Why say "NO" to Web wallet - page 2.

kryptoklerk

newbie

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Quote from: Little Mouse on November 08, 2019, 04:07:41 AM

I am not using web wallet much, unless I am in need of some quick money to cash. That's why I was having a little BTC to my coinbase wallet. Yesterday, when I sent ~0.06 BTC which I was holding there for a long time, they didn't send it instantly. They emailed me that it will be delayed since they need to check the transaction for some reason.

Your fund, you are giving power to others to control = web wallet = BANK
Stop using web wallet, get rid of being controlled by others.

As for me, you find fault

It’s normal practice when some transactions can be checked by the exchange or wallet.

FireBallex

member

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Quote from: Little Mouse on November 08, 2019, 04:07:41 AM

I am not using web wallet much, unless I am in need of some quick money to cash. That's why I was having a little BTC to my coinbase wallet. Yesterday, when I sent ~0.06 BTC which I was holding there for a long time, they didn't send it instantly. They emailed me that it will be delayed since they need to check the transaction for some reason.

Your fund, you are giving power to others to control = web wallet = BANK
Stop using web wallet, get rid of being controlled by others.

Of cos web wallets are bad, vulnerable to attacks from hackers and lose of password and login is very possible, the biggest issue is no private key or recovery seed, once wallet stop working thats it

Wapfika

hero member

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Bitcoin makes the world go 🔃

Quote from: Diced90 on November 08, 2019, 08:18:42 PM

Quote from: terizla on November 08, 2019, 08:09:16 PM

Why you didn't use Blockchain ? I think this is only best web wallet to save BTC.
I use Coinbase too in long time ago, but in few months i always get email with other device try to access my wallet.
So, i move my fund in Coinbase to Blockchain.

There are reports from many people that have their hundreds and thousands worth of coins stuck in Blockchain especially during their upgrades, and their support are notoriously late in replying. Sometimes they take months. So think again if you are suggesting that Blockchain.com is actually the best way to store BTC online because it isn't.

Haven't use coin base and blockchain.com in awhile, those who put too much amount in one wallet may it be website, mobile or in exchanges should be very careful and see whether it have report of flaws. There are really many negative feedbacks in coinvase now especially regarding leaking the identies of users. That's why I don't put my coins in just one wallet, have hardware wallet and mobile wallet.

pishite

full member

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Quote from: Little Mouse on November 08, 2019, 04:07:41 AM

I am not using web wallet much, unless I am in need of some quick money to cash. That's why I was having a little BTC to my coinbase wallet. Yesterday, when I sent ~0.06 BTC which I was holding there for a long time, they didn't send it instantly. They emailed me that it will be delayed since they need to check the transaction for some reason.

Your fund, you are giving power to others to control = web wallet = BANK
Stop using web wallet, get rid of being controlled by others.

Why don’t you use Electrum, it is well suited for a small number of Satoshis.
Moreover, you manage your wallet, you do not need to download gigabytes of blockchain and it is portable, it works on a computer and on a phone (android).

Diced90

hero member

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Get'em boys

Quote from: terizla on November 08, 2019, 08:09:16 PM

Why you didn't use Blockchain ? I think this is only best web wallet to save BTC.
I use Coinbase too in long time ago, but in few months i always get email with other device try to access my wallet.
So, i move my fund in Coinbase to Blockchain.

There are reports from many people that have their hundreds and thousands worth of coins stuck in Blockchain especially during their upgrades, and their support are notoriously late in replying. Sometimes they take months. So think again if you are suggesting that Blockchain.com is actually the best way to store BTC online because it isn't.

terizla

sr. member

Activity: 554

Merit: 271

Why you didn't use Blockchain ? I think this is only best web wallet to save BTC.
I use Coinbase too in long time ago, but in few months i always get email with other device try to access my wallet.
So, i move my fund in Coinbase to Blockchain.

Diced90

hero member

Activity: 994

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Get'em boys

Quote from: TryNinja on November 08, 2019, 06:54:56 PM

Quote from: Diced90 on November 08, 2019, 05:37:11 PM

It seems like you are pissed off for some odd reason and now you are making some illogical conclusion. What's worse is that you are spreading misinformation among Beginners and newbies which is just wrong.

Most web wallets are browser based, which means your key, your password, and your wallet data are all stored locally IN YOUR COMPUTER.
So I do not know why you would compare your stupid browser based wallet service provider that controls your keys and transaction and call every web wallet the same thing.

Thats like calling every person a terrorist because some Muslims are terrorists. That is insane and illogical.

He is obviously talking about custodial wallets, which are undoubtedly worst and insecure compared to any non-custodial wallet. Coinbase, which is what OP is referencing to - and not a stupid browser wallet provider - did what every other custodial wallet or exchange could do, freeze your transactions or even your whole account for whatever reason they want. Not your keys = not your coins.

