Never trust an online wallet, for those who don't know

[extrabyte]

anonymousx, i would like to know in which bitcoin wallet have you moved, people are having issue also with another online wallet - coinbase.

[QQ88]

I believe that nothing is secure 100℅ when it comse to technology at all. So if online wallets can not be trusted so desktop wallets are the same as it can be baked with viruses or defected apps

Hardware wallets are the solutions if you hold a large number of bitcoin.

[enhu]

anonymousx, i would like to know in which bitcoin wallet have you moved, people are having issue also with another online wallet - coinbase.

blockchain.info most probably. people tend to trust the site since it seem like there is no issues to them since the start.

I kept using blockchain as well as i just have small amount of bitcoin as i kept buying and cashing out for my needs. those that I send to my armoury wallet are the ones I just save but even that I still have less than 0.5 btc to that offline wallet.

[Cacaparg]

I do not use online wallets as that is against the principle of bitcoin, which is decentralization. For others maybe a small amount in online wallet is fine.

[Hashminers]

This is why you shouldn't place every bitcoin you own in one wallet. Let alone an online wallet.
I'm a bit skeptical when it comes to online wallets, because they are in some good use in some cases. I hold the majority offline though.

[Sir_lagsalot]

anonymousx, i would like to know in which bitcoin wallet have you moved, people are having issue also with another online wallet - coinbase.

blockchain.info most probably. people tend to trust the site since it seem like there is no issues to them since the start.

I kept using blockchain as well as i just have small amount of bitcoin as i kept buying and cashing out for my needs. those that I send to my armoury wallet are the ones I just save but even that I still have less than 0.5 btc to that offline wallet.

Blockchain.info holds your encrypted wallet, and your password decrypts it. Blockchain.info truly is the safest online wallet, because they don't have access to your coins, like coinbase.

I personally user coinbase though, because I gold large sums of bitcoin in either investments or on my cold wallet.

[ranochigo]

anonymousx, i would like to know in which bitcoin wallet have you moved, people are having issue also with another online wallet - coinbase.

blockchain.info most probably. people tend to trust the site since it seem like there is no issues to them since the start.

I kept using blockchain as well as i just have small amount of bitcoin as i kept buying and cashing out for my needs. those that I send to my armoury wallet are the ones I just save but even that I still have less than 0.5 btc to that offline wallet.

Blockchain.info holds your encrypted wallet, and your password decrypts it. Blockchain.info truly is the safest online wallet, because they don't have access to your coins, like coinbase.

I personally user coinbase though, because I gold large sums of bitcoin in either investments or on my cold wallet.

They aren't safe. You are still downloading the scripts for creating addresses and sending transactions. They can easily add a flawed RNG and your private key can be obtained easily(happened before). At the log in page, they can add a malicious script to capture your passwords.

Coinbase controls your private keys which means that they have full access to your coins.

[roadbits]

This is why you shouldn't place every bitcoin you own in one wallet. Let alone an online wallet.
I'm a bit skeptical when it comes to online wallets, because they are in some good use in some cases. I hold the majority offline though.

Off course offline wallets are very safe but when it comes to quick transaction of small amounts then it sucks because it is not quick like a online wallet so what I do is I divide and keep my bitcoins in different wallets. I use both online and offline wallets. Online wallets also I have few off them so if one got some issue also I may not lose all my bitcoins. Online wallets are some thing like your keeping your money in your trusted member house so there is always higher risk of losing your coins.

[Kprawn]

This is why you shouldn't place every bitcoin you own in one wallet. Let alone an online wallet.
I'm a bit skeptical when it comes to online wallets, because they are in some good use in some cases. I hold the majority offline though.

Off course offline wallets are very safe but when it comes to quick transaction of small amounts then it sucks because it is not quick like a online wallet so what I do is I divide and keep my bitcoins in different wallets. I use both online and offline wallets. Online wallets also I have few off them so if one got some issue also I may not lose all my bitcoins. Online wallets are some thing like your keeping your money in your trusted member house so there is always higher risk of losing your coins.

Cold storage is not meant for daily use... You use it for more secure long term storage, so there is not reason to compare the two based on usability on a daily basis. If you want

daily usability, buy a hardware wallet like a Trezor. The same goes for online wallets... you never store large amounts of coins on them... just enough for daily or weekly use.

The moment when you do not have exclusive access to your private key, you relinquish power to someone else... in most cases, someone you do not know. 

[morantis]

Online wallets are not for storage, everyone knows that.  They are a temporary place to use to collect and move funds for different reasons.  If you go to bed at night with more than a single BTC in an online wallet, then you are leaving it on the sidewalk for the next passerby.

