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Author Topic: Storing on Exchange vs mobile?  (Read 1053 times)
elektra
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June 08, 2017, 03:38:34 PM
 #1

I know none of them are optimal. But if you had to choose, would you store your coins on an exchange or on a mobile wallet?
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June 08, 2017, 04:45:10 PM
 #2

Stupid question, but if I will must store all-in one place, I will choose mobile wallet. At least it's trustless unlike exchange that require trust and can be easily hacked compared to mobile wallet.

Really, I don't recommend storing all bitcoins in just one place. Use cold storage to secure larger amounts of BTC. Don't use exchange as wallet. Mobile wallet are only safe enough to secure your pocket money, no more. I'm not responsible for money loss, losing job, falling into debt, unable to feed yourself or not having money for bills.
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June 08, 2017, 06:26:52 PM
 #3

Depends.

Some mobile wallets are just web "wallets" with a mobile interface (like the Coinbase app for example).  Other mobile wallets (like Breadwallet for example), allow access to your private keys.  With that kind of wallet, I'd much prefer having it to holding on an exchange.

When the price goes mental in times like this exchanges all go crazy and I wouldn't trust a single one of them with my coins.

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June 08, 2017, 06:55:57 PM
 #4

I know none of them are optimal. But if you had to choose, would you store your coins on an exchange or on a mobile wallet?
Of course i would choose mobile wallet! actually i'm currently using one (mycelium, one of the best mobile wallet) to store <1 BTC, it's only for spending purpose though.

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June 08, 2017, 07:08:34 PM
 #5

I know none of them are optimal. But if you had to choose, would you store your coins on an exchange or on a mobile wallet?

For storing purposes none.

But if such cases that I need to choose to one of them then I will select mobile wallet that isn't owned by bitcoin exchanges. Bitcoin exchanges like Coinbase, XAPO, Coinsbank etc. have mobile app version. That was some of the examples that I will not used for storing the bitcoin case. Electrum and Mycelium would be the best option. Aside from we can keep our private keys here, they are both having a good feedback since their inception as a wallet. For satisfaction, don't just listen to positive reviews but try it for yourself and sees if the feedback is quite close to reality.

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elektra
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June 08, 2017, 07:11:17 PM
 #6

Stupid question, but if I will must store all-in one place, I will choose mobile wallet. At least it's trustless unlike exchange that require trust and can be easily hacked compared to mobile wallet.

Really, I don't recommend storing all bitcoins in just one place. Use cold storage to secure larger amounts of BTC. Don't use exchange as wallet. Mobile wallet are only safe enough to secure your pocket money, no more. I'm not responsible for money loss, losing job, falling into debt, unable to feed yourself or not having money for bills.

How is it a stupid question? What if you can't find any other place to store your coin? I am not talking about BTC that has wallet support everywhere.

And so far I have not found anyone who have been able to motivated why Mobile wallets are only safe enough to store pocket money compared to Desktop Wallets. They are both essentially computers that both can have problem with malware. But I see no reason why mobile have a bigger problem with malware than regular computers, and there are good virus scanners on phone also. I use BitDefender virus and malware scanner on both my PC and my phone. Please motivate.
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June 08, 2017, 07:12:45 PM
 #7

I assume the coins you are pertaining to is Bitcoin and I will answer based from my assumption.

I will definitely store my bitcoins in my mobile wallet. I would rather use mobile wallets that exchange wallet. They can easily make my wallet disappear from their database and in worst case, they might end up closing their exchange and all my wallet gone, forever.

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June 08, 2017, 07:14:07 PM
 #8

exchange... i don't really trust mobile wallets..

popualar exchanges have cold wallets.
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June 08, 2017, 07:17:45 PM
 #9

Stupid question, but if I will must store all-in one place, I will choose mobile wallet. At least it's trustless unlike exchange that require trust and can be easily hacked compared to mobile wallet.

Really, I don't recommend storing all bitcoins in just one place. Use cold storage to secure larger amounts of BTC. Don't use exchange as wallet. Mobile wallet are only safe enough to secure your pocket money, no more. I'm not responsible for money loss, losing job, falling into debt, unable to feed yourself or not having money for bills.

How is it a stupid question? What if you can't find any other place to store your coin? I am not talking about BTC that has wallet support everywhere.

And so far I have not found anyone who have been able to motivated why Mobile wallets are only safe enough to store pocket money compared to Desktop Wallets. They are both essentially computers that both can have problem with malware. But I see no reason why mobile have a bigger problem with malware than regular computers, and there are good virus scanners on phone also. I use BitDefender virus and malware scanner on both my PC and my phone. Please motivate.

Actually mobiles are much less prone to virus. It's not a virus itself as I don't believe that mobile are being virus especially the Android. Just want to add that if ever a person any types of wallets on different platforms, the key is to have a self methods to make our coins safe and not just relying on specific wallet's feature. Say example for mobile wallets, there is a case that you will lost your coins but you login credentials are there in your phone, if the person who will get your phone knows about bitcoin then probably they will get it. Keeping private keys is the most important so even in case of lost phone, you will have some ways to deal on it.

