Stay away from centralized wallets - page 16.

nightflightcourt

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Quote from: Google+ on March 15, 2020, 05:31:58 PM

Quote from: nightflightcourt on March 15, 2020, 05:26:56 PM

I'd like to remind everyone in this thread that you lose control of your crypto every time you send it to an exchange.
This problem has persisted for a decade and people still keep getting their money stolen after hacks or exit scams.

well indeed there are many places that have the potential to scam even some time ago I used a decentralized wallet I was hacked there is access to my wallet and all of my assets in the wallet were drained, the amount is very much frustrating because of loss, but at least I have experience and can be more careful.

You should be able to trade out of the a private wallet directly from your desktop.
Any steps between (sending bitcoin out of the private wallet to an exchange where you lose custody of it and then back again) are just unneeded and bad security.
They're also splinter points to jam more KYC in.

Google+

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Quote from: nightflightcourt on March 15, 2020, 05:26:56 PM

I'd like to remind everyone in this thread that you lose control of your crypto every time you send it to an exchange.
This problem has persisted for a decade and people still keep getting their money stolen after hacks or exit scams.

well indeed there are many places that have the potential to scam even some time ago I used a decentralized wallet I was hacked there is access to my wallet and all of my assets in the wallet were drained, the amount is very much frustrating because of loss, but at least I have experience and can be more careful.

nightflightcourt

jr. member

Activity: 322

Merit: 2

I'd like to remind everyone in this thread that you lose control of your crypto every time you send it to an exchange.
This problem has persisted for a decade and people still keep getting their money stolen after hacks or exit scams.

Utoy101

member

Activity: 368

Merit: 11

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

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

The concept of decentralization is unbeaten in the whole crypto space. When it comes to choosing a wallet for keeping crypto assets, i agree with your choice of a decentralized wallet as they give complete and absolute control to users over their desired assets and luckily, there quite a number of trusted decentralized wallets that can be used to stored crypto holdings

crustycrab666

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terra-credit.com

Not your keys, not your coins.
The principle is clear, so be more selective in choosing a wallet or exchange that you will use to move with the crypto world. Everyone has their own tendencies, there are those who like centralized wallet and those who like a decentralized wallet. What's important is where you choose your service provider. Some of the members above also like Coinbase wallet, contrary to you, we do not force it. Your experience can be a lesson for everyone to not experience the same loss.

mdzahed134

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Quote from: criket on March 15, 2020, 08:09:08 AM

Quote from: Byakuga on March 15, 2020, 08:01:54 AM

Wallets like trust wallet, coinomi wallet, atomic wallet, etc are reliable than using coinbase to store your fund, you are at risk if you are doing so, you can use the platform for trading but do not store your fund on there

to save assets in the long run it is not advisable to use exchanges. because many risks can make our money disappear. I only save or leave the money in exchange for my daily trading. while for long-term investment assets, of course, I would prefer a personal wallet.

Why lost coinbase account you can share then we have chances to learn from your mistake. This is centralized but a lot of ways to recover which wallet, When forgotten password you will get a message to recover. I have been using so many years. I think you violated the rules no way to locked but can be lost. I am familiar in the centralized wallets even these are trustworthy wallet. Absolutely right your long term saving assets will be vulnerable in any exchanges.

hirngespenst

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Quote from: Teawhalee on March 15, 2020, 02:30:25 PM

There are usually the mistakes of newbies. Cryotocurrency offers freedom and allows you to take control of your finances without any third party interfering or knowing what you have and how you send it. Any one that doesn't go in lime with this should be avoided.

You are right! Most of the wallet hack and compromised happen because of ignorance of newbie! Coinbase is the most trusted platform for wallet and exchange in the crypto industry! So, if any suspicious thing happen in Coinbase, then the fault is its users!

kindbtc

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I got your point and yes centralized wallets can be risky, your password can easily be guessed, leacked or hacked and all your assets can be stolen while decentralized wallets provide you with the private key where you are in control.

hirngespenst

full member

Activity: 812

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Centralized in crypto is always not safe for long term purpose. You can use Centralized exchange, Centralized wallet for regular use, but if you want to keep your asset safe and hold for a long time, caution, don't use Centralized wallet or exchange, they can be hacked or compromised anytime!

