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

[Arcteryx]

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

Many have complained about having their coinbase accounts locked. But usually it comes down to them using it for online gambling sites which is not allowed in the united states where coinbase main site is located. That can get there whole company in trouble if the feds know they are enabling their clients to fund accounts for the use of gambling online.

[1715336937]

1715336937

[MTBTT]

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.

better to save money on the online wallet more secure, but its shortcomings are less flexible, we could only open the wallet in our computer course, different from the online wallet

[BTCBinary]

I personally think that you can use Blockchain.info and that it is perfectly safe. I'm using it for 2 years now and never had an issue.

[MTBTT]

I personally think that you can use Blockchain.info and that it is perfectly safe. I'm using it for 2 years now and never had an issue.

blockchain is good almost everybody uses this wallet, but I think a third party is not good enough
I prefer to offline wallet

[HabBear]

Be decentralized, and online wallets should be more transparent about the shit they do in the background, it breaks all the things bitcion was invented for.

About time till bitcoin becomes just another FIAT system of numbers on screen that transfers between people and inside their (accounts).

You have been warned, you can troll, flame and do whatever you want, but at the end of the day you are the one losing their bitcoins.

Be safe.

I agree with your warning - it's important for everyone to know what the benefits and risks are with any business they engage in. I don't agree with your heavy skepticism.

Answer a question for me, do you use a bank for your fiat transactions or savings?

If yes, you subscribe to the fiat version of an online wallet. Fiat banks don't but Anonymousx's money into a little envelope (little, because I assume you have higher balances in bitcoin, haha) waiting for you to use it. They put your money with everyone else's and just keep record of what they owe you.

What bitcoin doesn't have is an insurance system to protect people from fraud or a run on the online wallet banks, think of the shit that led to the 1929 crash of the US stock markets.

But I don't think the existence of online wallets goes against all that bitcoin stands for. It's important for multiple options be available for different types of users and different types of uses. Online wallets are great for business transactions. They're also great for those that don't think they can keep the private keys for offline wallets safe, with confidence, forever.

Variety of options, freedom of choice, free markets, all of those uphold the fundamental values of Bitcoin.

[Mukyasa]

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

Many have complained about having their coinbase accounts locked. But usually it comes down to them using it for online gambling sites which is not allowed in the united states where coinbase main site is located. That can get there whole company in trouble if the feds know they are enabling their clients to fund accounts for the use of gambling online.

The user can transfer the funds from the coinbase wallet to his own local wallet and then transfer to gambling site.

[Altynbekova]

Yeah online wallet you can't trust it that is true.
But for people who is starting you need to trust it.
That is why you need to have more than one wallet like one online en one offline.

[foxkyu]

I use my online wallet just or my backup if something bad happen.

I do agree that we should not put our money in online wallet. It was too risky, too many accident happen back then.

My main reason is i can't completely control my money if i don't have the keys.

[not.you]

I have a virtual machine where I run multibitHD and electrum (both lite wallets) where I keep the bulk of my coins in my "savings accounts".  It's handy to have both of them because I can just send back and forth between them when I want to upgrade one of them without any risk.  Plus the whole VM can be backed up for safety reasons.  I don't use the VM for any other purpose at all and unless I am doing something with the wallets I leave it off.  Blockchain.info is my "checking account" where I can access coins for easy spending.  Even so if I spend a lot, like to buy a new miner from bitmain or someone, I spend from the VM wallets because my blockchain wallet doesn't hold that much.

[traderbit]

I use my online wallet just or my backup if something bad happen.

I do agree that we should not put our money in online wallet. It was too risky, too many accident happen back then.

My main reason is i can't completely control my money if i don't have the keys.

Even if you have the keys someone else can control your money if he has too because of any malware or infected apps, there is always a risk.

[Newcoins2020]

Yeah online wallet is never to trust it, because your bitcoin is in there system.
Just beter to have in your desktop. But I think some online wallet like BlockChain and Coinbase is to trust.
I don't believe they will just scam there is to much people that use it.

[jt byte]

I use my online wallet just or my backup if something bad happen.

I do agree that we should not put our money in online wallet. It was too risky, too many accident happen back then.

My main reason is i can't completely control my money if i don't have the keys.

