Why use exchanges online vallet?

[MyBTT]

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.

[1714661224]

1714661224

[1714661224]

1714661224

[1714661224]

1714661224

[SmartIphone]

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.

[ShrykeZ]

Probably ease of access across multiple devices, obviously comes with a huge disadvantage though as your coins are then not entirely in your control.

[stepwilli]

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.

[sana54210]

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.

[BellaBitBit]

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.

[Duomo]

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.

[ShrykeZ]

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.

[The Sceptical Chymist]

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.

[rienelber]

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.

[SmartIphone]

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!

[Raimonn]

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.

[Etoiliste]

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

[countryfree]

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.