Topic: Stay away from centralized wallets - page 5. (Read 3960 times)

There's no need to be wary of a centralized wallet, because we still have the advantage of that.
If we have a centralized wallet like the OP mentioned, we can reset the password if we forget it, this is something we don't get from a decentralized wallet.

Thats a good decision. But you must remember that nano ledger s only support major coins and has limited storage. But if you already used to it. You can just uninstall and install the app to have an extended storage for other coin and token and just install their app via ledger live app when you are going to transfer or deposit yoir coin somewhere. Ledger is very safe and one thing is for sure, your fund is safw with it.

And OP haven't said that if you're using one - your funds will be scammed in X months.
It just means that you're not the only one in control of your own crypto savings, which sounds really bizarre on its own.
Scary thing is you never know when exactly one service will be hacked and so you can't withdraw anything before bad thing will happen.
So thats why most of us here encourage more people abandon centralized crypto wallets and switch to dec ones

I appreciate the use of decentralized wallets because they are secure and ensure your funds are always under your control. But given the current cost of trading a smart contract, those with little money using a decentralized wallet to transact will make their profits drop significantly, which is suitable for people who make transactions with large amounts of money.

centralized wallet or exchanges wallet actually safe if we set maximal security setting on our account, many account holder didnt care about their account security. meanwhile in dashboard we provided by many setting to secure our account, for example trading password , 2 factor authentification both in phone number or google auth. if we set these setting i am sure no one could hack our account cause we have multiply layer security.

After considering carefully, I had decided to buy Ledge Nano S a few days ago and I have good feeling with it, all operations are extremely simple and fast and I feel more secue about my property.

While wallets which do not provide exclusive control of the priv keys to the user are not the best, they sometimes offer some additional perks for less technical users like retrieving the password, etc. Obviously that takes aways from security, but also reduces the chance that the user loses access to the wallet.

My recommendation is that people educate themselves first and then try to use a new technology especially when they want to deal with higher figures.

Unless you have violated the terms&conditions there is no way Coinbase blocks the account. Only banks in some EU countries have strict rules against the transactions from/to crypto exchanges, maybe the amount has not been released by the bank side. Logically, the interest of exchange to get more volume, why the exchange should block the account. One more reason can be the funds coming from gambling platforms which is prohibited by many exchanges included Coinbase, AFAIK.

sorry to have heard of your loss, I myself have also experienced an uncomfortable incident when using Coinbase when I held 0.01 btc at a time when bitcoin was quite high, coinbase suddenly freeze my wallet because it was considered suspicious activity and unfortunately when bitcoin crashed deep enough they just opened my wallet and this is the most annoying thing and because of that I don't use Coinbase anymore.

This is very important, do not use any centralized wallet, if you do not have conrol of your private keys then it is not yours. I remember when I started in the space and was using a multipurpose wallet, when Dash pumped I want to withdraw the coin, the wallet provider has gone under.

Exactly. Centralized wallet providers are no different than traditional banks themselves. After all, they're custodians of your crypto private keys (which gives them access to your funds). I'd suggest anyone to use decentralized alternatives in order to gain the full benefits of crypto/Blockchain technology. From the ground up, crypto is meant to eliminate the middleman from the system. Trusting a middleman to take care of your funds, is no different than doing so with a bank. With decentralized wallets, one can easily enjoy of greater security and reliability than centralized alternatives. The responsibility of securing crypto funds will lie in the person himself instead of a third party. As long as people don't make mistakes when using a decentralized wallet, their funds will be safe virtually forever.

All in all, I believe that centralized wallets won't be going anywhere due to their easier learning curve. Newcomers into crypto will find these type of wallets to be quite convenient for daily payments. However, experienced crypto users will choose decentralized wallets on top of centralized ones because of their unmatched security & reliability. For storing large amounts of crypto in the long term, decentralized wallets serve as your crypto "swiss army knife". If you're still planning on using a centralized wallet, it's advised to store very small amounts of crypto to reduce risks as much as possible. Just my thoughts

Well I have used Luno for a very long time and so far I haven't had any issues so far with them, though I don't normally leave huge amount of token in it and also Coinbase have been on and off with it and still no issue, probably luck has been on my side

Of the two wallets that you provide, I prefer to use a trust wallet because I have a bad experience with other wallets and I think trust wallet wallets have very high security and are certainly very safe to use by other coins.

This is an informative and very substantial thread which is very useful to mostly newbies in the crypto world. It is really good to have a decentralized wallet instead of centralized because you are the only one who can control everything in your wallet not like in centralize because they all have you essential information.

then why do people make it like that, and why do people still use it. what is the main reason everyone who uses such a wallet does not know the difference between a centralized and a decentralized wallet.

There are so many good non-custodial wallets these days that we don't need any custodial wallets to manage our funds. Not your keys, not your coins is a true saying in the crypto. Trust wallet and MATH wallets are one of the best IMO.

I just dont understand why people like centralized solutions os much. There are a lot of good non-custody solutions. Exodus, ownr wallet, coinomi, etc. They just better than any custody app

Hmmm, centralized wallet thought me the biggest part of my Crypto lesson last year, I lost everything I worked for and that was the end of me and centralized wallets. I wish people can read this post and adhere to it especially newbies

Thanks for your warning, I am also holding Ripple in Coinbase and before, I quite believed on it and Blockchain.com. Maybe, it's time I should save my money in cold storage wallet

There are several wallets that give the total right to control. They are inexhaustible, so I see no reason why using centralized wallet should be encouraged.
The fact is that you are right. Apart from the Yam project saga that just happened, there have been series of hacks and all boil down centralized wallets. Why then should we continue to risk our funds?