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Topic: Why use exchanges online vallet? (Read 1375 times)

legendary
Activity: 3066
Merit: 1047
Your country may be your worst enemy
January 17, 2016, 07:31:18 PM
#34
I don't think the reason why people are storing their coins on exchanges is because of simplicity, I think they're traders who want to profit from the market and because it takes a little time to get coins into the exchange, they leave it there. Which is a big mistake.

Because online wallets are the only wallets which work everywhere. There's no choice.
You can't download the blockchain if you're not at home, and clients like Multibit rarely works in hotels. Wifi's free but they have firewalls and routers which blocks most ports. Same with Mycellium on my tablet.

Thats not true, Electrum would work everywhere and even if you can't connect it, you can always make a transaction using it, sign it and then broadcast it using any broadcast service such as, https://blockchain.info/pushtx, https://blockr.io/tx/push.

Your coins still remain safe and secure in your wallet.

Have you tried it in many places? Because the way I see it, it's getting worse and worse. There are more and more places with, as they say, free wi-fi, but you can't send emails because port 993 is blocked, you can't do FTP and all BTC software is blocked. Anyway the solution you propose isn't much useful, because it only allows sending, not receiving, so you would have to connect regularly to synchronize what's on your computer with what's in the blockchain.
member
Activity: 98
Merit: 10
January 17, 2016, 06:58:26 PM
#33
i use an online wallet because my laptop is weak and unrealible it can breakdown on me anyseconde so it's better to keep it on online wallet then keep it there also i don"t have much bitcoins to worry on getting stored maybe when i get a new pc i will try to put in a desktop wallet
legendary
Activity: 1456
Merit: 1001
January 17, 2016, 06:41:09 PM
#32
I think that people uses exchanges to store its bitcoins, because its easy, you bought at the exchanges and you have there. If you want to trade its faster, and people think that exchanges are very safe (we see every time that you exchange crash that aren't safe). Could be slow for trading but store them on your computer wallet (or on hardware wallet) its more safe.
legendary
Activity: 1204
Merit: 1000
January 17, 2016, 06:09:12 PM
#31
because many do not have a good computer, and rely on their smarthphone or web wallet, but since smarthphone are not so secure because many user have not experience to keep them secure(dl'in random stuff)

they think that keeping them on a third party is more secure than handling their coins themselves, maybe is true only with web online wallet that have insurance, like coinbase


DO you really think Coinbase is 100% secure due to the insurance? Just a question, not ironic.

Nothing is 100% sure, but coinbase has a good reputability, as far as I know if they block your account they will send the remaining funds to an external address!
full member
Activity: 154
Merit: 100
January 17, 2016, 06:05:40 PM
#30
quote author=Amph link=topic=1328995.msg13562214#msg13562214 date=1452871915]
because many do not have a good computer, and rely on their smarthphone or web wallet, but since smarthphone are not so secure because many user have not experience to keep them secure(dl'in random stuff)

they think that keeping them on a third party is more secure than handling their coins themselves, maybe is true only with web online wallet that have insurance, like coinbase
[/quote]


DO you really think Coinbase is 100% secure due to the insurance? Just a question, not ironic.
legendary
Activity: 3458
Merit: 6948
Top Crypto Casino
January 17, 2016, 06:04:38 PM
#29
People can't afford downloading the whole blockchain as some desktop wallet requires, some people need to access web wallets from different devices so it's easy to send/receive bitcoins.

Very true not all people can just download the whole blockchain, but what is nice about online wallet is easy to use and is not that bad if you don't have that much bitcoin. That is why people have a lot of wallets and they don't have a offline wallet.
I'm one of the tech retards around here, and I use Mycelium almost exclusively.  Is that bad?

But even though I'm not very tech savvy, I do know enough not to store coins on an exchange other than for short term use.  My earnings from yobit go straight to my Mycelium wallet.  I've never used a desktop wallet.
hero member
Activity: 630
Merit: 500
January 17, 2016, 05:47:20 PM
#28
Probably ease of access across multiple devices, obviously comes with a huge disadvantage though as your coins are then not entirely in your control.

But I do not find disadvantages or any difference between using online wallets and exchange wallets. Once you decide to trust a third party for keeping your bitcoins, then the risk must be same.

Sorry I was grouping both exchange and online as one entity and comparing it against a personal wallet that you would have on a desktop PC.
hero member
Activity: 588
Merit: 500
January 17, 2016, 05:33:59 PM
#27
Well there's a few issue when people use online vaults. Yes, you do get your bitcoins stored online securely on a exchange's vault but you don't really have full possession of your bitcoins. I feel a majority of people just store them online on vaults because it is just much simpler to deposit their bitcoins into a vault rather than set up their own wallet. Setting up a wallet on your own computer and then securing it isn't hard, people just don't want to put the effort into securing their coins fully in their possession.
hero member
Activity: 756
Merit: 500
January 17, 2016, 04:56:46 PM
#26
I think most people are into online wallets because it's very easy to use, especially if you just got into bitcoin and are still learning. Desktop wallets take up a lot of space which some people don't have.

