Tell me a reason why I should use online wallet.

pixie85

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Quote from: Josefjix on July 14, 2020, 03:05:10 AM

I have never owned an offline wallet before, but I know the dangers involved in storing your assets in an online wallet, your whole coins are controlled by the exchange, the exchange can steal your coins and claim it is a hacked job pretty ugly. I would advice anyone who wishes to have digital assets to use an offline wallet over an online wallet. I don't have any tangible reason to give you why online wallet is better than offline wallets.

You have never used an offline wallet but cannot give any reasons to use an online wallet, yet that's what you use all the time? I'm confused Huh

The only reason why people might be willing to use a centralized online wallet is the lack of knowledge to set up and run their own desktop or hardware wallet, and the accessibility. There are people who don't cary around any electronics with them and might want to log in and send funds from work, school and so on.

Some people get lured by referral bonuses and such but that's really not worth it.

jpnl0006

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i just feel the online wallet is way easier, i understand it may not entirely be safe and secure to use it since people actually fall easily for phishing sites and all of those other insecuriies but i just feel the ease associated with it and then i use it with care for security reasons.

Inkdatar

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Quote from: thesmallgod on July 14, 2020, 10:34:01 AM

It depends on your level of understanding of the different type of wallets. Generally I use to advice newbie that are yet to fully understand how crypto wallet works to use web based online wallet. This is because in case they forget their login details, they can easily recover it back but when they are making use of DEX wallets, they may lose their coin if they don't know the seed phrase. Just like your friend have said, it is easy to use and you can get support when something goes wrong with your wallet

This is true it depends on someone's understanding and knowledge of the benefits of having an online wallet. Just reiterate to the person the good usage of offline than online wallet as to why it is better than the person's current use. That could help the person indeed on giving advice on how the crypto wallet works, and how the risks could be when using an online wallet. Although, I also use also online wallet but for storing small funds of crypto only.

target

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Quote from: Twinkledoe on July 14, 2020, 10:40:25 AM

Quote from: glowing10 on July 14, 2020, 10:34:14 AM

Argument is not the solution just say him these are the advantages and disadvantages of having online and offline wallet. If he can understand good for him else experience will teach him which may not be the easy way and you wanted to avoid this so told him about having offline wallet. To limited extent, you can keep it in web wallet just like you use frequently to make payments, for gambling or if you are a trader then require it in online wallet.

Exactly! You can't convince a person if he doesn't want to. Just enumerate the pros and cons and up to him what will his actions be. At least you didn't fail to tell him about your side. Sooner or later, he will realized about your advice. So be patient with users who want to do it on their way.

Its normal for a person to just practice what they only know that seem right in their perspective. If he sees its more convenient to use online than synchronizing a bitcoin core wallet for hours I guess it's his view about it.

To be honest I rarely use the bitcoincore wallet I have in my ubuntu, its just that it has to sync for hours before I can make transactions. This is why I move some funds to an electrum wallet which I don't have to wait for hours. Having big funds on online wallet isn't a good practice though.

Twinkledoe

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Quote from: glowing10 on July 14, 2020, 10:34:14 AM

Argument is not the solution just say him these are the advantages and disadvantages of having online and offline wallet. If he can understand good for him else experience will teach him which may not be the easy way and you wanted to avoid this so told him about having offline wallet. To limited extent, you can keep it in web wallet just like you use frequently to make payments, for gambling or if you are a trader then require it in online wallet.

Exactly! You can't convince a person if he doesn't want to. Just enumerate the pros and cons and up to him what will his actions be. At least you didn't fail to tell him about your side. Sooner or later, he will realized about your advice. So be patient with users who want to do it on their way.

glowing10

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Argument is not the solution just say him these are the advantages and disadvantages of having online and offline wallet. If he can understand good for him else experience will teach him which may not be the easy way and you wanted to avoid this so told him about having offline wallet. To limited extent, you can keep it in web wallet just like you use frequently to make payments, for gambling or if you are a trader then require it in online wallet.

thesmallgod

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It depends on your level of understanding of the different type of wallets. Generally I use to advice newbie that are yet to fully understand how crypto wallet works to use web based online wallet. This is because in case they forget their login details, they can easily recover it back but when they are making use of DEX wallets, they may lose their coin if they don't know the seed phrase. Just like your friend have said, it is easy to use and you can get support when something goes wrong with your wallet

pragna

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Quote from: BlackHatCoiner on July 14, 2020, 02:45:15 AM

I was having an argument with one guy from the internet. He uses online wallet instead of an offline. I tell him that bitcoin loses its point if you use an online wallet. He's also trying to convince me to use it too because it's more simple than an offline. I doubt. Anyway, I want one, only one reason, that online wallets are better than the offline ones.

The fact that millions of people use blockchain.com pisses me off. I don't know if the majority of users choose online, but they are many for sure.

I always use both online and offline wallet because every time i can check my wallet balance after sending or receiving my portfolio with online wallet. And if you say for hackers!! they are in everywhere so i have to careful always to secure my wallet.

If i go for big amount then i use offline wallet also for more security and i think we can use both the wallet so that we can give more security about our assets.

adzino

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Quote from: BlackHatCoiner on July 14, 2020, 02:45:15 AM

I was having an argument with one guy from the internet. He uses online wallet instead of an offline. I tell him that bitcoin loses its point if you use an online wallet. He's also trying to convince me to use it too because it's more simple than an offline. I doubt. Anyway, I want one, only one reason, that online wallets are better than the offline ones.

The fact that millions of people use blockchain.com pisses me off. I don't know if the majority of users choose online, but they are many for sure.

