Topic: Stay away from centralized wallets - page 8. (Read 3937 times)

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If you are a long-term holder, you should always use decentralized wallets for holding crypto. It is a guarantee your funds will be safe in the future, while centralized wallets might just disappear.

I trust coinbase wallet even if they don't give users private key, I use coinbase for trading that's why I deposit on coinbase wallet, I only move to other wallet if I tend to keep the coin for a very long time

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.

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

The problem with a centralized platform always is in the fact that it is a single point of failure (PoF).
The single point of failure is often attacked..

- i mean legally
- i mean by hackers
- i mean by greedy of company

..although safe is very risky for these all factors

No matter how strong a centralized platform is it's still not safe for your coins and tokens, I know how big coinbase platform is but still using such platform to keep or store coins isn't safe

honestly though the chance of these wallet you called like coinbase turns into scam or somehow got your money snatched is kinda low if you could keep your login information safe. they are big company and if anything happens they'll be the one responsible but still there's a chance for that like what happened to some exchanges in the past. The best option for us is always to keep the security by doing what's needed.

What you do is also almost the same as what I do, because in general all people who trade in exchange will continue to use other wallets to store their assets to be more secure, because the Coinbase Wallet and Luno wallet can function as an exchange and also as wallet basically.

I completely agree with you, if we look back, we will see that exchanges may hack, even the most reliable, and find vulnerabilities in wallets.

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Coinbase wallet and Luno wallet are still very good but I use these wallets for trading only and after few minutes or hours I move out my coins to my personal wallet which I have it's private key or Mnemonic seed, it's safer this safe

Use centralized wallets is again the cryptoworld, we want decentralization and be independent from the banks! I personally use Freewallet only for little imports and because it's very useful from my laptop. Do you know decentralized wallets that i can use also from my desktop ?

Freewallet team are scammers, once you lose access to your email and password ( login details ) just forget your coins, I used to use freewallet when I still love using faucets and hunting airdrops, I lost some satoshis to freewallet simply because I couldn't log into my wallet again, the team never helped either

Wallets and exchanges have differences as well, there are some online wallets which are not really an exchange we should avoid them at all for no cost.Centralized exchange's wallets are useful for trading our coins but for storage purpose it is not meant to be.No matter how better security system they have its not a good idea to keep funds there.Trading on deentralized exchange is really secured way but unfortunately we don't have much trading volume there.

Centralized wallets are useful for just mean time but a big bad idea for keeping or storing coins and tokens, the team in charge of the wallet are the one keeping the private keys for you and not your key not your coins, always remember that

That depends on what kind of party who have been running such service. When they rarely updating their security and software, there was a very big possibilities for their service to be hacked.
We have experienced the hacked cases so many times.

Exactly. Unfortunately, newcomers into cryptocurrency believe that as long as they can access their funds from centralized wallets, everything is safe. But if you don't own the private keys, you don't own the coins. Centralized wallets introduce the risks of a single point of failure. Imagine if one day the company hosting the wallet becomes hacked or ceases operations. You'll lose your entire crypto funds with no turning back. It's best to use non-custodial wallets, even if they have a steep learning curve. Sometimes it's best to take the hard route, in order to prevent many undesired losses in the future. Crypto and Blockchain tech is all about eliminating the middleman from the system. That's what makes them different from traditional banking and Fiat currencies we know and love today. Using centralized wallets will make matters worse as you're giving power to big corporations and governments. By using a non-custodial wallet that gives you access to private keys, you'll gain complete control over your hard-earned crypto funds. Not only that, but you'll also be contributing towards the decentralization of the entire crypto/Blockchain space.

Therefore, the golden rule is to stay away from centralized wallets as much as possible and protect your private keys from prying eyes. Once you do that, you'll be confident that your funds will last for as long as crypto exists in cyberspace. Just my opinion

Exchange wallets or online wallets are too risky to use. People should use that wallet which are protected by seeds, personal keys or key store file. Centralized wallet is not trust able for hold any asset cause authority always can spy on your asset. That why people want decentralization system. The bottom line is store your asset in that wallet which you have fully controlled.

OP this is an awesome tip, and thanks for pointing out some of these centralized wallets. I think blockchain wallet is missing out. I wonder why a wallet will require KYC, this sucks. I mainly use trustwallet, there is no need for email or KYC. I tried swapping ETH / xlm on blockchain wallet and KYC was a requisite. Decentralization is far fetched in the real sense.