Topic: Which safer wallet poloniex or altcoins wallets (Read 7246 times)
Poloniex will never cease business. But your password there could be weak. So in case you have many coins that you want to hold and not sell quickly and on-the-go, you should use the altcoin wallets.
I think there are two things you need to ask yourself about using any exchange as a means for a wallet. For example I use moneypot as my wallet, I have been doing that for a long time (remember it was owned by the dude who made the bustabit game) so I am not afraid but ask your self these.
How much are you keeping on your wallets in total? Would you be devastated or lose a huge chunk of worthy amount for you if it got robbed? If you are keeping couple cents or even couple dollars, who cares , put it up there and if it gets hacked it gets hacked, if you are keeping a large amount that would mean a horrible life for you after the hack than withdraw immediately.
How much are you keeping on your wallets in total? Would you be devastated or lose a huge chunk of worthy amount for you if it got robbed? If you are keeping couple cents or even couple dollars, who cares , put it up there and if it gets hacked it gets hacked, if you are keeping a large amount that would mean a horrible life for you after the hack than withdraw immediately.
I guess poloneix not the right place to store your coins, because trade and exchange places poloneix altcoin and vulnerable to hackers,
and you have to save a local coin wallet
and you have to save a local coin wallet
Well, the only time I have lost money while being in cryptocurrency has been due to exchanges suddenly shutting down and walking away with the money (Cryptsy and Mintpal).
Exchange risk is the biggest risk in cryptocurrency.
Exchange risk is the biggest risk in cryptocurrency.
Hi, I would like to know if the poloniex wallets for altcoins is safer or riskier of hack compare to the altcoins wallets? I mean the wallets for their own altcoins. Thanks a lot
Is there a poloniex wallets to keep altcoins? Nope. But storing big amounts of altcoins or even bitcoin at poloniex exchange is of course very risky and is not advised. It is better to store them on wallets, they are more secure and less prone to hacks.
Only use polo or similar services for trades and exchanges, not storage of crypto currencies.
here is how it works:
- keeping coins on an exchange like poloniex:
it is easy and you don't have to do anything. you just have an account there, and you put some very strong password and enable 2FA for extra security and stay relatively safe.
but here is the problem, we all know that exchanges can easily close down and run away saying "we were hacked" and it has already happened multiple times. and this is a serious risk, you shouldn't take this lightly.
- keeping coins in their desktop wallet:
this is the safe option and you would be wise to do this but the problem is that you have to be running their full node wallet meaning you have to download the whole blockchain and some of these are pretty big and are getting very huge. for example ETH is nearly 100GB right now. although some of these coins have some other options to have a smaller wallet you have to check them one by one.
also when you use their wallet, it would be up to you to protect yourself. you may end up downloading one of these wallets that has a keylogger inside (that has happened multiple times) and steels all your bitcoins for example. or so many other risks.
- keeping coins on an exchange like poloniex:
it is easy and you don't have to do anything. you just have an account there, and you put some very strong password and enable 2FA for extra security and stay relatively safe.
but here is the problem, we all know that exchanges can easily close down and run away saying "we were hacked" and it has already happened multiple times. and this is a serious risk, you shouldn't take this lightly.
- keeping coins in their desktop wallet:
this is the safe option and you would be wise to do this but the problem is that you have to be running their full node wallet meaning you have to download the whole blockchain and some of these are pretty big and are getting very huge. for example ETH is nearly 100GB right now. although some of these coins have some other options to have a smaller wallet you have to check them one by one.
also when you use their wallet, it would be up to you to protect yourself. you may end up downloading one of these wallets that has a keylogger inside (that has happened multiple times) and steels all your bitcoins for example. or so many other risks.
Ok thank you very much
Safest is always your own local wallet on your system as you control your security and the private keys, any online exchange not just Poloniex although providing ease to sell your coins quickly, they are always targets for hackers.
poloniex was hacked before, better to keep it in your wallet, but poloniex is still reliable now it's the biggest exchange for altcoin, but you can't beat a local wallet if you pc is secure of course
Hi, I would like to know if the poloniex wallets for altcoins is safer or riskier of hack compare to the altcoins wallets? I mean the wallets for their own altcoins. Thanks a lot
If you have many coins in the exchange, it's better to move them to your altcoin wallets, because we though Poloniex is good to secure coin, but who know what is going to happen, so it is not a wise decision to keep them on Poloniex exchange.
keep in your own altcoin wallet with password not stored on that computer
As far as I know Poloniex doesn't have any wallet you can just keep altcoins on exchange which is risky in case if something happens to Poloniex (check MT.GOX 
, so if you buy a lot of coins I suggest to keep most of them on dedicated wallets (for super protection use cold wallets) (most of the coins) and leave some on poloniex for exchange.
, so if you buy a lot of coins I suggest to keep most of them on dedicated wallets (for super protection use cold wallets) (most of the coins) and leave some on poloniex for exchange.
Hi, I would like to know if the poloniex wallets for altcoins is safer or riskier of hack compare to the altcoins wallets? I mean the wallets for their own altcoins. Thanks a lot
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