The problem is that these biance and other applications have your user id and password store on their server. And they know that we cannot go to the courts or law since it is expensive they can easily steal your bitcoin because they are big giants. And when you file a complain on them since they are so big they can show that you did legal transaction to some destination wallet address.

Hello all,

I know there are many experts in bitcoin.

My question is simple there are many applications like coinbase, binance and so on. In order to buy bitcoin i need to create an account in one of these applications.
Now Assume i created an account with a particular user id and password now Once i login i can see my bitcoin wallet and the amount of bitcoins i have in my wallet.

Now assume that i buy some bitcoins for now assume 3-4 bitcoins. Now since the user id and password is present with the coinbase or biance (centralized server). They can easily sell my bitcoins from my wallet. And I know going to the law in Europe is expensive and time consuming task which i do not want to do.

Now my questions are.

1. Once i purchase bitcoins in my wallet these 3rd party applications like binance and coinbase can easily transfer your bitcoins to some other address as they have your user id and password stored in their centralized server using node or mysql. So what is the solution for this situation. can some one please explain?


Regards