Topic: Why say "NO" to Web wallet - page 3. (Read 552 times)
Don't rule them out, they come in very useful for on the go transactions <$100. Make sure you;re using one like blokchain.info or BRD wallet where you own the keys too and keep spending balance on there only.
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.
Your fund, you are giving power to others to control = web wallet = BANK
Stop using web wallet, get rid of being controlled by others.
I totally agree, but when it comes to buying and selling crypto, it's most convenient to do it online.
I think Coinbase is the safest online exchange service on the market, but I advise against keeping money in online wallets or exchanges.
If someone is as lazy as me and does not want to go to a ground exchange or Bitcoin ATM, or lives in a place where it is impossible to trade F2F and is forced to use online exchanges, should do it very quickly, and keep the funds only in the cold wallet, and preferably in hardware wallet.
Also, I don't prefer to use a web wallet. But I use hardware wallets like ledger nano s and trezor and also I use Exodus wallet for my crypto and the best thing about this wallet is it is a very lite wallet which is desktop supported crypto wallet. You don't have to store the entire blockchain on your desktop and its interface has very good access to the wallet.
Quite an unpopular opinion, but I'd say using Coinbase as a hot wallet is mostly fine, currently as developers are still working on the lightning network and making it better. As far as I know, the Coinbase app is what a good number of people(in the US) use to store their bitcoin, and the off-chain Coinbase<->Coinbase instant transactions are definitely very convenient(privacy issues aside). With that said, only store funds on a hot wallet amounts that you would store on your physical pocket cash wallet(probably <$100?). Because like you have said, some centralized wallets are quite notorious for locking up funds.
How long you've been holding those btc on coinbase? I think they're becoming stricter for their withdrawals these days and wants to verify it first before allowing the transaction.
I'm aware of the consequences upon using web wallets but to be honest, I'm still using them but I'm not holding a huge amount with them, for smallers transactions they are good for me.
I'm aware of the consequences upon using web wallets but to be honest, I'm still using them but I'm not holding a huge amount with them, for smallers transactions they are good for me.
"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.
We need to provide user-friendly solutions if we want it to be easy to use by everyone and thus to increase adoption.
Saying not to use a web wallet is a barrier to all this. We can perfectly use a web wallet. It's just that it's the kind of wallet in which you keep a little bit of money for current expenses.
The irony is that you tell to people not to use this kind of wallet but then you tell us you use it and you have bitcoins
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.
We need to provide user-friendly solutions if we want it to be easy to use by everyone and thus to increase adoption.
Saying not to use a web wallet is a barrier to all this. We can perfectly use a web wallet. It's just that it's the kind of wallet in which you keep a little bit of money for current expenses.
The irony is that you tell to people not to use this kind of wallet but then you tell us you use it and you have bitcoins
legendary
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Marketing Campaign Manager |Telegram ID- @LT_Mouse
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
legendary
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eXch.cx - Automatic crypto Swap Exchange.
From my point of view, It's preferable to download electrum mobile App and used than patronizing the web wallets, I have used both at some point and the experience is quite similar but the electrum mobile App is more secure and convenient to used than web wallets also it puts the control of your fund in your hands since you'll be in control of your private key.
Web wallet and exchange aren't idea for storing funds, just as the saying goes, "not your private key, not your coin". Both service providers can easily be hacked at anytime and that's their biggest disadvantage as it puts your coin at risked of been stolen.
Web wallet and exchange aren't idea for storing funds, just as the saying goes, "not your private key, not your coin". Both service providers can easily be hacked at anytime and that's their biggest disadvantage as it puts your coin at risked of been stolen.
Coinbase is not a wallet Little Mouse.
They are an exchange, and they let you hold your funds in their wallet if you wish. It is a custodial service
There are some wallets like blockchain.com, myetherwallet, etc. They are not custodial and doesn't hold your privatekeys.
They are good for adoption and for newbies. They're easy to use. However, they are unsafe for big amounts.
Web walletsare nothing like banks. Coinbase is, because it is not a wallet, but an exchange
They are an exchange, and they let you hold your funds in their wallet if you wish. It is a custodial service
There are some wallets like blockchain.com, myetherwallet, etc. They are not custodial and doesn't hold your privatekeys.
They are good for adoption and for newbies. They're easy to use. However, they are unsafe for big amounts.
Web walletsare nothing like banks. Coinbase is, because it is not a wallet, but an exchange
so far I still use blockchain and until now it is still safe, even they have added 2FA features and of course it will be more secure. but of course, when having a lot of bitcoin it is recommended not to put it in one wallet, it's best we save most of it in a hardware wallet, such as trezor or ledger.
legendary
Activity: 2156
Merit: 2100
Marketing Campaign Manager |Telegram ID- @LT_Mouse
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.
Your fund, you are giving power to others to control = web wallet = BANK
Stop using web wallet, get rid of being controlled by others.
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