I agree, people use the online wallets because it is easier especially when first starting with Bitcoin. I am working on other more technical options now that I am more comfortable with it.
legendary
Activity: 3290
Merit: 1128
January 17, 2016, 02:08:57 PM
#25
Probably ease of access across multiple devices, obviously comes with a huge disadvantage though as your coins are then not entirely in your control.

Not just a disadvantage, it's a big hole in your security measurements of your hard earned bitcoins.
Many veterans had suggested here: complete your trading cycles and take back your money/coins. Leave in exchange only what you usually trade.
sr. member
Activity: 1041
Merit: 273
January 17, 2016, 02:01:26 PM
#24
Probably ease of access across multiple devices, obviously comes with a huge disadvantage though as your coins are then not entirely in your control.

But I do not find disadvantages or any difference between using online wallets and exchange wallets. Once you decide to trust a third party for keeping your bitcoins, then the risk must be same.
hero member
Activity: 630
Merit: 500
January 17, 2016, 12:20:33 PM
#23
Probably ease of access across multiple devices, obviously comes with a huge disadvantage though as your coins are then not entirely in your control.
legendary
Activity: 1204
Merit: 1000
January 17, 2016, 11:55:53 AM
#22
People can't afford downloading the whole blockchain as some desktop wallet requires, some people need to access web wallets from different devices so it's easy to send/receive bitcoins.

Very true not all people can just download the whole blockchain, but what is nice about online wallet is easy to use and is not that bad if you don't have that much bitcoin. That is why people have a lot of wallets and they don't have a offline wallet.

Not true. I have several wallets on several devices and none of them download the block chain.
Not all wallets download the whole blockchain but there are some, i use many of them but web wallets are more portable and can be used mostly everywhere.
sr. member
Activity: 378
Merit: 250
January 16, 2016, 02:53:08 AM
#21
because many do not have a good computer, and rely on their smarthphone or web wallet, but since smarthphone are not so secure because many user have not experience to keep them secure(dl'in random stuff)

they think that keeping them on a third party is more secure than handling their coins themselves, maybe is true only with web online wallet that have insurance, like coinbase
Exactly. But you would have to be pretty stupid to use exchange as your wallet. I use a web wallet and that is safe enough.
legendary
Activity: 1904
Merit: 1074
January 16, 2016, 02:49:17 AM
#20
I think there are two reasons :

1. Desktop wallets are too technical for most people and they do not want to spend hours or weeks depending on the speed of their internet access to wait for the Blockchain
   to download.

2. It is more practical to access your bitcoins from any location than having to constantly using it from one location.

The best option is to distribute your coins between different options. Keep small amounts online for personal use and keep the rest in cold storage. Hardware wallets is also a

good way to give you mobility and to have improved security.   
legendary
Activity: 3472
Merit: 10611
January 16, 2016, 01:59:09 AM
#19
Why people use exchanges' online valets? There have been several thefts on those. Why use them? I prefer local valet on my computer. I personally use MultibitHD.

because they start using their brain "after" they were burnt. but as long as they see the beautiful design with beautiful words of a "website" they are happy. they exchanger claims to be safe in the first page with pictures of safes with big locks and they think to themselves we are going to be fine. and apparently they don't know about google and how to search about these stuff.
hero member
Activity: 756
Merit: 503
Crypto.games
January 16, 2016, 01:32:16 AM
#18
Why people use exchanges' online valets? There have been several thefts on those. Why use them? I prefer local valet on my computer. I personally use MultibitHD.

People use it, just because its easy to use.
In exchange online wallets you can convert your altcoin
easily to btc or viceversa. But leaving a lot of btc's on it
is a big mistake. As it is very risky nowadays.
hero member
Activity: 812
Merit: 1000
January 16, 2016, 01:26:07 AM
#17
I don't think the reason why people are storing their coins on exchanges is because of simplicity, I think they're traders who want to profit from the market and because it takes a little time to get coins into the exchange, they leave it there. Which is a big mistake.

Because online wallets are the only wallets which work everywhere. There's no choice.
You can't download the blockchain if you're not at home, and clients like Multibit rarely works in hotels. Wifi's free but they have firewalls and routers which blocks most ports. Same with Mycellium on my tablet.

Thats not true, Electrum would work everywhere and even if you can't connect it, you can always make a transaction using it, sign it and then broadcast it using any broadcast service such as, https://blockchain.info/pushtx, https://blockr.io/tx/push.

Your coins still remain safe and secure in your wallet.
sr. member
Activity: 686
Merit: 251
Turn your financial ideas into reality
January 16, 2016, 12:01:37 AM
#16
because it is very simple , do not need to download our smartphone burdensome .
legendary
Activity: 2450
Merit: 1047
January 15, 2016, 10:03:31 PM
#15
Why people use exchanges' online valets? There have been several thefts on those. Why use them? I prefer local valet on my computer. I personally use MultibitHD.

I cannot store all my coins on my computer as it will occupy a large space as we all know the wallet grow large as time goes by so we need an online wallet to keep some of our coins,but I make sure that only alt coins that has small value are kept on this online exchangers  and exchange them when the right time to trade
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