Topic: Stay away from centralized wallets - page 7. (Read 3970 times)
Stay away from any centralized wallets is the first thing every newbie need to do it. I saw too many newbies thought a normal client wallet is too hassle and complicate for them so they just make a centralized wallet and be done with it. Big mistake at latter when they don't have the pvt key for their wallet.
I am glad that we have many DEX wallets now, people can easily avoid those shady centralized wallets. Coinbase was better before, but right now , they become not important to me. The support experience is horrible in Coinbase, KYC is another drawback in centralized wallets! I am using Ledger and other DEX Wallets only, and now I feel safer than before!
You shouldn't store your cryptocurrencies on exchange because you are not the real owner of the coins and you do not know what exchange does with your cryptocurrencies 
.
. 
Exchange wallets & online wallets are not safe. There is always a risk when you keep your funds at there.You should use a hardware wallet. It's the best way to keep your funds safe.
indeed, only the money that you use for trading you can keep on the exchange. I have already lost some money on the exchange several times due to hacker attacks and now I do not keep money on the exchangeKeeping your money in exchanges is a dangerous option unless they give you the private key or control over your coins. I would appreciate if someone can recommend a wallet where we can store most of the altcoins and yet is safe. Exodus is good like I said but still feels like an exchange just little safer.
Coinbase is a popular crypto company but when it comes to storing coins it's a bad move to keep them on coinbase wallet, I use coinbase wallet to trade and to buy coins using bank account and card which not all wallets can do and I transfer the coins to my other wallet that Ive saved it's Mnemonic seed
That free wallet is not a good wallet, it's a complete scam wallet from team who are ready to rip you off at any time and since they don't give users access to private keys even complicate the whole thing, this is a wallet you need to stay away from
It's for your good to always store coins in a wallet that has private keys or recovery seed, coinbase can get hacked and they might decide not to do any refund to users like what binance team did year ago when the exchange was hacked
Great educational thread! This should be in the first things to do when starting with crypto-currencies, doing research about
wallets, private keys, what all that means. How to be your own bank, how to protect your funds and how to have full control over
your funds. Decentralized is always better than centralized, it's what I learned with crypto-currencies!
wallets, private keys, what all that means. How to be your own bank, how to protect your funds and how to have full control over
your funds. Decentralized is always better than centralized, it's what I learned with crypto-currencies!
I am agree with you. They block account without any reason. If you search on Google you will find many cases like this. So i stopped using coinbase and suggest all of my friends to use Trust wallet or Imtoken.
if they commit crimes like that then the place of exchange is very terrible because it can make the cryptocurrency assets that you have lost and can not make withdrawals of assets, I think an exchange place that has a system like this is still not ready and can not be said as a safe exchange. 
I am agree with you. They block account without any reason. If you search on Google you will find many cases like this. So i stopped using coinbase and suggest all of my friends to use Trust wallet or Imtoken.
Coinbase blocks accounts without any reason? Sounds weird since I've been using coinbase wallet for so long with no issues. However, I'm not saying centralized wallets are the best since user transactions/spendings are monitored. Trust wallet for now is where I keep a bulk of my funds.
I am agree with you. They block account without any reason. If you search on Google you will find many cases like this. So i stopped using coinbase and suggest all of my friends to use Trust wallet or Imtoken.
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
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
The need to keep reminding people of this can't be overemphasized because it is really important as it is a matter of money. Centralized wallets are not good forms of wallet and should not be used, no matter the advanced features within it, it should be ignored. A good type of crypto wallet are those that makes it possible for users to own and manage their private keys, thus they can import their wallet anywhere they like without issues. As for the centralized wallets, the users are always at the mercy of the developers because exit scam can easily be done, even exchanges wallets are not encouraged because they are not secured too. Lastly, some examples of good crypto wallets are Imtoken, Trust wallet, Enjin, Atomic etc.
if so, why do people make centralized wallets? is their goal all to take money from people who use their wallet. I don't think so, but there may be some cases that make or cause it to happen.
if indeed such a wallet is no longer useful, people will definitely not use it.
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
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
The need to keep reminding people of this can't be overemphasized because it is really important as it is a matter of money. Centralized wallets are not good forms of wallet and should not be used, no matter the advanced features within it, it should be ignored. A good type of crypto wallet are those that makes it possible for users to own and manage their private keys, thus they can import their wallet anywhere they like without issues. As for the centralized wallets, the users are always at the mercy of the developers because exit scam can easily be done, even exchanges wallets are not encouraged because they are not secured too. Lastly, some examples of good crypto wallets are Imtoken, Trust wallet, Enjin, Atomic etc.
Just go for the wallet with private key access, all those centralized wallets are exchange but they offer wallets too for conveninet usage which maybe for someone who is looking to buy for the first time but definitely you need your wallet to store your coins.
I think everyone in the crypto should know that Decentralize wallet is the right safe and secure wallet for crypto assets because you are in control of your assets anytime . while even the best Centralize wallet is still risky as the platform might decide to pack up anytime and they will go with your asset. I lost some assets to cryptopia including my Electronuem .
the only good thing about a Centralize wallet is that if you forget your password you can easily reset through your email while for a Decentralize wallet when you lose your password and mnemonic phrase you may not see help from anywhere,
the only good thing about a Centralize wallet is that if you forget your password you can easily reset through your email while for a Decentralize wallet when you lose your password and mnemonic phrase you may not see help from anywhere,
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
When i first joined in cryptocurrensy, i using wallet like that to store my bitcoin and a few days later my bitcoin disappeared, so i contact their support but can't solve my problem, it was because they can control our money. So i stop using their wallet and tried to learn more about bitcoin wallet and I found my mistakes, wallet must be decentralized. For newcomers, this link will help you so much to find your wallet https://bitcoin.org/en/choose-your-wallet?step=5&platform=windows
Hackers is the main reason to be worried about when it comes to centralized wallet and exchanges, some centralized platforms are good and trustworthy like binance and Coinbase but once hacker took over it's over, your funds ain't coming back
They will reimburse you if the reason the money is stolen because their mistake mainly security concer but ofcourse there's a big chance that they just won't or just reimburse half of what you lose so thats why people keep warning the newcomers why not to save their money in an exchange. everything has risks but saving up your money in exchange is basically letting stranger manage/store your money.
while bullish like this we really have to be careful in terms of storing our assets,
especially in the centralized wallet as in exchange, some experts say that hacking cases will increase
especially in the centralized wallet as in exchange, some experts say that hacking cases will increase
Hackers is the main reason to be worried about when it comes to centralized wallet and exchanges, some centralized platforms are good and trustworthy like binance and Coinbase but once hacker took over it's over, your funds ain't coming back
They will reimburse you if the reason the money is stolen because their mistake mainly security concer but ofcourse there's a big chance that they just won't or just reimburse half of what you lose so thats why people keep warning the newcomers why not to save their money in an exchange. everything has risks but saving up your money in exchange is basically letting stranger manage/store your money.Crypto101, never put your coin in a centralized wallet. You will never know what will happen to the provider of that centralized wallets so you put your wallet at risk when staying there.
I agree but if your coins are stored at a centralized wallet of the caliber of coinbase then I sometimes believe it is actually better to use a centralized wallet if you are not well versed with how core wallets work and what exactly decentralized wallet means.Why I am saying this is because there are numerous ways of recovering your coins in a centralized wallet since you can set your email and 2FA to access your coins but if your wallet is a core wallet and you are not careful you can loose your coins in a single mistake.
Also hackers can access your files through a malware but if you have 2FA setup on coinbase they can't do anything literally.
Jump to: