Bitcoin Forum

"Not your keys, not your funds", that is usually the advise given to many newbies storing their assets on exchanges. Apparently, there are some mobile wallet providers that controls the private keys like FreeWallet. Using such wallet is just as bad as storing on exchanges because they can also hold your funds whenever they desire and there's nothing you can do but to comply with whatever requirements they need. Your assets may still be released but imagine the inconvenience and the lost opportunities. 

Check out the complaints of some members here who used the freewallet:
Freewallet.org is a fraudster who cheated me out of 15.2BTC (https://bitcointalk.org/index.php?topic=5164369.0)
FREEWallet.org SCAM ( Don't use any of their iOS or Android APP) (https://bitcointalk.org/index.php?topic=1964190.0)
FreeWallet.org - Racketeers of personal and financial data , and scammers (https://bitcointalk.org/index.php?topic=4442815.0)
Freewallet is SCAM (https://bitcointalk.org/index.php?topic=3047087.0)

Hi

We can see two threads started at one moment on one forum. Both are targeting the issues resolved to the customer's benefit and therefore exhausted.

Understanding that the competition is extremely tough at the point, we'd like to take this "elucidation" as another opportunity to assure our customers: we are always online to assist.

Freewallet should be wise enough by now,people don't like using wallets that they don't have full control over,you need to start giving out private keys or backup phrase for freewaller users and same thing as xapo wallet,any wallet with only online access are far more dangerous

I'm against any mobile wallets that holds private keys to themselves, this means they have full access to users funds,I hope people know what danger lies ahead when using such wallets

I don't see the issue if they have a good reputation and established history of good business.  Some people are so clueless when it comes to technology that they are better off with a trusted party holding their private keys so they don't get hacked.

Then what's the point of having a wallet in the first place? Or really, having bitcoin at all? Might as well just only buy futures if you purely want to speculate.

---

I also think it's wrong for free"Wallet" to call themselves a wallet really, as mentioned by other people. If only they were called "free-exchange", there would've been a lot less controversy.

Just my two cents.

Haven't heard of them but the Monero subreddit has this to say about them:

https://i.imgur.com/oCn5naz.png


Sauce: https://www.reddit.com/r/monero/wiki/avoid/

I can’t remember my phone number and you want me to remember my private keys? No way. I’d better leave it to the devs. For 2 years of using Freewallet my funds were safe and sound without me having the keys.

Wait til they lock up your account for some random reason like what they did to a good number of people; or worse, they get hacked. Not because they haven't screwed you up yet, it doesn't mean they won't in the future.

Looks like you need to do some studying on custodial vs non-custodial wallets.

Who in here can memorize his private keys? That is why you need to have a back up. You can write it on a paper or a journal and store it somewhere safe. What the f*ck is wrong with these people entrusting all their funds and their personal information to a wallet provider. I hope you are not some hired freewallet defenders.

Some people are harder to convince. Apparently some people don't give a crap about privacy and security even though there are so much hacks and scams happening in the cryptocurrency space, until something bad actually happens to their funds. Some people prefer learning the hard way.

I agree with you there. There is not much difference with an exchange wallet, and people should read all the information available on the wallet/s they decide to use, specifically where their private keys reside:

https://support.freewallet.org/support/solutions/articles/9000097814-where-are-my-private-keys-
This sort of wallet approach is hassle free for the user, until there is an issue that brings to the table the potential cost of being comfortable vs having the responsibility to be the custodian of one’s own crpto.

Nope. No one remembers their private keys. What they do is write down and store their seed which means they're forever safe from the incompetence or malice of 100% anonymous third parties.

Everything you need to minimise the risk of disaster is out there waiting to be discovered.

The track record of people choosing to trust others with ownership of their coins is well and truly pitiful but no one's stopping anyone from having a gamble if that's what they wish to do.

Lucky that in our place we can use our local wallets to store bitcoin and 3 other altcoins so I don’t need to use that freewallet at all

But thanks to this topic OP I think this will enlighten others about the offers they got while the truth is they are being hunted and lured to become a victim

Hey, this thread was not created because of "competition". This is to remind many new users to use wallets they truly own and not some wallet controlled by others.

You may have resolved those issues but you can't deny the fact that you are withholding funds of wallet users when you see fit. You are acting more like a centralized exchange and not a real wallet.

That's exactly what they are. The problem comes in them not being clear enough about it. I wouldn't have a beef with it if they were explicitly clear about what users were letting themselves in for so they can choose for themselves.

Their current pitch is disingenuous at best and I don't think I've come across anywhere else that operates in quite the same way.

Monero subreddit is full of screaming babies. I guess we all should dig deeper to find the best wallet for each of us.

Freewallet mobile app is the safest cryptocurrency wallet I’ve ever used. I trust them not only my crypto but my private keys too.

Do you know - Who they are. What their security practices are. Who regulates them.

I can't find anything.

If a total stranger walked up to you in the street with a bag over their head and said 'give me several thousand dollars of your cash for safekeeping. I promise everything'll be fine' would you do it? Because this is the EXACT same thing with an even less personal touch.  

Sure buddy.