Teawhalee

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Activity: 482

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There are usually the mistakes of newbies. Cryotocurrency offers freedom and allows you to take control of your finances without any third party interfering or knowing what you have and how you send it. Any one that doesn't go in lime with this should be avoided.

betty11

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Activity: 448

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

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 wrong with this. the popular blockchain wallet requires mail and password for registration and this is not a custodian wallet but non-custodian wallet, and they don't monitor your private keys for you, you own your recovery phrase, and you can import to any non-custodian wallet. Custodian wallets don't give you access to your private keys, they manage it. If anything goes wrong with the wallet, it will be the end of the road. Binance .com is a custodian wallet and a centralized exchange too.

MOProgress

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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

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

Thank you for this post you put up here. The sense behind cryptocurrency is decentralization. So any settings that is outside that, is just disturbing. This is why I agree with this your post.

FireBallex

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Activity: 462

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The bet decentralized wallet to me right now is trust wallet but others are fine as long as they give you your recovery seed or private key, with these even if you lost your phone you can recover your coins, using coinbase and others aren't safe, they are online wallet

sujonali1819

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Quote from: masterrex on March 15, 2020, 06:55:54 AM

<->
In my opinion, storing your cryptocurrency in centralized wallets like those in Binance is not bad at all,

No, it’s a bad Idea when you decide to store your crypto in a exchange. Exchange is only for exchanging your crypto jot for storing your crypto there. Better to only put the amount which you want to trade in exchange and after complete the trade you should transfer the fund to your wallet which has a private key.

Yes, it is right that binance is a very trusted exchange and I have not also faced any problem there since 2 years. But the idea of storing fund there is not a good IMO.

hahay

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It was a very valuable experience and surely it will be a lesson for us all to always be careful and always selective in choosing a wallet to use, because prioritizing private keys and recovery seeds is the main thing we must have. But if you don't have another choice to keep using a centralized wallet then I don't think that will be a problem as long as you don't put all your coins in one basket, make the best choice for your own funds.

mersal

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Quote from: thisnewcoin on March 15, 2020, 04:41:50 AM

Sorry, I don't agree with you, because Coinbase is the best wallet I have ever used in my life since 2015! I haven't used the Luno, Nexo or Xapo but Blockchain and Coinbase app as a wallet are the best picks for me. You should try to recover your account through forget password option and answers those questions, or create a support ticket to the Coinbase team, I hope they will help you to fix the issue! They take time to reply, but they will surely!

So you will learn only after you lose your money? COibase and blockchain are good to store small amount of bitcoins but definitely not best and secured kind of wallets.If you have time then take a look at web wallet child board where you can see blockchain and coinbase wallet issues more than anything.

And as I said coinbase never replied to my support ticket after months,so don't trust them blindly.

royalfestus

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Activity: 2464

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Have seen a lot of these advocate against centralized exchanges lately and the complaints are not new. Interestingly centralized exchanges had developed so much in the few month to provide better platform for cryptocurrency traders. There could be challenges of security both of exchanges and personal information but they have not convinced enough traders to win higher volume trade than centralized exchanges. More so, the limitation of trading bitcoin and other blockchain will remain a challenge until new projects on DEX provide that.

TopT3ns

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Quote from: Byakuga on March 15, 2020, 08:01:54 AM

Wallets like trust wallet, coinomi wallet, atomic wallet, etc are reliable than using coinbase to store your fund, you are at risk if you are doing so, you can use the platform for trading but do not store your fund on there

if you still use an online wallet like that then it is very high risk there is no guarantee of security is better you use a hardware wallet which in my opinion is safer because you keep it in your own hands and maybe the purpose of the OP is to recommend using a hardware wallet.

Samayuki

member

Activity: 574

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I remember when binance was hacked years back I had little fund on there but luckily they pay all of us back, that happens once in a blue moon in crypto space and I thank binance for that but still since then I don't leave coins on exchanges anymore, they are safer in your wallet that you owned the private keys

Destroyeroff98

full member

Activity: 574

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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

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

It seems to me that it is better to use Blockchain or MyEtherWallet for this.

Topic: Stay away from centralized wallets - page 16. (Read 3960 times)