Stay away from centralized wallets - page 14.

BlackFor3st

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Quote from: Stanlo on March 15, 2020, 03:15:08 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

That is the problem with centralized exchange as we will not know whether our money is still safe if we are going to store it for months or years as we will not know the action behind the team of the exchange because they can just easily close your account if they like to and your money will be lost. But as of this moment, I am using a centralized exchange but I am not that worried because it is a local exchange where we can easily reach the customer service if we have problem with our wallets.

But if you have huge amount of money it will be best if you will just put it in a safe way and centralized exchange is not one of them.

Twinkledoe

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Quote from: Novatech8 on April 10, 2020, 03:39:55 AM

Quote from: masterrex on March 15, 2020, 07:55:54 AM

Quote from: Stanlo on March 15, 2020, 03:15:08 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

Any wallets that ask you create an account with mail and password is centralized, they monitor your private keys for you, be smart

In my opinion, storing your cryptocurrency in centralized wallets like those in Binance is not bad at all, if it is your purpose and also doing some trading sessions in there because I'm using a centralized wallet for exact in the Binance exchange since 2017 but I never encountered any problem so far, we as the owner of any centralized wallet like we use in the crypto exchange has also a responsibility for our funds, if we are away for a couple of days, it should be wise to withdraw our funds and stored it in our wallet with a (Private Key) in just case if something wrong is going to happen in the centralized exchange that we use our funds still safe even we are away.

It's a very bad move to leave your coins on any exchanges, either top or small exchanges, they aren't safe, anything can happen to them at any time, binance is well organized but doesn't mean it can't be jailbreak, it already happened once

The good thing with Binance is they will not let their clients empty handed if in case they will be hacked again. Hopefully not. They will return what is owed to its clients. However, it should not be the reason to store your coin in exchanges like BNB. It is still better to have full control of your funds, your own wallet or private keys. On my end, I will store my coins in my hardware wallet rather than centralized wallets. You have no peace of mind if your portfolio is with them. Because one day, a very smart hacker may break in their security walls and your coins are gone forever.

Ken_terrance

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Quote from: overttherainbow on April 10, 2020, 04:04:37 AM

Online wallets are even worse. Just use wallets without registrations. I dont now why people like custody solutions so much

Lol people like been slave to others, freedom can be a threat to people sometimes, decentralized is freedom right but not centralized, I expect people to get closer to decentralized more but some like centralized taking control

Botnake

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Quote from: overttherainbow on April 10, 2020, 04:04:37 AM

Online wallets are even worse. Just use wallets without registrations. I dont now why people like custody solutions so much

Maybe because it's plain and simple, some even use exchange wallet as they can easily trade it.
In my case, I use electrum wallet, I was hack once but I still feel confident using it.

Quote from: Clark05 on April 10, 2020, 04:15:24 AM

I don't care what kinds of wallet that I use because my priority is the safety of my bitcoin and my other altcoins that I have..

Make sure you care, it's your money that is in the wallet, if that wallet provider is not reputable, please avoid using it, that's the way to protect your coins.

Clark05

sr. member

Activity: 1274

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Before I don't know what is the difference of the centralized to dec before, I used now centralized wallet that is still good to me.
I don't care what kinds of wallet that I use because my priority is the safety of my bitcoin and my other altcoins that I have..
If other people think having centralized wallet is not good so stay away because we have freedom to choode what we use.

overttherainbow

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Online wallets are even worse. Just use wallets without registrations. I dont now why people like custody solutions so much

Novatech8

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Quote from: masterrex on March 15, 2020, 07:55:54 AM

Quote from: Stanlo on March 15, 2020, 03:15:08 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

Any wallets that ask you create an account with mail and password is centralized, they monitor your private keys for you, be smart

In my opinion, storing your cryptocurrency in centralized wallets like those in Binance is not bad at all, if it is your purpose and also doing some trading sessions in there because I'm using a centralized wallet for exact in the Binance exchange since 2017 but I never encountered any problem so far, we as the owner of any centralized wallet like we use in the crypto exchange has also a responsibility for our funds, if we are away for a couple of days, it should be wise to withdraw our funds and stored it in our wallet with a (Private Key) in just case if something wrong is going to happen in the centralized exchange that we use our funds still safe even we are away.

It's a very bad move to leave your coins on any exchanges, either top or small exchanges, they aren't safe, anything can happen to them at any time, binance is well organized but doesn't mean it can't be jailbreak, it already happened once

Stanlo

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Quote from: CryptoTech_ on March 15, 2020, 04:33:32 AM

Quote from: Stanlo on March 15, 2020, 03:15:08 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

Any wallets that ask you create an account with mail and password is centralized, they monitor your private keys for you, be smart

I think centralized or decentralized wallets are the same, depending on how we secure it. Centalized wallets do sometimes have support services that don't help, but not all centralized wallets are like that.
It's the same as a decentralized wallet, even though everything is under our own control, if we neglect to protect our private key / seed pharse, our assets can be lost.

Why would anyone neglect their private keys when that private key is the only way to get full access to their funds? It's simply stupidity, decentralized wallet don't always need the team simply because you have full control, not same with centralized, this two are far different from each other

mr_random

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Quote from: ?? on ??

