Online Wallet - Site Disappears

[sehoon]

I wouldn't recommend you to store your funds in an online wallet for a long time. Not because the site could disappear anytime. I think there is still a very low chance that that site will disappear. But in my case, I put my funds on a site that there is the lowest chance of disappearing. Also, your wallet can also get hacked so better take them out even in myetherwallet and don't put it there for a long time.

[hrunya102]

I'm try to don't store coins on exchange a long time, and you're talking about online wallets, only cold wallet.

[wdnj]

Nothing needs to be feared in crypto, because everything we do must have risks. Because the possibility that happens a little if we save coins in the wallet online and at one time the site will disappear, actually I am not afraid because there is no way that could happen.

there is a small chance that could happen.
There are some coins who have their own wallet like having their own blockchain.
If the project is a scam it will sure be gone sooner or later.

[Pffrt]

If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.

Are you scared?

Why the heck you have to store your coin to an online wallet which is controlled by another party? This is why crypto currency has been developed, no third party in between. Better you must have stored in your own client wallet.

[PuertoLibre]

Online wallets are vulnerable to hacks and it is worst way to throw away the holdings. Offline security is second to none feature of crypto investors but small volume traders prefer to hold it in the exchanges or in online wallets which opens a gate for such cases.

[Ucy]

I don't think it is wise to store coin on online wallets esp those that hold coins on peoples behalf. There are some that lets you control your private keys/seeds.  If something bad happens to the company your coins still remain with you as long as you have your private keys

[nutildah]

Nothing needs to be feared in crypto, because everything we do must have risks. Because the possibility that happens a little if we save coins in the wallet online and at one time the site will disappear, actually I am not afraid because there is no way that could happen.

Who told you the possibility is little. please try and research before you make ill-informed information. Online wallet do not backup your private key.

This is also incorrect. Any online (hot) wallet worth their weight in salt will back up this information. That doesn't mean they'll give it to you, but in order to spend your funds (or let you spend them) they definitely need it.

[Fesatmas]

I still don't dare to keep the coins in the online wallet at risk for us, whatever security is good I won't want it, I will still choose MEW and nano ledger.

[serjent05]

If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.

Are you scared?

There are several case with different reaction.

1.  If I have the private key and the site owner does not store private key on his server then I won't worry at all.
2.  If I have the private key but the site owner do store all the information on the server then this will get me worried.
3.  If I do not have a private key and just a user log in info on that site, the thought of that site disapperaing is frightening thus I will never use this kind of wallet to store my coins in a long term except when I am trading or doing some important transactions that needed this kind of service.

[metalglowd]

If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.

Are you scared?

There are several case with different reaction.

1.  If I have the private key and the site owner does not store private key on his server then I won't worry at all.
2.  If I have the private key but the site owner do store all the information on the server then this will get me worried.
3.  If I do not have a private key and just a user log in info on that site, the thought of that site disapperaing is frightening thus I will never use this kind of wallet to store my coins in a long term except when I am trading or doing some important transactions that needed this kind of service.

But usually the average online wallets have conditions that only users when they first make a wallet can know the Private Key. I also haven't found anything other than that.
The third case mostly happened when we use crypto exchange/market.

[suprnurd]

I'm always worried that the exchanges I trade on will "suddenly go down" so I try and minimize the amount of capital stored there. If I happen to do well and my account grows significantly in size, I will withdraw a portion to my core wallet for safe keeping.

The rest of my coins stay in cold storage offline.

[Olatunjex]

If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.

Are you scared?

If they disappear you should have your private key with you in order to recover your asset, you can be scared expect you don't have access to your private key.

[z21770179]

Maybe, but it depends on what service you hold them on, if in big wallet, I don't think there will be any problem in the next few years.

[FlamingFingers]

Nothing needs to be feared in crypto, because everything we do must have risks. Because the possibility that happens a little if we save coins in the wallet online and at one time the site will disappear, actually I am not afraid because there is no way that could happen.

if you had a huge sum of coin on the site you will know that you have to be scared,  the possibility of it happening in an account you control the private Key is very slim,  only if you expose your private key to someone else,  so someone gat to be scared if he has huge amount there

[inanilujimi]

If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.

Are you scared?

that's the risk we take if we put our altcoin in an online wallet or exchange, everyone would be afraid if it really happened but we can choose to have an official online wallet that has good trust.

[levyashin]

Well if you use an online wallet gives you private keys of your wallet you can access that wallet even that website disappears.

[AgentZero23]

Don't store your tokens or coins in unknown online wallets. Better use Mew or Metamask because they are safe and reliable. I have been using Mew and majority of tokens are in my Mew wallet and some are in Metamask. In using online wallets you need to bookmarks the sites so that you don't have to be a victim of phishing attacks. And using antivirus with anti-spyware would also help. I'm using Eset mobile security for my smartphone and so far never had experience of getting compromised.

[badykvik]

If you store coins in online wallets and if the site disappears in a sudden one day, you will lose everything.

Are you scared?

It is a natural for someone to get scared when they save funds in an online wallet and its website is offline in fact the higher the funds in the wallet the higher the level of fear ad anxiety to the person.

[GrosWesh]

In my case, these are ERC20 tokens. The sites that display this are myetherwallet and etherscan and the like. If these sites disappear, it will no longer matter what I have, since the all cryptocurrencies will be in a deep hole (_*_) .

Myetherwallet or other sites like Mycrypto are only 'gateways' to your erc20 wallet dude. Since you own your private key nobody can take your assets. No deep hole to be afraid of 

If you can afford it, best way to protect your well loved tokens is purchase a hard wallet (Ledger, Trezor...). No so much expensive these days and so convenient

[sorrros]

I just have problem with Cobo wallet, I sent a transaction to my EOS wallet but after 7 days still nothing, support not working. That is the risk of using cloud wallet.