Even if you have the keys someone else can control your money if he has too because of any malware or infected apps, there is always a risk.

Correct, so it's best to store your coins offline and encrypt your wallet.
I for one make sure to store my key on 2 locations
1 cointains half of the key and on other location i got the other half.

[traderbit]

I use my online wallet just or my backup if something bad happen.

I do agree that we should not put our money in online wallet. It was too risky, too many accident happen back then.

My main reason is i can't completely control my money if i don't have the keys.

Even if you have the keys someone else can control your money if he has too because of any malware or infected apps, there is always a risk.

Correct, so it's best to store your coins offline and encrypt your wallet.
I for one make sure to store my key on 2 locations
1 cointains half of the key and on other location i got the other half.

Great, i am saving some money to buy a trezor hardware wallet which i think it's the best one and reasonable price.

[notaek]

Here's my strategies on how I deal with everyday transactions as well as remain safe at the end of the day.

• Never sign up on any online wallet(s), including Blockchain.info. But if you are already using Blockchain.info, then you must download their chrome extension to enhance your security measures.

• Buy any hardware wallet(s) with 2FA enabled by default, alongwith a backup seed for recovery.

• If you can't afford to buy hardware wallet(s), create numerous paper wallets instead and import them on your Core wallet or Blockchain.info's chrome extension app to broadcast each transaction as per the requirement. But this process would be too tedious and you'll probably end up losing track on your funds.

• Always create multi-sig addresses for securing each trades. (Here's a tutorial regarding it if you are having Ledger HW.1 as your preferable hardware wallet.)

I always prefer the second strategy for ultimate security.

[b-trading]

I use Blockchain and Coinbase and I never had a problem ever since I started using those 2. I downloaded Armory a month ago but I cant get it running so I give up on it and continue using Blockchain and Coinbase. You just need to know how to protect your coins like using 2fa and don't just rely on what the site offers as protection.

I also using both coinbase and xapo, and there is no problem since first time i use it untill now everything is going okay..the main problem i prefer using online wallet is that i have problem to download full blockchain if i use desktop wallet

[crairezx20]

For me trusted one is blockchain info and also coinbase i never experience bad essue yet using coinbase
And also electrum i use too as my cold storage..
I tried xapo before but in the first time i use it its hard to sign in with sms verification 1 hour before you receive the verification code to login..

[Mukyasa]

I do not use online wallets. I only use the bitcoin local wallet. When I open the wallet software, I am helping the network.

[target]

I st ill kept using blockchain wallet just to  keep few coins there. I just recently installed multibithd wallet to my windows laptop when i tried trading on secondstrade for it works trading on them. From then on I tried saving my coins to this multibit wallet jsut to save coins before i lose it to some dice and betting sites.

[Herbert2020]

I st ill kept using blockchain wallet just to  keep few coins there. I just recently installed multibithd wallet to my windows laptop when i tried trading on secondstrade for it works trading on them. From then on I tried saving my coins to this multibit wallet jsut to save coins before i lose it to some dice and betting sites.

there is big difference between blockchain.info 's wallet and XAPO 's wallet

if you read OP he is talking about the rules that these sites (like xapo) have that allows them to block you account and money while you don't have access to your private keys to withdraw your bitcoin.

but bc.i wallet (although not safe) it gives you your private keys and is safer than xapo IMO.

[mtnsaa]

I st ill kept using blockchain wallet just to  keep few coins there. I just recently installed multibithd wallet to my windows laptop when i tried trading on secondstrade for it works trading on them. From then on I tried saving my coins to this multibit wallet jsut to save coins before i lose it to some dice and betting sites.

there is big difference between blockchain.info 's wallet and XAPO 's wallet

if you read OP he is talking about the rules that these sites (like xapo) have that allows them to block you account and money while you don't have access to your private keys to withdraw your bitcoin.

but bc.i wallet (although not safe) it gives you your private keys and is safer than xapo IMO.

Xapo is a service aimed to make Bitcoin more accesible for the casual bitcoiner (especially the very beginners using faucets for example). I agree that there should be an option somewhere to access your private keys but for common persons using another type of wallet is too complicated, that's why Bitcoin adoption rates are horrible and it's facing a very hard time right now.