Quote from: Stanlo on March 15, 2020, 03:15:08 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

Any wallets that ask you create an account with mail and password is centralized, they monitor your private keys for you, be smart

If you lost your mail account, it can be recover by phone number or two step verification. For your lose you can't declare that centralized exchange isn't good. Only coinbase had huge success history , so all centralized bade.

Keeping the backup codes for restoring the exchange account will save the user from the all necessary steps like passing KYC again and proving the identity. Better to use decentralized wallets instead of keeping the centralized wallets, IMHO. Coinbase is not a good idea if these guys ask a fee for recovering the wrong sent funds and the first disadvantage of centralization starts from here.

adzino

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People should know and be made aware of this exact thing. Just because you want things to be simple (set an email and password to open a wallet), you are putting your whole financial aspects on the risk. Remember, it is your coins as long as only you hold the private key. If the private key is shared with someone else, you can't be called the sole owner. On other hand, if you don't even have access to the keys, then you have no right over the coins stored in that wallet.
Those wallets where you don't have access to your private keys are extremely risky to use!

timmmers

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Activity: 1176

Merit: 265

Centralized wallets, custody wallets, cloud wallets, all of them are dangerous for the same reason as keeping crypto on exchanges - you don´t own a private key so you have to trust the third party that they will manage the funds responsibly, but with the upcoming crysis, also big companies like Coinbase and Binance could have a problem with liquidity, be careful

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Hermingway

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ApeSwap.Finance

Centralized wallets or exchanges are not always the best. Why not go for a Decentralized exchanges and wallets? Non-custodial is the way! I have a few wallets in this category. 1. AtomicWallet
2. Coinomi

Although I use AtomicWallet. I can simply vouch for its credibility and security. I recommend you uo also try AtomicWallet. It is a non-custodial wallet for managing multiple coins.

Smitty Werben Man Jensen

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COMBONetwork

I am also concerned to friends who lost funds in the wallet, yesterday I saw someone on Twitter and Facebook about this, he said that this year no one should store assets in the centralized wallet because there will be a lot of drama, who knows what it looks like, but I saw this thread and think it seems like that person is right

rahmatullah9305

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Activity: 983

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Quote from: Kunnu on March 17, 2020, 04:06:45 AM

Absolutely an effective point you mentioned here. There is no doubt that decentralize wallets are the only reliable and satisfied option to store cryptocurrency without any kind of problem that's why mostly people prefers decentralize wallets which is definitely a smart and much necessary step.

Yes, because if a decentralized wallet is the only reliable choice, there is no reason for anyone not to use it, because things have truly proven safe, so there is no need to look for another wallet, where security is not guaranteed.

CryptoTech_

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Quote from: AitorMarcos on March 17, 2020, 06:34:14 AM

how can I tell if a wallet is centralized for sure?
Don't get me wrong, I do use hd and cold wallets, but I don't know how to tell for sure if one online wallet is truly decentralized

Decentralized is a wallet that you can control in its entirety and the private key is held by yourself, whereas a Centralized wallet is a wallet that you cannot control in its entirety

AitorMarcos

newbie

Activity: 61

Merit: 0

Quote from: Greatchu on March 17, 2020, 04:18:11 AM

Does who refuse to learn will always be a victim to stupid mistakes, the first time I entered this crypto world the first thing I learned about is how to keep my fund safe, using Google I was able to understand how wallets works and I end up choosing trust wallet, newbies don't always want to learn

how can I tell if a wallet is centralized for sure?
Don't get me wrong, I do use hd and cold wallets, but I don't know how to tell for sure if one online wallet is truly decentralized

Ashong Salonga

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Activity: 882

Merit: 260

That is why upon choosing a crypto wallet, it is best to seek and choose a crypto wallet that enables you take care of your own account in which you will be the one to manage your wallet wherein you have the private key or seed to have access in your account and no one should have access on it without your permission. A crypto wallet that is decentralized since cryptocurrencies are made to be decentralized which enables only users to have the primary control on his funds and his account. So choosing a crypto wallet wherein you can entrust your assets is the first thing you must do so that earning cryptocurrency will be just your main focus and the securing and safety of your account including your private key. It is still best to use decentralized wallets so that you have the full control and access on it.

zaim7413

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Activity: 1274

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Quote from: Greatchu on March 17, 2020, 04:18:11 AM

Does who refuse to learn will always be a victim to stupid mistakes, the first time I entered this crypto world the first thing I learned about is how to keep my fund safe, using Google I was able to understand how wallets works and I end up choosing trust wallet, newbies don't always want to learn

Beginners who don't want to learn about crypto will always be victims of fraud from scammers, because now scammers are still rampant in finding victims and they are also smarter at providing bait to investors, so there is no good choice but to always learn to avoid falling into the steps we made our own mistakes.

Greatchu

member

Activity: 490

Merit: 10

Does who refuse to learn will always be a victim to stupid mistakes, the first time I entered this crypto world the first thing I learned about is how to keep my fund safe, using Google I was able to understand how wallets works and I end up choosing trust wallet, newbies don't always want to learn

Kunnu

member

Activity: 1204

Merit: 11

Absolutely an effective point you mentioned here. There is no doubt that decentralize wallets are the only reliable and satisfied option to store cryptocurrency without any kind of problem that's why mostly people prefers decentralize wallets which is definitely a smart and much necessary step.

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