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.

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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.

FlightyPouch

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Unless you are have your reason and you really wanted to use bitcoin for your convinience or other things, that is just fine as long as you just put there the amount you needed. If you will be saving them, don't do it in a hot storage do it in a cold storage. That is more secure and you have the keys to prove that it is yours.

Sanugarid

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It is simply this way

If you know that you would not be needing your bitcoin in a while then leave it offline, take it in online otherwise. That's called CONVENIENCE.

So if I'm going to tell you a reason why should you use an online wallet, I'm gonna ask you first do you think you need an online wallet? It depends on the purpose basically.
You can simply search for the difference between these two, and you can just weigh them for what you need at the moment.

pawanjain

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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.

By online wallet I am assuming you mean to ask about Web wallets. In my opinion web wallets are shit.
Don't go for what others say. Web wallets are of no use. Everything that a web wallet can do can also be done by a mobile wallet like Mycelium, Exodus etc.. which are much better than web wallets.

electronicash

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i'm using sportsbet to just bet weekly not really a big roller but I kept almost 2ETH there that I login using my phone. it does serve as an online wallet for me because its just there that i can withdraw anytime. its risky to put it there but i can bet anytime whenever winning opportunity comes. i lost some bets during the UFC251 but that sportsbet wallet serves 2 purpose, one is for betting and just an online wallet.

Pffrt

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Although I don't recommend anyone to use online wallets, they still have some benefits. Imagine coinbase as offchain network, you can transfer within few seconds without any fee. But yeah, it has risk of being account blocked but coinbase will back your balance of course.

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 think you are not talking about offline wallet. Electrum wallet is also good to use and it's also hot wallet.

sheenshane

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Probably you meant of the offline wallet is the hardware wallet, there's no offline wallet because most commonly Bitcoin transaction was made through online using your internet provider. Dont argue with him, besides dropping him any solid evidence that concludes your arguments believable of what is the fact and right.

FYI! These are the types of crypto wallet.

source:

Own your private key is the safest crypto wallet and avoid using a web wallet.

Taskford

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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 only thing you online wallets is convenience since you can use it anywhere you go and can transact more faster than by using the offline one, But for security I prefer the offline since we can assure how good the security it is and also we can sleep without worrying comparing to online wallets where it it vulnerable to everything.

maydna

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Please don't argue with other people who believe that things will help him because that will be no use for you. You can get angry with him because he doesn't listen to your suggestion. Let him alone and let him see what can happen to him in the future, but you already did a great job explaining what you know that is not right. We cannot blame them because they can feel comfortable with what they choose, and that will be the same as you for what you know that it is better to save bitcoin in the offline wallet.

Josefjix

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yes

Quote from: Mumbeeptind1963 on July 14, 2020, 08:36:18 AM

Offline wallet like ledger is safer for me, it is not prone to any online attacks since it is given that it is offline, if you will choose online wallet, better if the OP uses 2FA authenticator so that it would have a high level of security, and always keep your private keys.

2FA authenticator isn't a guarantee that one can't be attacked by a hacker. They can bypass most of those things. I watched a video last year where a hacker hacked into somebody's email even with 2FA on. The safest is offline wallets.

Mumbeeptind1963

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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.

Offline wallet like ledger is safer for me, it is not prone to any online attacks since it is given that it is offline, if you will choose online wallet, better if the OP uses 2FA authenticator so that it would have a high level of security, and always keep your private keys.

ABCbits

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Quote from: kartel616 on July 14, 2020, 04:54:30 AM

more practically, you can check balances and send coins wherever and whenever.

You also could do that with watch only wallet or even set-up your online wallet as watch only wallet if you're too lazy to install bitcoin wallet on multiple devices.

davis196

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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 won't try to convince anyone about anything.Everyone is free to use any wallet he wants.
Online wallets are convenient for small amounts of Bitcoin.If you plan to keep more than 1BTC somewhere,an offline wallet is the better option.Why are you pissed off by blockchain.com?I've used that wallet last year without any issues.If I remember correctly,you have the ability to save your private keys with Blockchain.com.This feature is a must for every online wallet.

NeuroticFish

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Quote from: Hypnosis00 on July 14, 2020, 05:23:24 AM

To the fact that having a hard wallet is quite expensive, It probably more crypto holders are still using an online wallet. I don't think it is a need to have those expensive ones if we only just hold a few BTC's. That hacking sentiment is our concern in order to have an offline wallet, well, that it only depends on how we handle our wallet keys. Because even we have an offline wallet it still won't guarantee that we are free from hackers.

