Stay away from centralized wallets - page 12.

Lhaine

full member

Activity: 742

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Coinbene.com - Experience Fast Crypto Trading

Quote from: Eplus_Team on April 14, 2020, 06:59:33 AM

Not your keys, not your coins.
The principle is simple, so be more selective in choosing a wallet or exchange that you will use to store crypto. Everyone has their own tendenciel. Whats important is where you choose your service provider. Some of the members above also like Xapo wallet, contrary to you, we do not force it. Your experience can be a lesson for everyone to not experience the same loss.

Exchange wallet should always be use only just for exchanging it for other currency and not for storing it for long time. You may not be experiencing any bad things using that exchange today but who knows if that exchange you will have a problem someday.

Only use a wallet that you have control for storing large amount of money/crypto.

chabbbi

newbie

Activity: 32

Merit: 0

Quote from: ?? on ??

Quote from: Stanlo on March 15, 2020, 02:15:08 AM

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

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.

I'm using Aladdin Wallet for a more secure wallet and it has unique features. Aladdin wallet is a non-custodial and multi-account wallet that can allow users to send, receive, and stake digital assets safely and conveniently. Cool

SistaFista

sr. member

Activity: 1638

Merit: 251

Hexhash.xyz

Quote from: Eplus_Team on April 14, 2020, 06:59:33 AM

Not your keys, not your coins.
The principle is simple, so be more selective in choosing a wallet or exchange that you will use to store crypto. Everyone has their own tendenciel. Whats important is where you choose your service provider. Some of the members above also like Xapo wallet, contrary to you, we do not force it. Your experience can be a lesson for everyone to not experience the same loss.

Absolutely right. When we don't own our key, then we cannot ensure the coin is always in our control.
I prefer to use web wallet or desktop wallet for storing coins in long term, using centralized wallet is not recommended for holding coins.

coinfinger

sr. member

Activity: 1638

Merit: 278

That you had such experience doesn't automatically make centralized wallets/exchanges bad. There are lots of good centralized wallets that are even better than Dex, and the Coinbase you have mentioned is one of the best, if not the number one. And moreover I don't believe the story you have told here lol; how did you lose your account, you woke up and it automatically disappeared? Or that you forgot or lost access to your email that you used to create the account on Coinbase?

As far as I know, Coinbase account can only be created using an email and password and there is no way you will lose access to that account as long as you still have your email. It's also very secure and when you want to login they have a verification mode where you will have to verify the login using your email. So, I don't see what's wrong with Coinbase, they even store coins in cold storage, so I don't see what problem you have with them.

Eplus_Team

jr. member

Activity: 42

Merit: 3

Not your keys, not your coins.
The principle is simple, so be more selective in choosing a wallet or exchange that you will use to store crypto. Everyone has their own tendenciel. Whats important is where you choose your service provider. Some of the members above also like Xapo wallet, contrary to you, we do not force it. Your experience can be a lesson for everyone to not experience the same loss.

Teinkle

newbie

Activity: 19

Merit: 0

It is our responsibility to make sure that our money and coins are safely stored at any kinds of wallets decentralized or not. Let's educate ourselves and familiarized on how the crypto works so all of our holdings would be safely stored in any wallets.

bittick

hero member

Activity: 2296

Merit: 506

Cryptocasino.com

Quote from: ?? on ??

I'm assuming that you were lost your mail address or hacked mail address this how Coinbase team couldn't help you. You haven't any control over centralized exchange but still centralized exchange is popular. Atomic wallet is great for me from new all wallet but never can be beat Coinbase wallet.

The teal case should he was losing his password to sign in into his account and remember some centralized wallets are truly centralized by never try to give the ability to its users to control their funds. The support service of coinbase wallet is also very bad. I say this based on my experience with it.

Botnake

hero member

Activity: 2856

Merit: 667

Quote from: Akoldi_ibk on April 12, 2020, 04:24:25 PM

Just need to add my voice and re-echo it once more as it can never be overemphasised, "Not your keys, not your coins." These centralized wallets might come with additional advantage in terms of wallet setup and user friendliness, however, the user control which is the key of a true cryptowallet is lacking. Anything can happen to users crypto assets and no one would be held responsible. While we stay safe at this period, keep your wallet under your control and your keys in a secure place.

When you put all your coins in a centralized exchange, you should be ready to lose everything as any exchanges now are vulnerable from hacking.
Also, if ever you got a chance to recover what you loss because they have insurance or something or the government supervise them, it will still cause trouble on you as it will take time to get you refund, so it's better to keep your coins in your own wallet, and just put a certain amount in exchange in case you like to trade.

Akoldi_ibk

jr. member

Activity: 1050

Merit: 1

Just need to add my voice and re-echo it once more as it can never be overemphasised, "Not your keys, not your coins." These centralized wallets might come with additional advantage in terms of wallet setup and user friendliness, however, the user control which is the key of a true cryptowallet is lacking. Anything can happen to users crypto assets and no one would be held responsible. While we stay safe at this period, keep your wallet under your control and your keys in a secure place.

nikki4

full member

Activity: 496

Merit: 100

Quote from: Stanlo on March 15, 2020, 02:15:08 AM

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

This is your personal opinions coinbase wallet. I'm not sure others wallet but coinbase is the best wallet for store your money. You lost something your of your coinbase wallet so you lose your money. What will you do if you lost your private key or recovery seeds. Don't find the answer between centralized and decentralized, just be smart to store your information about wallet.

