Can I lose my coins by choosing wrong wallet?

[mikkev01]

Yes you can easily lose your coins by using a wrong wallet. there are a lot of phishing wallets out there,  be careful to use a wallet and gather details or do some research before you choose the one.

[mirgo1791]

as works with the decision on clients to returns with option to use of one as selection of service on moderation, the different aspects as running on intents as the use on extracts to work on excess as request of confinement.

[Bittalk12]

I never heard of that wallet before and I would not risk my funds to a wallet that was just recently created. New created wallets will still pass on trials and errors stage so I don't wanted to be a victim of that errors when something bad happen to that said wallet. Most crypto traders will still advise you to buy your own hard wallet since it is more safer and your funds are super secured with your own hands.

[bit-freedom]

The choice of wallet is very important. I will advise you to use a wallet which you control the private key. If you don’t, there is always risks of losing your coins. Think of it of putting your money in another person wallet.

[Noizebtc]

Of course you can lose coins if you send them to the wrong wallet. In this case, they will not be able to return and they will be lost forever. There are a lot of sad cases when people send money to the wrong address

[Riddikulo]

Hi everyone, I found a service announcement of new wallet platform few days ago in our forum.
Their introduction and vision stated in the post seems to be great and it also attracts me a lot.
However, I still wonder whether I can trust that new wallet.
Can I lose my coins by choosing wrong wallet or they can never stole any coin because they just provide wallet service only?

Please help me if you have experience in this field. Thank you.
This is the link to the wallet that I mentioned: https://bitcointalk.org/index.php?topic=4582763.msg41338130#msg41338130

I use different types of wallets to securely store and use cryptocurrency. First of all I use the Metamask wallet. Rarely I use Coinomi wallet and some other less well-known services. That's all I need.

[captin crunch]

Here is the article on the wallets, how they differ from one another: https://icoguide.com/en/blog/5-types-of-cryptocurrency-wallets-and-where-to-begin-with-each

[tinyteapot]

I will say yes because if you keep your coins in a wrong wallet , you can lose them but if you keep it is the appropriate wallet for it and you keep your private key very well and you didn't disclose your personal information to a third party, Your coin will be safe and secure.

[george_hured]

Of course! If you decide to use a purse that belongs to intruders who want to steal your savings, you will lose them. Therefore, you need to listen to the community. And to make a choice in favor of projects that are already very long in the market.

[Russlenat]

definitely you will lose your coins for choosing a wrong wallet, as for my experience i carefully select the wallet provider that i want to trust with my holdings and until now i don't have any issues.

[AleSergio]

Can I lose my coins by choosing wrong wallet or they can never stole any coin because they just provide wallet service only?

The rule for any coin is that if anybody else gets access to your private key(s) can steal your money.
The private key is the "thing" that makes the blockchain recognize the rightful owner of the money and will allow the user to spend.
Like almost everything in IT, the private key can be copied and both you and the "hacker" will have the key. The first one that spend the money "wins".

Now, a wallet normally has access to the private keys to allow you to spend. If the ones that have built the wallet had bad intentions, the private keys will be sent over the internet to them.
That's why I recommend only wallets with source code people can review, wallets already proven to be legit.


Edit: TL;DR; Yes, you can. Easily.

Yes, there is a chance that you can lose your coins, if the developer of the wallet will release private key it over the internet. Mostly they do not do this, because all of such wallets have some commissions and people pay some small taxes for transaction, holdings and etc. It is just not so smart to drop all private keys, if you can have a stable income from this.

[Bonwin]

If you do not any issue with the old wallet, i see no reason why you should rush now into using the new wallet. Virtually everything in crypto now has to be confirmed first, tested and trusted, so as not to loose your fund. Please, stick to the old wallet for now if no issue.

[SeaSoul]

I heard some news before that there is a wallet that was hacked I mean not just a wallet but like a network and the private keys of everybody who is using the said wallet were extracted. Not quite sure about the validity of that news but I think that serves a lesson for us that in case you are going to change wallets then do not put everything in the new wallet just to be safe.

You should provide a source for that news or otherwise it is hardly possible to tell if it is true. Networks usually don't get hacked, but the software that's built around them.

[garciacarral]

Yes, you can, bat the risk of this loss it very low. There are much more chances to lose money with your lack of being smart and being ready for the constant work.

[aicel]

Yes, many wallet are scam and get your token . There ate wallets that can easily hacked.There are more chance of losing your money . Be sure in choosing wallet.

[alex_kir]

Of course! If you make your choice in favor of wallets that are not popular or wallets that have just started their work, then you can necessarily get into a bad situation, I think that you do not need to take chances.

[edulord]

Yes, it is very possible for you to lose your coin by choosing a wrong wallet, you should only put you fund in the appropriate wallet for it where it is listed and make sure the wallet also has good potentials and it is safe and reliable for your coin. You should not choose a wallet based on hype, try to research and ensure that it is a reliable one before you keep your coin in it.

[flowdon]

for me i still choose old wallets that's legit. like MEW, despite of hacking incident happened to this wallet there are still many users love's this wallet. because it is one of the stable wallet and easy to use. just always think even on the other wallet out there you must keep your private key to everyone else. because if someone knows your private key there is an possibility that someone can steal your coins/token.

[mmo4me.2016]

Digital money is quite risky! You must consider carefully before deciding to participate. Highly profitable investments will come with great risk! Consider carefully.

[Rongelweng]

Yes, because some wallet can be hacked and can be scam. You can lose all your money in these wallet that are not trustable. Be smart in choosing wallet.