For if you are just an ordinary trader or holders, there is no need to purchase hard wallets coz it only costs a lot.
And one reason why I preferred an online wallet is that you can access your wallet quickly as long as you have the internet.

See? This hind of unverified "facts" (misleading incorrect information) makes people use web wallets, lose money and so on.

1. A hardware wallet costs now under 60 EUR. If it helps one not lose 2-300$ worth of coins it may already worth it. Is that indeed expensive?!
2. You can use PC or smartphone wallet without hardware wallet.
3. You can access your phone wallet too as long as you have internet (or laptop wallet when you are at home) and it's 10x safer. (So why use web wallet?!)

Hypnosis00

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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.

To the fact that having a hard wallet is quite expensive, It probably more crypto holders are still using an online wallet. I don't think it is a need to have those expensive ones if we only just hold a few BTC's. That hacking sentiment is our concern in order to have an offline wallet, well, that it only depends on how we handle our wallet keys. Because even we have an offline wallet it still won't guarantee that we are free from hackers.

For if you are just an ordinary trader or holders, there is no need to purchase hard wallets coz it only costs a lot.
And one reason why I preferred an online wallet is that you can access your wallet quickly as long as you have the internet.

NeuroticFish

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

I want one, only one reason, that online wallets are better than the offline ones.

Mind your choice of words, I am sure you don't use offline wallet Wink

, you just use a stand alone wallet or computer wallet.
Now about your request, top option is convenience. Another option is that some custodial wallets may still offer 0-fee for transfers between accounts in their system.
Also, it may be good to differentiate between custodial and non-custodial web wallets. I mean, even myself I use MEW with my Ledger now and then.

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

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.

Me too. It's buggy. It's top target for phishing. It causes a centralization which can allow easier tracking for everything.

And I know, most will tell they can have the private keys and the wallet is always there. But the smartphone isn't always there?!

The main reason I think people use web wallets is because they don't understand what a wallet is for crypto. They don't understand that a wallet doesn't hold the coins, only private keys (to say it simple) and they don't understand they (or the hackers) can have the same wallet in multiple places. They think that the coins are at blockchain.com and if anything goes wrong blockchain.com will handle, like a bank (!). Because they think that blockchain.com is the blockchain, basically Bitcoin Corporation. Is there a big sign telling them they're wrong? Nope.

kartel616

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more practically, you can check balances and send coins wherever and whenever.

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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.

While you are correct to insist on your offline alternative, the guy arguing for online is also not wrong. For me, online wallets should be use by a newbie coming into the crypto world for the first time and for convenience sake because online wallets provides that. You only need to sign in then carry out your transactions. Again the value of the portfolio should also be a determinant when people are decide as I don't see reason why I would buy a Legder for offline wallet when I only have $50 or $100 as my total value.

Offline on the other hand would save one from heart attack of the inconsistency of the online wallets providers and their susceptibility to attacks from hackers or even a compromise from their own people.

YOSHIE

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You should read this one: Topic: [General] Bitcoin Wallets - Which, what, why?

Quote from: Lauda on September 29, 2016, 02:53:17 PM

Types of Wallets
There are many different ways to use Bitcoin and so there are many different types of wallets:
Online bitcoin wallets. Wallets that can be accessed on the web from any internet connected device.
Software wallets. Wallet applications downloaded to your phone, computer or tablet.
Bitcoin hardware wallets. Physical devices designed to secure bitcoins.
Paper wallets. Bitcoin private keys printed from an offline computer.

Here are some factors to consider when choosing a wallet:

On the go? If you are making payments in person and not online then a mobile wallet like breadwallet (iOS) or Edge (Android) is a must.
Frequency of payments: If you will need to make frequent payments then it will be best to keep your funds in wallet that is easy to use and accessible. Mobile wallets and desktop wallets are good options.
Amount: If you are dealing with large amounts of bitcoins you will need a secure wallet. Hardware wallets and secure offline wallets like Armory are good options.
Use combinations: Use a mobile wallet as your checking account, and a hardware or secure offline wallet as your savings account. Mix and match to find a combination that provides both security and accessibility

And tell your opponents about the Bitcoin wallet: online & offline.