For topic, I will choose a mobile wallet. But if I always dealing with the services that only bitcoin web wallets have then I will used the exchange instead. I know of using it after all so I have some guidelines to minimize the risks.

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June 08, 2017, 07:23:25 PM
 #10

If you have Google Authenticator + 2 step verification (mail code) enabled, isn't that like really good defense vs getting hacked? I have the most important coin (XBY!!!) stored in offline wallet but I feel like my small parts of other coins are pretty safe on Exchanges with those autheticators and such.

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June 08, 2017, 09:00:49 PM
 #11

If you have Google Authenticator + 2 step verification (mail code) enabled, isn't that like really good defense vs getting hacked? I have the most important coin (XBY!!!) stored in offline wallet but I feel like my small parts of other coins are pretty safe on Exchanges with those autheticators and such.

+1

If you want to keep it for the long run and not use it day to day or even monthly, then i would take them offline and save your private key. Otherwise small amounts are okay on an exchange if you accept that it can go missing - however unlikely.


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June 08, 2017, 09:18:51 PM
 #12

If you have Google Authenticator + 2 step verification (mail code) enabled, isn't that like really good defense vs getting hacked? I have the most important coin (XBY!!!) stored in offline wallet but I feel like my small parts of other coins are pretty safe on Exchanges with those autheticators and such.

It will probably protect you from getting you account hacked like thieves typically do - they take over your phone number by calling to your operator, take over your email account with your phone number and than use restore password to get into your exchange account. So, 2FA from Google protects you from this, but if exchange gets hacked on higher level, like it happened with Bitfinex, nothing will protect you.

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June 08, 2017, 09:22:21 PM
 #13

I wud prefer paper or hardware wallet to store coins

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June 08, 2017, 10:37:20 PM
 #14

I know none of them are optimal. But if you had to choose, would you store your coins on an exchange or on a mobile wallet?
Both exchange and mobile wallet have provided by the 3rd party which means there will be no a reason for me to store my amount on both of wallets.

At least the mobile wallet offering the more security measure. But most of the people are using the blockchain wallet.

That means the demand of the web wallet is really high.
Paperwallet,SPV is better.

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June 08, 2017, 10:46:53 PM
 #15

I would rather save my coins where i am the rightful owner of the private keys rather than saving my coins in an exchange or in web wallets,always make sure that all of your wealth must be in your hands and that is the vision what this is all about and i would not want to risk it with third parties.
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June 08, 2017, 11:15:30 PM
 #16

I know none of them are optimal. But if you had to choose, would you store your coins on an exchange or on a mobile wallet?
Storing on an exchange is like the worst thing you can think off. It's basically letting someone hold your bitcoins for you, the same thing as the banks do nowadays. So if you started to use bitcoins and in this way avoid banks, why would you search for an alternative of it? Besides that, a lot of exchanges turn into scams so that is a really risky move to do if you hold the money that you cannot afford to lose.

Mobile wallet (I assume just a regular online wallet) is definitely a better choice to make. With it you can store your bitcoins safely, though if your phone has some viruses or someone else gets hold of your phone, you might lose it. Plus you shouldn't hold any bitcoins online whatsoever.

As for an advice I could recommend you to get a hardware wallet which is the safest way to store your bitcoins right now. If you don't want to buy it or you can't afford it (because it's kinda expensive at 120$ or so) then just print off several paper wallets from an offline computer and store your bitcoins there. There are no chances someone are going to steal your bitcoins from those.

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June 08, 2017, 11:20:17 PM
 #17

I know none of them are optimal. But if you had to choose, would you store your coins on an exchange or on a mobile wallet?
If I will have my money allocated for trade which will be my capital for a particular trade then I will keep them in an exchange on which I will do the trade while if I will have my own money in bitcoin which will be for my use then I will prefer a mobile phone bitcoin wallet for getting access to them anywhere with convenient.


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June 08, 2017, 11:21:43 PM
 #18

I know none of them are optimal. But if you had to choose, would you store your coins on an exchange or on a mobile wallet?
I just wanna store my bitcoin in a place where i can controll my private key simple as that, if mobile wallet allowed you to controll the private key then no doubt for using it, i will store my bitcoin in exchanger if i know who's the owner, the company, same location with me the point is so many things that you must considerate before storing your coins out there since you're trusting somone to hold your money.



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June 08, 2017, 11:35:19 PM
 #19

I know none of them are optimal. But if you had to choose, would you store your coins on an exchange or on a mobile wallet?
Of course i would choose mobile wallet! actually i'm currently using one (mycelium, one of the best mobile wallet) to store <1 BTC, it's only for spending purpose though.

I also use blockchain mobile wallet, as long as we are careful in using our device, undoubtedly our bitcoin will be safe

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June 08, 2017, 11:40:47 PM
 #20

I will save bitcoin in both of them, mobile wallet and exchange but save in different amount just in case as I don't put all of eggs in one basket. I have small amount of bitcoin, but still divide it into several mobile wallet and very small amount in an exchange too for cash out if I need money. If I have more bitcoin, than offline wallet for cold storage is another option to save my bitcoin for long term, the plan is clear and I'm still learning about it.



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ANN Thread
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