It is can be used if you want to store really small amount and not for long term. But, think again, is it worth taking the risk?
Online wallets have always been hacked or their users kinda faced some sort of problem at some point. And did you tell them that almost all online wallets don't provide you with your private keys? Not having access to your private keys mean you won't be able to access your wallet when the servers are down. Also, it means you don't own the coins. The person holding your private keys actually owns it.

harizen

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Quote from: BlackHatCoiner on July 14, 2020, 02:45:15 AM

I was having an argument with one guy from the internet. He uses online wallet instead of an offline. I tell him that bitcoin loses its point if you use an online wallet. He's also trying to convince me to use it too because it's more simple than an offline. I doubt. Anyway, I want one, only one reason, that online wallets are better than the offline ones.

The fact that millions of people use blockchain.com pisses me off. I don't know if the majority of users choose online, but they are many for sure.

People have different preferences for why they tend to use an online wallet.

Why not try to know by yourself what should be the reason for using it? Our reason for using it might be different to yours.

If you aren't comfortable or don't have any reason why you should use it, then you are free to ignore your friend "for now".

crwth

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It’s not wrong to use an online wallet just because of a possible transaction that you are going to benefit from with the ease of payments, cashback transactions, possible withdrawing of BTC to fiat, and many more. Understandably, someone could use a custodial wallet for starting to understand crypto but not to keep all your crypto there and would work as a hot wallet for fast transactions.

Most of the reasons that I could think of were posted already. I think it's not that bad to have an online wallet, though.

goaldigger

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Its ok to use online wallet as long as you don’t store there your long term holdings.
Bitcoin and cryptocurrency is also about convenience and that’s a good purpose of online wallet although there risk is there since you don’t have keys for that but I’m confident that if you just use legit online wallet, then you’re good. Don’t force yourself to listen to your friend, just do whatever you want and what you think is more safe.

teosanru

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Quote from: BlackHatCoiner on July 14, 2020, 02:45:15 AM

I was having an argument with one guy from the internet. He uses online wallet instead of an offline. I tell him that bitcoin loses its point if you use an online wallet. He's also trying to convince me to use it too because it's more simple than an offline. I doubt. Anyway, I want one, only one reason, that online wallets are better than the offline ones.

The fact that millions of people use blockchain.com pisses me off. I don't know if the majority of users choose online, but they are many for sure.

The thing is that one who earns in cryptos and has most of spendings in cryptos is pretty comfortable with "offline" wallet or basically a wallet of which you hold private key. It's because they don't need any fiat conversion and even if they do they are willing to go a long way because that's occasional. While with online wallets as you say them, they provide swift conversion into fiat and simple UI or Simple might be a wrong word you can say a familiar UI to most of the banking/ payment apps. Even though it's highly risky to use third party wallets, but their investment or holding might be small enough that maybe no hacker/ website would confiscate that for sure. This fiat conversion thing is the main reason I believe most people use bitcoin exchanges/blockchain.com.

Yatsan

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The only thing that I see why you should use an online wallet is for faster transaction. Easy as that, me personally, have an online and cold wallet, cold wallet is for long term storing and online is for my daily bitcoin transactions. Those two have a different purpose for me and you should not hate online cause it is less secured than cold/offline wallet. Use online for faster transaction or less hassle and always store a small amount of money there. Wink

ChiBitCTy

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There's nothing wrong with using an online wallet, or "hot wallet" every once in a while or keeping a little bit of coins in your online/hot wallet. Sometimes it's necessary to us to transfer funds from a paper wallet as well.

BuNga_cute

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There are two reasons why many people use online wallet rather than hardware wallet. The first because online is more practical, you only need
to register using e-mail only, and the second reason the cost involved is much cheaper. Although many people know that online wallets are at
risk of being hacked, still widely used for these two reasons.

BASE16

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Don't use online wallet.
Ever.

taufik123

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I have a wallet online and offline. Each wallet I use for different purposes.

Online wallet is comfortable and very easy to access, but we do not have full control over the assets we have, because the wallet is managed by a third party. But online wallet also has 2FA features to better maintain the security of the wallet. But my advice is do not put all your assets in an online wallet because it will still be at risk for hacked.

use an offline wallet like Ledger, Trezor, Keepkey and others that are safer for storing your assets because it has more adequate security features and you have full control over the assets you have.

7788bitcoin

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Quote from: BlackHatCoiner on July 14, 2020, 02:45:15 AM

I was having an argument with one guy from the internet. He uses online wallet instead of an offline. I tell him that bitcoin loses its point if you use an online wallet. He's also trying to convince me to use it too because it's more simple than an offline. I doubt. Anyway, I want one, only one reason, that online wallets are better than the offline ones.

It is impossible to make some stupid friend of yours to understand the basic of owning a cryptocurrency and there is no point in debating to those who does not understand or willing to understand the basics, it is not a big deal to have your own wallet and you do not even have to pay anything to own your own wallet unless you want your hardware wallet and despite all these option if someone is opting for an online wallet Roll Eyes

.

Your private keys your coins.

Stedsm

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I've been a fan of Electrum (an online wallet), just because it gives me ease of use technology and a factual possibility of sending my BTC instantly to anybody on-the-go as I sometimes use to gamble around $10-$20 and this also gives me an opportunity to send this less amount of BTC with least fee possible, so it's better to use an online wallet over an offline one because you'll need more time to get your BTC on the table while having your control on your keys through an online wallet like Electrum which is secure enough, you can utilize both the security and speed of BTC.

Topic: Tell me a reason why I should use online wallet. (Read 499 times)