Or:

Quote from: Lucius on October 20, 2017, 04:12:16 AM

If you want to use online wallet try https://blockchain.info/wallet/#/ just because it is one of the oldest and most trusted online wallet.It support Bitcoin and and from recently Ethereum.I use this wallet just for short time and I still have account there, have no complaints and everything is working right.

What it is important that you use unique password when creating your account and to take all the security measures available,online wallets are most vulnerable to hacking.Therefore, if you want to keep your coins safe it is better to use desktop or hardware wallet.

Oasisman

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I can only think of one scenario an online wallet will become better than offline wallet, is when you're doing an online transaction with another person using cryptocurrency. That's what you call convenience while transacting online, like what everyone said.
However, It isn't advisable to store large amount of Bitcoin in an online wallet/custodial wallet regardless of how thick the security layers are. In general, It's always better to store Bitcoin in an offline wallet for security purposes.

dkbit98

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I would not suggest using any kind of online wallets.
Online wallets are storing your private keys on centralized servers, that can be hacked at any point of time.
Also you can easily become victim of phishing with fake websites, and lose all your coins.
If you must use online wallets, only do it with small amount of coins.

ranochigo

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Online wallet used to be more convenient when it was not as convenient for users to access their coins over multiple devices. However, the introduction of HD wallets has largely negate such benefits. With a single seed, it is possible for a user to access the funds from their devices as it allows the user to access the same set of addresses from their different wallet.

Another argument is probably the 2FA provided by web wallet but I don't see it being more secure as compared to desktop wallet. It only provides a security advantage over the other similar web wallets.

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

Anyway, I want one, only one reason, that online wallets are better than the offline ones.

Practicality. I guess that's already a valid reason for someone to use online wallets Cheesy

. I am not saying that it is way better than cold wallets, what I mean is you should also put the size of your holdings and budget into the considerations before picking the storage for your coins. Do you think is it really worth to store only .001(assuming this is all the money he had right now) btc in $59 worth of Trezor? Of course not because the wallet itself is more expensive than his holdings thus he really tend to store it in a digital wallet — a wallet which is free, easy to use, not 100% hack resistant but offers a good security as well.

Using a digital wallet is not as bad as you think, I'm using one for 3 years already and yet i haven't encounter any problem (aside from maintenance Grin

). The only challenge I see is the right picking of it. In a vast sea of fake apps, you should meticulously choose the legit one.

KrisAlex18

full member

Activity: 742

Merit: 160

Online wallet is pron from attacks but I am still using I because I am not holding a huge amount of money but if you are golding huge amount of money, better to use offline wallet because that is safer compared to an online wallet, it can not be hacked by other people as long as you keep it on your own. There are no ways for the hacker tongs in access on it because hackers need the internet before they have an account and if you are using the offline wallet you will bot need it anymore. One thing you should do if you are using the offline wallet is to have back up on it because once it will be lost you will never recover it anymore.

Maus0728

legendary

Activity: 1904

Merit: 1563

Maybe because they fell from ignorance on how to secure their funds in the first place thus exchanging the security and privacy for accessibility and ease of use. It is not surprising that many people became a victim of wallet hacks, clipboard malware, phishing etc., because they are lazy enough to do their homework. However, the only thing you can do is to educate them without forcing them these info into their throat Wink

In fact, you can even use cold wallet for day to day spending.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Really, only one reason: Convenience.

I personally have an online wallet too, for the few cases I need to make an on-the-go bitcoin transaction. It's just that I wouldn't hold more than $50 worth of bitcoin on my online wallet.

Josefjix

sr. member

Activity: 1288

Merit: 305

yes

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.

odolvlobo

legendary

Activity: 4466

Merit: 3391

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.

Different people have different values and different priorities. If someone wants to use a custodial wallet because it is more convenient, then that decision is up to them. You can tell them about all the drawbacks, but maybe convenience is more important to them.

BTW, the terms "offline" and "online" are confusing because every wallet that is connected to the internet is "online". Also, I suspect that you don't know how the blockchain.com wallet works, and if you did, you wouldn't be so pissed off at people using it.

BitcoinGirl.Club

legendary

Activity: 2800

Merit: 2736

Farewell LEO: o_e_l_e_o

Very recent incidence, give him this: https://bitcointalksearch.org/topic/hacker-stole-336-btc-from-crypto-exchange-cashaa-5261678
Tell him "Not your keys, not your coins".

Online wallets are like any other payment processors like paypal and others. They control your account better to say they are in control of your money.

BlackHatCoiner

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

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.

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