Alohadanc3

member

Activity: 1050

Merit: 10

Martian Swap - Anti Whale Measures New Yield Farmi

Yes I am also think the same way. There are lots of centralised wallet available and behind them they got some big name. That's why many new people go there . But if you already know this space or even started to learn about crypto space I would recommend you always go for an decentralised wallet. Better if you use official or official suggested wallet. I always prefer decentralised things cause it's give your power to your hand, you have full control of your asset. And that wahts this crypto spaces' basic idea.

Nasonn

jr. member

Activity: 616

Merit: 1

In as much as we try to criticise centralized wallets let us not forget that most exchanges with liquidity are also centralized. These wallets are not as bad as they're been portrayed aside cex wallets holding your funds, they seem t OK be easy to use as well for fiat transactions which no Dex wallet has offered so far.

Nasonn

jr. member

Activity: 616

Merit: 1

In as much as we try to criticise centralized wallets let us not forget that most exchanges with liquidity are also centralized. These wallets are not as bad as they're been portrayed aside cex wallets holding your funds, they seem t OK be easy to use as well for fiat transactions which no Dex wallet has offered so far.

South Park

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I am terrible at Fantasy Football!!!

Quote from: Little Mouse on April 10, 2020, 07:52:17 PM

Quote from: Estrange18 on April 10, 2020, 03:00:52 PM

Describe your case with Coinbase better and how you lost your account there. As I know their support is quite friendly and helping when they can. I know 1 guy who got hacked his coinbase account and only fast reaction of the coinbase support saved his money

It is not about being hacked or losing funds. In centralize wallet, you have no access over your fund directly. That's why sometimes you have face a lot of hassle. Coinbase is a good one no doubt but can you believe I had stucked with around 0.10 BTC for couple of hours because they did not let me send BTC. There was no reason, nothing doubting. But if it was no centralize wallet and I had all access, I did not need to wait such long time for sending BTC.

This is the problem with centralized wallets, I remember that at the beginning when I just found out about bitcoin I used a centralized wallet and there were times in which I could not access my coins, at first I did not mind it but as I began learning more about bitcoin I decided to send my coins to a wallet completely under my control, obviously for newbies this can be troublesome because now they need to install a wallet in their computers and they also need to keep their computer free of viruses, but over the long run it is way better than to have your coins in a centralized wallet.

ballerin and giroud

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Activity: 868

Merit: 16

Quote from: mr.robot8 on April 11, 2020, 12:49:09 PM

obviously i prefer the decentralized wallets of which the developers do not hold the private keys which are generated directly within the app itself and which do not require sensitive user data

That is true, decentralized exchange is really safe for our personality but you have to aware we use a wallet is not to keep/hold our asset only. But we will make our asset for trading and short term investment which I think we have to get the highest profit from it. Which I think decentralized exchange is still lack of user there and it is mean the volume at the exchange will be less. Different with centralized exchange which have a lot of user and you will have a high chance to gain high profit at there.

SirCharles

newbie

Activity: 12

Merit: 0

Quote from: Stanlo on March 15, 2020, 02:15:08 AM

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

When you say "they monitor your private keys for you," does this mean that you don't have access to your private keys (or they don't give it to you)?

Also, can they easily hack (or get your crypto) if they wanted to?

BlacksmithCorporation

full member

Activity: 438

Merit: 100

arcs-chain.com

Does your case have anything special, as far as I know coinbase is a wallet that is appreciated by a lot of people, there are many people recommending it for me to use.

XCANA

full member

Activity: 1470

Merit: 148

Am very careful about my custodial of fund in the world of cryptocurrency and with others experienced which they have shared on the platform made me to be more cautious about the wallet I used. Currently, I have been using some bitcoin wallets which where actually centralized and latter realized they are the ones that pose dangers to bitcoin investors, as the says goes: "when you're not in charge of your private keys, then be rest assured that the funds are not yours". Stay away from what can cause your funds stolen.

Rajasekar

newbie

Activity: 5

Merit: 0

Hi, What would I say for the Custodial and Non-Custodial both wallets are safe but it's based on their security system. The security system must have certain rules like specialized security layer, Multiple authentication methods, Voice recognition, transaction password, mobile device identification, and biometric systems. These security features must be noted by users.

For 1 year, I'm using Aladdin wallet 1st they launched a non-custodial wallet only for ABBC Coin that time I have ABBC Coin that's what I have used the Aladdin wallet to store my assets. after that, they launched their Custodial wallet and multi-asset storage wallet. I started to continue using their wallet. Still, now I didn't lose my asset from the beginning. And I have used both custodial and non-custodial wallets it's really amazing and I feel my assets have been safe haven.

So from my side, I would suggest Aladdin Custodial and Non-custodial wallet when you compare these five centralized wallets. And no one is monitoring my assets.

Mahanton

hero member

Activity: 2730

Merit: 632

Quote from: mr.robot8 on April 11, 2020, 12:49:09 PM

obviously i prefer the decentralized wallets of which the developers do not hold the private keys which are generated directly within the app itself and which do not require sensitive user data

Its always been said for how many times already that we shouldnt store up our coins on custodial wallets or we dont have the possession of its private keys
because we know that it is way more riskier if we dont have access to those keys because anytime those wallets will surely stole our coins unlike on
using wallets that are open-source or you do have the access to its private keys which we do have the full control of it.

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