s to custodial wallets. Coinomi is one, although they have been operating for long and not once have they been reported of any scam, but I think it is high time we started being careful because there might soon be a story that touches the heart about the wallet.
Only use what you are in control of.
Indeed, the author is right. The Coinomi wallet has Private Key Storage. It means that all your private keys are stored on your device not in the Coinomi system. If anyone is interested, you can read a detailed review of this wallet here.
There is definitely no security when it come s to custodial wallets. Coinomi is one, although they have been operating for long and not once have they been reported of any scam, but I think it is high time we started being careful because there might soon be a story that touches the heart about the wallet.
Only use what you are in control of.
seriously coinbase does that ? i think coinbase was a reputable wallet company but i wont wonder too much because i also heard bad feedbacks from other coinbase users . anyway i am also using a centralized wallet but i havent experience bad with them . they have active support that always assist thier users if ever problems were detected . not all centralized wallet are bad but it only depend on what type of wallet company your using and also on your problem because they wont also help you if they found out that you violated something
Do you even know the difference between Centralized wallets and Dec wallets? Days back I lost my coinbase account and the team aren't helping, I'm glad I only have little Bitcoin on the account, would have been a different story if I use coinomi or atomic wallet because they give users 💯 control over their funds, private keys and recovery seed are important, always remember that
Example of Centralized wallets
1. Coinbase
2. Nexo
3. Luno
4. Xapo
5. Freewallet
Any wallets that ask you create an account with mail and password is centralized, they monitor your private keys for you, be smart
Example of Centralized wallets
1. Coinbase
2. Nexo
3. Luno
4. Xapo
5. Freewallet
Any wallets that ask you create an account with mail and password is centralized, they monitor your private keys for you, be smart
I had a bitter experience with coinbase, I lost my phone and later replaced it, tried to login my coinbase it was to no avail, tried all self help options it did not work, In using Centralised wallet, Luno is the best for me coz they are not going to stress you like Coinbase.
But it is still important to use decentralized wallets more because you are the controller of your funds and the security of your funds lie in your hands. People should be careful how they store their cryptocurrency to avoid much losses, if possible don't save in Centralized wallets.
These wallets are good, they serve their own purpose and they're the only way we can easily transact between fiat and cryptocurrency despite being centralized.
There are different kind of bitcoin wallets are available for us. [General] Bitcoin Wallets - Which, what, why? this can be useful for anyone to pick their kind of wallet.
Recently I am also facing issues with my coinbase vault withdrawal and I never got any response from the coinbase support for my multiple support tickets.I just left trying because the amount is not that much higher to fight for.
I got your point here for me should really do stay away from this wallet because they are centralized but we cannot really judge from that I've been using coinbase and until today I have no issues when it comes to funds.Recently I am also facing issues with my coinbase vault withdrawal and I never got any response from the coinbase support for my multiple support tickets.I just left trying because the amount is not that much higher to fight for.
But you must stay away from the centralized wallet and be careful in where you can store your coins. It is more preferable to keep your wallet in some wallets that are already trusted by many people and are legit. There are wallets downloadable in AppStore that are scam. In able to be successful in the world of cryptocurrency you must have contacts in where you can be connected and updated.
It would be better if your going to use desktop wallet or hardware wallet.
I don't use any of those wallets. I always use blockchain wallet from the first time i join in crypto trade. Blockchain is the best and secured wallet. So why will i use third party wallets. Coinbase did many problems from me and they didn't helped when i did kyc but their behave kicked me back to blockchain.
Blockchain is not so good to be considered as the best wallet caused by it was an online wallet. You should try to use the desktop wallet to get the best experience to store your money or you can try to use a paper wallet to get the best wallet in term of security. So many people have complained for coinbase wallet too. 
Best option for me will be to user paper wallet. No electronic system or hackers who can steal it. But when you print the key is recommended to generate the keys offline and change some digits in it. You can even bury it in your garden, or anywhere you want. Every electronic system has his risks, but remains easier to access.
It only depends on the user's needs.
Some traders don't like to save a lot of PK because of their active transactions with various types of coins so they prefer multi-crypto wallets to save assets because it is more efficient. Despite losing access due to a password or e-mail, they still have the chance to recover many times with the help of support.
Decentralized wallet has many advantages in terms of security, yep we know that. It's just that, if the PK leak once, then forever the wallet is not ours.
So we get a number of things to consider based on these risks.
For decentralized wallets:
- Use a decentralized wallet only if you believe you are able to protect it yourself (privkey)
- Find the safest place to save PrivKey
For centralized wallet:
- Use the safest, trusted and guaranteed platform.
I will not overemphasize the advice here to choose from both types of wallets because I personally use them now. But what is on my mind, that the centralized wallet still has the possibility (even though it is small) to recover losts.
I had similar experience with coinbase. I could scan the QR code on the web Wallet in order to retrieve my wallet on my new phone. Since the I had to switch to Atomic Wallet when I heard they my private keys are encrypted and never leaves my device.
My own concept is simple and that is, no private key means not saving my funds on that wallet. Private keys gives the owner of the wallet the right to control it without anyone monitoring it etc and on the other hand, lack of private keys which is evident in online wallets and/or centralized wallets means the user is under the control of the team who built the wallet. Even centralized exchanges aren't safe what more about centralized wallets, I just hope people will learn the right thing and start doing it as well.
It is not all of them that are really bad, there are still the good ones I guess. You should have explained the problem you had with Coinbase in details ,that way we can all be able to tell if the fault was from you or they were just being very stupid and not helping you recover the account. But, I have been making use of a Coinbase wallet since 2015 and I have never had a single issue with them. I have changed phones several times from then till now and still never had any problem.
Xapo is one of the wallets I use too, I also have not had any problem except that the price they show on their wallet is always wrong, or maybe they are doing it on purpose ; their price is always a bit higher than the market price.
Xapo is one of the wallets I use too, I also have not had any problem except that the price they show on their wallet is always wrong, or maybe they are doing it on purpose ; their price is always a bit higher than the market price.
Never store any coins on centralized wallets and centralized exchanges.
Your keys, your coins...
Your keys, your coins...
And stay away from cnetralized exchange. They can block everything without real reason
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