[avatar_kiyoshi]

Online wallets are not for storage, everyone knows that.  They are a temporary place to use to collect and move funds for different reasons.  If you go to bed at night with more than a single BTC in an online wallet, then you are leaving it on the sidewalk for the next passerby.

But not everyone know or even care about it, especially beginner who try to use bitcoin, they want an instant method to have a wallet without research first about the security.

[toy4lov3rs]

Online wallets are not for storage, everyone knows that.  They are a temporary place to use to collect and move funds for different reasons.  If you go to bed at night with more than a single BTC in an online wallet, then you are leaving it on the sidewalk for the next passerby.

But not everyone know or even care about it, especially beginner who try to use bitcoin, they want an instant method to have a wallet without research first about the security.

And that's the main problem.
I think over time as bitcoin grows an emphasis on not using online wallets will be more predominant then it is now.

[praprata]

Online wallets are not for storage, everyone knows that.  They are a temporary place to use to collect and move funds for different reasons.  If you go to bed at night with more than a single BTC in an online wallet, then you are leaving it on the sidewalk for the next passerby.

Yes but holding some small amount for daily usage is quite safe. Remember not everybody has a wallet which can travel everywhere.
I for one need acces to my bitcoin when i visit a friend for example.

[Arcteryx]

Online wallets are not for storage, everyone knows that.  They are a temporary place to use to collect and move funds for different reasons.  If you go to bed at night with more than a single BTC in an online wallet, then you are leaving it on the sidewalk for the next passerby.

But not everyone know or even care about it, especially beginner who try to use bitcoin, they want an instant method to have a wallet without research first about the security.

And that's the main problem.
I think over time as bitcoin grows an emphasis on not using online wallets will be more predominant then it is now.

Online wallets will always be needed for access of your bitcoins on the go. I don't see why online wallets are being downplayed as not being safe. I have used some on my app list for my mobile device and have not had a security issue. Just as long as they the creators of the wallet puts out updates then that should patch any issues from a security stand point.

[Altynbekova]

Online wallets are not for storage, everyone knows that.  They are a temporary place to use to collect and move funds for different reasons.  If you go to bed at night with more than a single BTC in an online wallet, then you are leaving it on the sidewalk for the next passerby.

But not everyone know or even care about it, especially beginner who try to use bitcoin, they want an instant method to have a wallet without research first about the security.

And that's the main problem.
I think over time as bitcoin grows an emphasis on not using online wallets will be more predominant then it is now.

Online wallets will always be needed for access of your bitcoins on the go. I don't see why online wallets are being downplayed as not being safe. I have used some on my app list for my mobile device and have not had a security issue. Just as long as they the creators of the wallet puts out updates then that should patch any issues from a security stand point.

That's the mean and only reason to use an online wallet. Having your bitcoin accessible anytime, anywhere.
But not all, just a safe amount which enables you to buy the things you need regulary.

[marjod]

I hold my BTC on an offline wallet but I've got a small amount on a Coinbase account which I find more convenient for day-to-day transactions.
Still, I read those stories of people having issues with Coinbase and I start wondering about switching to another online provider.

[coinzat]

I hold my BTC on an offline wallet but I've got a small amount on a Coinbase account which I find more convenient for day-to-day transactions.
Still, I read those stories of people having issues with Coinbase and I start wondering about switching to another online provider.

Coinbase is very good as a hot wallet and for small amounts.
And as long as you do not make transactions with gambling sites, your account will not be locked .
So I recommend you to continue using it specially they are paying the transactions fees which is going higher in the next days

[marjod]

Coinbase is very good as a hot wallet and for small amounts.
And as long as you do not make transactions with gambling sites, your account will not be locked .
So I recommend you to continue using it specially they are paying the transactions fees which is going higher in the next days

Got it, I'm not really into gambling so I should not be worried about getting my account lock someday for no reason.
Thanks for pointing this.

[ObscureBean]

"Never trust an online wallet" that's like saying never trust a bank which is fine as long as you're okay with keeping all your money under your bed. Personally, I don't have a local wallet, I only use Coinbase for big or small amounts (I've never owned more than 10 BTC but it wouldn't make a difference if I did). It's just that for me the advantages far outweigh the risks. Also, trusted online wallets make zero confirmation systems possible. If you're paying from a local wallet, a zero wait transaction would mean the other party has to trust you, the online wallet on the other hand will be able to immediately confirm that you have the funds and that it's on it's way as soon as you click send.

[sillug]

I trust Coinbase... Why not? There's not a problem with trusting them.