Shitwallet, asking newbies to shill your 'wallet'-service a.k.a. we hold your funds hostage until you do KYC because thats what we want service, doesn't make you more trustworthy at all..


https://i.imgur.com/O37BO0D.png



Do you really think anyone falls for some newbies shilling your shitwallet  ;D ;D

That's embarrassing.

If you can't find a way to remember your phone number, then you're basically doomed on times of emergencies, especially if you don't have your phone with you and don't remember any other phone numbers as well. Also, no one needs to 'remember' their private keys, you just have to 'store' it somewhere safe wherein no one can get/retrieve it and have access to your funds.


What's the point of owning cryptocurrencies and being your own bank if you entrust your funds with other people who can screw you at anytime they like? Then again, your money, your loss, not mine. Non-custodial wallets are still the go-to wallet for someone wanting to have full security and full control of their funds and is also the best type of wallet one can ever ask for, be it the full client wallet, an HD wallet, hardware, you name it.

To share your private keys or not to share: that is the question. It’s up to the traders to decide, but thanks for your point of view here. Freewallet provides me the fastest transactions and I do not want to change the wallet so please, leave your horror stories for someone else.

I doubt you are serious here. You are probably just one of the many newbie accounts controlled by freewallet. Come to think of it, I have not seen any account higher rank members here who endorses freewallet. Why is that?

Wouldn't you come out of a four month slumber just to post that?

I’ve been scammed by another wallet but I do not scream and shout about it on every corner. Why would you do so? It’s disgusting :(

Actually, that’s precisely what should be done, providing proof and details in the process so as to make the accusation stand, while serving as a warning to others. One (the reader) then has to calibre the presented facts and make his own assessment of the situation.

Is this post a piece of performance art?

Can I come to the gallery for the launch?

Freewallet is a red flag and shouldn't be used by crypto investors,if its a must for you just make sure you keep coins that have no value on freewallet and keep high valued coins on wallet with private keys

As the crypto currency will become more popular we will see more and more crypto wallets and apps being developed and many of those apps will be to scam people by collecting their private keys and stole their funds. Freewallet is one example of how these wallet can scam the people who are not aware which wallets are trusted ones.

What’s the fuss again? Isn’t it boring to both of the sides to tell their truth? It’s like idk arguing between favorite colors or favorite food.

If they want to give away their private keys, just LET THEM DO SO.

Who gave you the right to decide for others or judge them? Don’t forget that personal experience is great.

It is important to warn others if you have problems with some wallet / crypto related service, or to educate others what is wrong to do, or which way is more secure, more appropriate and correct.

Sharing cryptocurrency private keys (which is actually the most sensitive information that exists) is same as giving your home keys to complete stranger just because he claims you can trust him. It is a risk which no one has to accept when we have wallets that gives us complete control over our private keys, and they are free&simple to use.

I have nothing against personal choice, some people maybe like to learn from their own mistakes - but cryptocurrency is not fiat bank where you can step in and say : "I lost my card, can you cancel it and issue me new one". When you lost your crypto coins, they are in most cases gone forever.

The sheer quantity of nothing accounts popping up in this thread defending them is somewhat revealing. Since when have a number of complete and utter noobs cared so very much about this one  justifiably objectionable, and rather obscure, subject?

Even if they will give the private keys that they hold they still have access to your wallet and it's still not safe to use that wallet and better find another wallet provider that the only one who have access to the private key is the wallet owner only and no one else should then that will make me feel safe storing my funds in the wallet rather than storing your funds to an exchange or a wallet which they will ask you to do KYC which will defeat the purpose of cryptocurrency being anonymous.

Can someone please tell me the best bitcoin wallet I can download on my phone?not other coins  just bitcoin wallet only

There are already a lot of threads regarding this topic.

You can find a somewhat large list at https://bitcoin.org/en/choose-your-wallet (https://bitcoin.org/en/choose-your-wallet).

The most recommended and used within this forum are Mycelium and Electrum for android and GreenAddress for ios.

Electrum wallet would be fine.
Its has mobile and desktop version.

Anyway I would not keep all my Bitcoin on mobile wallet,
and I would ALWAYS keep my seed/private key safe in backup.

Only centralized exchanges have issues when storing assets on the exchange because they might get hacked and poof, your funds are gone. The best way to store your assets are on decentralized platforms this way you're not actually storing your asset on it.

It is always adviceable that don't store your coins on the exchange but there are some mobile wallets are there who controls your private keys just like free wallet.If you keep your funds with them they can do what ever they want to do with your funds.So it is better to use that you can control your private keys.Also it is better to use one trustable wallet.

What are everyone's best practices to holding private keys? I read to not keep it on your phone or desktop but also how does anyone memorize it? What about a place like Lastpass?

Let me guess: you've read the title said "holds private keys", then you came up with this post.

Private keys aren't passwords, you don't "hold" them in a list lest memorize them all (Is that even possible?).
"Everyone" shouldn't hodl private keys like it's his account number, it shouldn't be displayed at all unless necessary.
Except if you're planning to sweep the funds to another wallet or for making a paper wallet.

You can memorize the Mnemonic SEED phrase (if your wallet have one) where your private keys were derived
but not each of the private keys of your addresses.

Keep your wallet encrypted, in a secure storage and device (also your SEED in a piece of paper); that's where your private keys should be.