I don't know a single BTC wallet that is web based that stores the wallet data only in the local computer. That's MEW, where you only use a web interface but your wallet is stored with you. Even Blockchain.com stores your wallet data in their servers, and could block access to your account at any time.

There is Guarda which is non custodial and stores data locally and not centralized on a server. Even Blockchain has a non custodial version but I dont remember the details.
Am I wrong?

TryNinja

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Quote from: Diced90 on November 08, 2019, 05:37:11 PM

It seems like you are pissed off for some odd reason and now you are making some illogical conclusion. What's worse is that you are spreading misinformation among Beginners and newbies which is just wrong.

Most web wallets are browser based, which means your key, your password, and your wallet data are all stored locally IN YOUR COMPUTER.
So I do not know why you would compare your stupid browser based wallet service provider that controls your keys and transaction and call every web wallet the same thing.

Thats like calling every person a terrorist because some Muslims are terrorists. That is insane and illogical.

He is obviously talking about custodial wallets, which are undoubtedly worst and insecure compared to any non-custodial wallet. Coinbase, which is what OP is referencing to - and not a stupid browser wallet provider - did what every other custodial wallet or exchange could do, freeze your transactions or even your whole account for whatever reason they want. Not your keys = not your coins.

I don't know a single BTC wallet that is web based that stores the wallet data only in the local computer. That's MEW, where you only use a web interface but your wallet is stored with you. Even Blockchain.com stores your wallet data in their servers, and could block access to your account at any time.

Diced90

hero member

Activity: 994

Merit: 515

Get'em boys

It seems like you are pissed off for some odd reason and now you are making some illogical conclusion. What's worse is that you are spreading misinformation among Beginners and newbies which is just wrong.

Most web wallets are browser based, which means your key, your password, and your wallet data are all stored locally IN YOUR COMPUTER.
So I do not know why you would compare your stupid browser based wallet service provider that controls your keys and transaction and call every web wallet the same thing.

Thats like calling every person a terrorist because some Muslims are terrorists. That is insane and illogical.

Velkro

legendary

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Quote from: Kprawn on November 08, 2019, 03:16:09 PM

Satoshi Nakamoto never wrote anything in his whitepaper that stipulated that people must use third party wallet providers to control the Bitcoin

tokens on their behalf. His goal with Bitcoin was to give control to every person who owns bitcoins, to have 100% control over their own tokens.

You do not have 100% financial control over your wealth, when you rely on third party services to allow you to make transactions.

This should sink in very deep.
I know its hard to learn enough to be able to securely manage your funds but it worth it.
Be your own bank, learn learn learn.

Polar91

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Filipino Translator 🇵🇭

Quote from: Little Mouse on November 08, 2019, 04:07:41 AM

I am not using web wallet much, unless I am in need of some quick money to cash. That's why I was having a little BTC to my coinbase wallet. Yesterday, when I sent ~0.06 BTC which I was holding there for a long time, they didn't send it instantly. They emailed me that it will be delayed since they need to check the transaction for some reason.

It's very common for exchanges to hold someone's balance which aren't spent for a long period of time that's why holding your assets are not recommended to be held by an exchange otherwise it can result you in a scenario like this. On the other hand, you may just use an application based third party wallet instead such as Electrum for your convenience.

Kprawn

legendary

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Satoshi Nakamoto never wrote anything in his whitepaper that stipulated that people must use third party wallet providers to control the Bitcoin

tokens on their behalf. His goal with Bitcoin was to give control to every person who owns bitcoins, to have 100% control over their own tokens.

You do not have 100% financial control over your wealth, when you rely on third party services to allow you to make transactions. Also, some of

these third party services control your private key, so you do not actually own those coins. (That is a scary thought, because they can take those

coins, whenever they want to.) Angry

stompix

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Blackjack.fun

Quote from: LeGaulois on November 08, 2019, 05:39:30 AM

"Why say "NO" to Web wallet"

And why not? We shouldn't be hypocrites. Generally, people start (including most of us here) with a web wallet such as Coinbase and blockchain.com and others. It's a good solution for those who start and who are not geeks.

The problem comes from the others.

As much as people love the simplicity of a web wallet that resembles PayPal, they also love low fees, no KYC, and more at which point they start avoiding the old and regulated services and fall for the zero everything scams that prey on beginners. And even if we talk about Coinbase, which has a reputation, but everyone had a reputation before the first bad thing went wrong, from exchanges to banks. Everything is fine till it's not fine anymore , and at that point, there is nothing left to do.

Just as some say "don't invest more than you can afford to lose", it's probably the same about not having more coins on a 3rd party service than you can afford to forget about.

Velkro

legendary

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Quote from: Little Mouse on November 08, 2019, 04:07:41 AM

Your fund, you are giving power to others to control = web wallet = BANK
Stop using web wallet, get rid of being controlled by others.

