Don't use web wallet

[RapTarX]

Electrum or any other desktop / mobile wallet has its drawbacks, and before using them everyone should study well how they work, and how to use them properly and safely.

Is it enough to store the seed of the electrum or we must have to store the private key of all of the addresses too? I'm using electrum and only stored in seed in 3 physical places.

[dbshck]

Is it enough to store the seed of the electrum or we must have to store the private key of all of the addresses too? I'm using electrum and only stored in seed in 3 physical places.

You just have to securely store the seed. All your private keys will be recovered when you restore your wallet with the seed phrase.

[RapTarX]

Is it enough to store the seed of the electrum or we must have to store the private key of all of the addresses too? I'm using electrum and only stored in seed in 3 physical places.

You just have to securely store the seed. All your private keys will be recovered when you restore your wallet with the seed phrase.

Thank you and yes, I stored the seed phrase securely and that's what I was trying to know. I think 3 places are more than enough to find out after 5 or 10 years 

[anu1908]

Web wallets work just fine if you are dealing with small amounts and don't want to download a wallet on your computer.  Especially if you are dealing with a bunch of altcoins,you really don't want to be downloading hundreds of different wallets that only have a few dollars on them.

just wanna add a little note here, if most of your crypto is just erc tokens, then you can use metamask or something similar. they're better than your regular web wallet like blockchain. you can use hardware wallet with it too.

[tbct_mt2]

You just have to securely store the seed. All your private keys will be recovered when you restore your wallet with the seed phrase.

It's simple to secure wallet, so there is no essential requirements to own hardware wallets. Everything can be destroyed due to external unexpected factors, like water, fire, crashes, so many things. There are not completely safe methods to easily secure funds. In my opinion, to avoid all of such terrible things, I choose different means to store and save my seed phrases. Then, if one of them unfortunately destroyed or unable to recover, I can have another to recover my funds from seed phrases.

[encycrypto]

This doesn't make any sense. Blockchain.com gives you access to your private keys of the addresses and you have 100% access to everything. They cannot hide your balance even if they want to. Everything is visible in the blockchain explorer.

I agree that web-wallets aren't that secure. But they still can't hide your transaction.  

[Little Mouse]

It's more than 36 hours when I sent them text and still no reply. Should I contact their support once again or wait for their response for 1 more day?

I agree that web-wallets aren't that secure. But they still can't hide your transaction.  

Blockchain is open to everyone, but the dashboard maintained by them isn't open or isn't controlled by us. Maybe you got me wrong.

[erikalui]

Not many use electrum but for small amounts, these web wallets are fine while it's better to use Xapo as I have never faced any problem with them yet.

In your case, it's a problem from Coinbase and there have been many cases reported that coins sent to their address have not appeared in the wallet so I guess you need to wait longer for their reply. Not a problem for you as you have sent it to the right address.

[The Cryptovator]

I am using coinbase for small amount but I have not face any problem still now. Coinbase taking bit longer time to show your balance on dashboard. But I don't think they will make any trouble for such as small amount. I am not encouraging to use it, just sharing my experiences. Coinbase return fund even they decide to closed your account, not just like closed account with funds. However, web wallet not much secure so better to use wallet with private key. Especially for big amount or if you want to hold for longer then should be use wallet with privet key.

[pixie85]

This doesn't make any sense. Blockchain.com gives you access to your private keys of the addresses and you have 100% access to everything. They cannot hide your balance even if they want to. Everything is visible in the blockchain explorer.

I agree that web-wallets aren't that secure. But they still can't hide your transaction.  

The issue is they have your keys and if you can access them online so can other people. With some web wallets you can't even be sure if they won't disappear one day taking your keys with them.
I don't expect that to happen with blockchain wallets but it doesn't mean they can't be hacked or have some technical issues that will delay your access to your coins.

[Little Mouse]

I am using coinbase for small amount but I have not face any problem still now. Coinbase taking bit longer time to show your balance on dashboard. But I don't think they will make any trouble for such as small amount. I am not encouraging to use it, just sharing my experiences. Coinbase return fund even they decide to closed your account, not just like closed account with funds. However, web wallet not much secure so better to use wallet with private key. Especially for big amount or if you want to hold for longer then should be use wallet with privet key.

Trust me mate, I would not worry much if the amount is a big one, it would be handle in a short time.
I'm not worry now because I know it's a bug only. But still it's a bit odd, isn't it?
From now, I'm not going to use any of these wallet for a tiny amount even.

[Airbuxf]

There are so many informations everywhere to not use web wallets and people still use it why people if there are so many offline wallets like
walletgenerator.net
www.bitaddress.org
ian coleman 39 bip

[coupable]

Stop using web wallet and/or centralized wallet and/or any exchange.

