Topic: Stay away from centralized wallets - page 17. (Read 3970 times)
legendary
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That's why everyone says, "Not your keys, not your coins." There is no point of using centralized exchange while we have the option to uae decentralized. I would prefer using centralized exchange for a very lower amount. Otherwise, always use decentralized or your personal wallet.
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.
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
rexxarofmoknathal, can you share an example of centralized exchanges that allows you to access private keys? You sound confused to me. Centralized exchanges keep user funds in hot wallets and cold wallets that exchange owners completely control. They will never allow any exchange user have access to these wallets.
There are plenty of centralized exchanges that also provide access to your private keys, and there are custodian solutions like BitGo and Ledger Vault that also do the same.
Therefore your suggestion that all centralized wallets are dangerous is incorrect, since centralized wallets sometimes allow you to access your own funds even if the platform goes down
No. Every single centralized platform and wallet is dangerous.Therefore your suggestion that all centralized wallets are dangerous is incorrect, since centralized wallets sometimes allow you to access your own funds even if the platform goes down
Centralized wallets. Centralized. They hold your keys. In other words, they hold your money. If the platform goes down without any notice, chances are your wallet doesn't have a single satoshi in it anymore because they've probably exit-scammed you. If I know your private key, I basically have ownership of your money. That means I can run away with your funds at any given point.
So yes, they are very dangerous. Don't trust a third party. I cannot trust someone who has ownership over the wallet of a currency that is supposed to be trustless and decentralized.
There are plenty of centralized exchanges that also provide access to your private keys, and there are custodian solutions like BitGo and Ledger Vault that also do the same.
Therefore your suggestion that all centralized wallets are dangerous is incorrect, since centralized wallets sometimes allow you to access your own funds even if the platform goes down
Therefore your suggestion that all centralized wallets are dangerous is incorrect, since centralized wallets sometimes allow you to access your own funds even if the platform goes down
I use coinbase only for their internal fun transfer system without any charge. I think this is pretty unique and useful for low fund transferring on multiple accounts. However, I actually like Trustwallet as a decentralized wallet. So I think in some way wallet like coinbase is good and their support not help their user that accusation is not fully true. My friend got his coinbase account back after his account was locked for someday though exceptional case can be found.
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. 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
fortunately you provide this important information as soon as possible otherwise I will lose my assets, and I will be more careful in choosing a wallet.
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
Not just the three but many more. Actually these wallet are good the only thing you need to worry about is the funds that you put there when the wallet got compromised. Many complains has been noticed in the past due to lost funds and they cant recover it.
Even exchange wallets are too risky so better not to store huge coins there when you used it. Always safe to download own wallet which you hold the private key. I have funds on exchange but I never put everything there for safety or even I have huge one, I am not holding it there for a very long time.
Bottomline, store your coins where you can have full control of what to do with your coins. Hardware wallets are the best option for me. It is you alone, who is responsible for what will happen to your coins. If you can't avoid using centralized wallets for some reason, make sure that you are not storing your bulk of portfolio. For example, make it as a trading wallet and transfer it once you're done.
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
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 have little knowledge about Nexo platform. But in my own opinion i would not term coinbase or luno as crypto currency wallet.
They are all centralized exchanges where you can exchange your bitcoin to fiats or from fiats to bitcoin and so on and so forth.
And another one you missed to mention is the Blockchain APP.
I can only advise that you move out your assets to paper wallet once you have completed your conversion on these platforms.
Stay away from centralized soultions. Dex is our future
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
Not just the three but many more. Actually these wallet are good the only thing you need to worry about is the funds that you put there when the wallet got compromised. Many complains has been noticed in the past due to lost funds and they cant recover it.
Even exchange wallets are too risky so better not to store huge coins there when you used it. Always safe to download own wallet which you hold the private key. I have funds on exchange but I never put everything there for safety or even I have huge one, I am not holding it there for a very long time.
I think as follows:
1 - if the person knows he has bitcoin to hold for a long time, then the best option is to use a wallet where he has control of his private keys
2 - if the person knows that he has many bitcoins then the best option will be for the person to have a wallet where he has private key control
3 - if the person does day trade then he can keep a fund in the trustworthy exchange, but avoid keeping a lot of money in the exchange and constantly withdraw the profits to the wallet where he has control of the private keys
The truth is that in this crypto world the websites that provide services are not reliable, so having a wallet where the person has control of private keys is the most recommended
1 - if the person knows he has bitcoin to hold for a long time, then the best option is to use a wallet where he has control of his private keys
2 - if the person knows that he has many bitcoins then the best option will be for the person to have a wallet where he has private key control
3 - if the person does day trade then he can keep a fund in the trustworthy exchange, but avoid keeping a lot of money in the exchange and constantly withdraw the profits to the wallet where he has control of the private keys
The truth is that in this crypto world the websites that provide services are not reliable, so having a wallet where the person has control of private keys is the most recommended
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.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'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.
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!
Wherever we store assets, we must be careful to secure it, including a centralized wallet as you say, but many prefer a wallet with a private key so that they are safer compared to a centralized wallet, even though there is support, it is still difficult to find it back if you constraints what happens.
There are still many safe wallets as long as you are careful when storing them.
There are still many safe wallets as long as you are careful when storing them.
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.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'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.
People are so obsessed with coinbase in crypto space maybe because of their simplicity in 'buying crypto make easier' or just because it supports some part of the country like USA, not everyone still knows how important private keys are, I still have two to three friends who use coinbase wallet, warned them they never quit
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
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
But if you are not careful in using a non-centralized wallet and does not take safety precaution, it could be much riskier than a centralized wallet.
The reason why I use Coinbase or NEXO is they send me a confirmation OTP to my mobile and I can have a 2FA enabled for every transfers.
With no such security, you could easily fall for a phishing site or website that would access your wallet and control your coins.
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