Agree, good message, good story.
There are so many easy apps for wallets for PC/Android and more. Why giving control of your funds to others? In Bitcoin world its a no no.

mersal

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Quote from: Beparanf on November 08, 2019, 08:26:25 AM

They should allow us to withdraw it or they will the one who will send it to you after you fill out details of closing your account. In our country there is a popular crypto wallet like coinbase it's also created to trade with addition features to pay bills and to convert easily to fiat, if it founds out that you're money came from gambling they will block your account to do transactions but will give you info how will you terminate your account, just need to submit the form and wait till it send it to your bank account or preferred recipient since it's still your money.

I know many guys faced the same issue from coinbase but they didn't get the coins as much easier,we may have to wait for the support team from coinbase to respond but yes we may get back our coins from blocked account but it may take time at least few weeks.

bitmover

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bitcoindata.science

Quote from: Little Mouse on November 08, 2019, 05:35:15 AM

Quote from: bitmover on November 08, 2019, 05:19:50 AM

Coinbase is not a wallet Little Mouse.

They are both, an exchange as well as a web wallet, at least they claim that.

It is a false claim, already discussed a lot here in this forum and iin the whole bitcoin community, especially after mt gox episode.

A wallet is a software or web interface which gives you your private keys. No private keys? Not your coins. Simple as that.

If coinbase ever shuts down, you lose your coins. If some government requires anything, they can freeze your account and so on.
Coinbase is a custodial service, or custodial wallet, whatever...

Blockchain.com is a web wallet.
You hold your privatekeys. The coins are yours. If you lose the keys, they cannot recover. They cannot check or authorize transactions, they can't do anything. They just generate keys and give them to you, and also provide an interface to spend and receive coins. A truly wallet. Forked coins are also yours. Coinbase doesn't have any of that.

Beparanf

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Quote from: mersal on November 08, 2019, 06:26:33 AM

Quote from: Little Mouse on November 08, 2019, 05:35:15 AM

Quote from: bitmover on November 08, 2019, 05:19:50 AM

Coinbase is not a wallet Little Mouse.

They are both, an exchange as well as a web wallet, at least they claim that. However, in my early BTC days, I used to use that and had some regular people whom I used buy/sell BTC, they too use coinbase. That's why I am still there. I'm using it for regular use purpose, for others. I have software wallet which I don't carry on my phone.
https://wallet.coinbase.com

Web wallet is just part of their exchange service,so if they found your transaction is from gambling sites or the source is from somewhere they restricted it will have such impact on these kind of transactions.Once they identify that its from an gambling site then your account will be closed,you may or may not be able to withdrew the remaining funds.

They should allow us to withdraw it or they will the one who will send it to you after you fill out details of closing your account. In our country there is a popular crypto wallet like coinbase it's also created to trade with addition features to pay bills and to convert easily to fiat, if it founds out that you're money came from gambling they will block your account to do transactions but will give you info how will you terminate your account, just need to submit the form and wait till it send it to your bank account or preferred recipient since it's still your money.

wildan88

legendary

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web wallets like blockchain.info or myetherwallet. while Coinbase is exchange, but also you can save it on that. so maybe your intention is not to save on the exchange? because they control your funds? but it's true, don't save too much money on the exchange, if you look at the history, many exchanges got hacked. whereas web wallet like I said is good, it doesn't control your money, so maybe the title you mean is exchange, not web wallet.

Lanatsa

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Quote from: Little Mouse on November 08, 2019, 04:07:41 AM

I am not using web wallet much, unless I am in need of some quick money to cash. That's why I was having a little BTC to my coinbase wallet. Yesterday, when I sent ~0.06 BTC which I was holding there for a long time, they didn't send it instantly. They emailed me that it will be delayed since they need to check the transaction for some reason.

Your fund, you are giving power to others to control = web wallet = BANK
Stop using web wallet, get rid of being controlled by others.

Coinbase isn't a wallet which had been said earlier yet its an exchange which means you don't posses your wallets keys and that the risky part.
Knowing coinbase is heavily centralized and if they do find out some issues on your transaction then they would really have the power to make investigations
which causes delays.For you not to experience the same thing in the future then better not to opt-in with Coinbase yet there were lots of non custodial wallets as of this moment.

mersal

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Quote from: Little Mouse on November 08, 2019, 05:35:15 AM

Quote from: bitmover on November 08, 2019, 05:19:50 AM

Coinbase is not a wallet Little Mouse.

They are both, an exchange as well as a web wallet, at least they claim that. However, in my early BTC days, I used to use that and had some regular people whom I used buy/sell BTC, they too use coinbase. That's why I am still there. I'm using it for regular use purpose, for others. I have software wallet which I don't carry on my phone.
https://wallet.coinbase.com

Web wallet is just part of their exchange service,so if they found your transaction is from gambling sites or the source is from somewhere they restricted it will have such impact on these kind of transactions.Once they identify that its from an gambling site then your account will be closed,you may or may not be able to withdrew the remaining funds.

Topic: Why say "NO" to Web wallet - page 2. (Read 599 times)