I agree with not using addresses from exchanges (coinbase,binance,or whatever...) as you will face problems soon or later. When for the webwalet, i think most of us used blockchain.com when first start with bitcoin (don't know if it's considered as a centralized wallet because it gives access to private keys), and the compagny still has a good reputation as i saw no accusations against it. I had also the change to use counterparty wallet in DEX in which i received many tokens. Note that we are only mentioning btc here, because some other tokens (most are new market comers) release webwallet first (as the simplest way for a good start) before official wallet release/developement.
I think we should advice users not to use web wallets for important activities unless having access to its private keys.

[harizen]

It's more than 36 hours when I sent them text and still no reply. Should I contact their support once again or wait for their response for 1 more day?

36 hours of waiting is still tolerable. Yes, no choice but to extend your patience.

Feel sorry for what happened to you but your case shouldn't be a reason why people should not use Coinbase. Different people have different experience.

Anyways what happens to you is looks like a sort of technical bug.


Crypto exchanges services are useful at some ways. No way I will stop using them just because of OP's case. I need their service. I feel the benefits.

People just have to understand what they are dealing when using a web wallet services. And come on, just used their service and not to act as their wallet.

[jademaxsuy]

Yes, I do agree with you due to some reasons web wallet if possible should be avoided to use. There are some reports that it there are problems in regards to web wallet that includes from hi jacking on web wallet and exchanges. It will not assure that the web wallet is secured so this it is better to use offline or cold wallets.

[RapTarX]

Yes, I do agree with you due to some reasons web wallet if possible should be avoided to use. There are some reports that it there are problems in regards to web wallet that includes from hi jacking on web wallet and exchanges. It will not assure that the web wallet is secured so this it is better to use offline or cold wallets.

harizen has cleared some facts which you probably have missed. Both cold and hot wallet have seperate usages and benefits. Hot wallets are better for using BTC regularly, on the other hand, cold wallet can be used for long term holfing purpose.

[Lucius]

Is it enough to store the seed of the electrum or we must have to store the private key of all of the addresses too? I'm using electrum and only stored in seed in 3 physical places.

It is enough to keep only seed of Electrum wallet, but you should be 100% sure that seed is correct. When it comes to Electrum it is only 12 words, so that the possibility of a mistake is somewhat smaller then with hardware wallets seed which have 24 words. Sometimes people write words in some unusual order, mixing them in horizontal and vertical direction, which can cause big problems in case of recovery. Users should not play with private keys in HD wallets, it's just another added risk, but in case you have all coins in one or two addresses printing such private key on paper may be additional insurance.

This doesn't make any sense. Blockchain.com gives you access to your private keys of the addresses and you have 100% access to everything.

Blockchain.com does not give users direct access to their private keys in a way that you can see private key of address just by click on address. If user for some reason need to get private key then only way is to use seed from this wallet and extract private keys with some tool (iancoleman). However if you import private key/s in this wallet (which is possible), then you have full control on that address / private key.

[_Django05_]

Most of the newbies are likely to use Coinbase or blockchain.com for receiving payment. I am gonna share a true story with you. Don't use this anymore.

Why not? I've been using Blockchain and MEW for quite a while now and everything's quite fine. I've never never had a problem with those two though I only use them for small transaction.

[RapTarX]

Most of the newbies are likely to use Coinbase or blockchain.com for receiving payment. I am gonna share a true story with you. Don't use this anymore.

Why not? I've been using Blockchain and MEW for quite a while now and everything's quite fine. I've never never had a problem with those two though I only use them for small transaction.

There's no intentional problem from their side, it was maximum a bug. I believe they will find the issue but OP have had taken the hassle already.

[TotemNext]

Web Wallets have some advantages, like easier user onboarding (We need that for mass adoption), access on every platform, the user doesnt need to install an app.
But the big downside of them is not being secure enough to hold more funds. Thats where hardware, offline and cold wallets come into play.

If you take fiat money as an example, we manage our funds in different stages with different security requirements. At first what we have in our pockets, a small amount to buy
something at stores or streetfood, etc.

Then many of us have a bit larger amount at our homes or at a bank with relative easy access, to buy a bit more expensive things, but not on a daily basis.

The last stage are life savings, stocks and more with big amounts, that are not instant accessible.

Lets take this model for crypto:

View web wallets as your pocket money for interacting with decentralized applications (dApps), small in app purchases or buy a usb cable at an online store. (Around 10$ - 100$)

Use your hardware wallet when you buy a new 60 inch TV, your new Laptop and so on. (In the 1000s $ range)

And for larger amounts you can use something like a multisig wallet with different hardware and/or cold wallets. (Life savings, long term investments, ...)

Thats my 2 cents on making crypto practical and usable. And why there are some use cases for web wallets