Online Wallet - Site Disappears

[Alluro]

My personal opinion is don't use online wallets to store your coins. The best one is hardware wallets. If you can't buy a hardware wallet, you can go with desktop wallets. Because we always need to keep our coins safe.

[Nezerlan]

I am scared of online wallets. Anything can happen. They are prone to human errors and hacks. Offline storing of crypto assets is still the best way to stay safe.

[Tomohisa]

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

When you want to store online wallet, You have know what kind wallet there, private key and seed it can be use for any wallet, like MEW, when you have private key it can be use for any kind like metamask, cryptostore. it shouldn't scare when your private key can use any kind of wallet when online wallet your stored dissapear.

Very good answer. It not about the online wallet is unsafe at all. You can have many layers of protection to make your online wallet safe and hard to fishing, hack,...

[BitcoinPanther]

Not really. If I will be using an online wallet I will make sure that it is safe and reputable site. Some online Altcoin wallets sites usually stores the altcoin as a reward or a project that we do. It means that the tokens or coins there is related to the project, if it disappears, it means that the project is a scam. Well, what will I do to coins or tokens that have no value?

[lhtot8]

Yes I'm scared if I lost everything I hold into it that's why when I'm storing my coins into wallet I always look for the private key so that I can be able to access it anytime in it's supported wallets and also I am the only one responsible for it's security as I have the only access into it by the use of private keys.

Even online wallets provide you private keys, you should know that you are not a single person who have private keys for your online wallets. Sites and owners of those sites own your private keys too. Consequently, what if they are bad guys and plan to steal your money? If they are, they plan, your money will be stolen.

[rdluffy]

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.

So you are not afraid to lose all your coins?
I don't believe in this

It's very risk to keep your coins in online wallets and a hack could happen easily

You should keep your coins with you, with your private keys and keep your PC safe
If you have a lot of money, it's recommended to use a hardware wallet

[Sab11]

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

Are you scared?

Absolutely yes, but its your fault to store your coins in online wallets,we all know its risky better to store your coins in cold wallet, but everything in crypto is risk, if you lose everything dont lose hope just move on and start over again .

[chocopapaya]

Well, it actually depends what kind of online wallet it is.
If the coin is on a smart contract platform like Eos or Eth, then even if their site disappears, your coins aren't lost.
If it is its own blockchain, then chances are your coin isn't lost either.

You see, with crypto and wallets, your coins are never in the "wallet" or on a website or anything.
It is all numbers on the blockchain.
Online wallets are just graphical interfaces created to make it easier to interact with the blockchain.
So if the graphical interface disappears, as long as the blockchain is still functioning, your coins aren't lost.

[Pamadar]

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

Are you scared?

Absolutely yes, but its your fault to store your coins in online wallets,we all know its risky better to store your coins in cold wallet, but everything in crypto is risk, if you lose everything dont lose hope just move on and start over again .

You alone is the one who fully responsible with your action, it's not advisable to put your money in the hands of others, you should always take a good research and work with every specific information before digging in, taking such actions is your responsibility, you should always ensure that in anyhow it's always about how you will take the securest way to protect your assets from possible threat around.

[bastian466]

I have never heard of this incident as a solution, do we have to keep it in the wallet offline?  is there an offline wallet that supports all tokens and altcoin.  continue the risks that can be obtained from the use

[Chomsy]

Most wallets have their own keys. What you need to do is keep it safe. And people often use not just a single wallet, they will use a combination of hot wallets and cold wallets.

I belive the poster was talking about online wallets like sites having their own blockchain and wallet not wallets like Myether, Imtoken and the rest. Online wallet is very risky cos once the site developers decide to pack up, one's assets are gone. It's always advised to be safe and store funds in trusted wallet.

[Miklight88]

Why won't they be scared as the token need to be stored in a private wallet and not online wallet what so ever .

Having your private key or passphrase is the best you can use to store your funds as the current situation has taught many in hard way , so you need to be very careful in knowing how to keep your wallet key and where to store them and not just any wallet.

[Eadefemi]

Good investors know best than to store their funds in online wallet, that's a big risk. What happened to cold wallets and trusted wallet like blockchain wallet, myetherwallet, Imtoken and others. Of course anyone who stores in online wallet should be scared but that's mostly newbies that are yet to know the dangers. Once the site is gone, it will now turn to enduring loss.

[iphmp159]

Projects have their own-built wallets, so I don't really understand why people are too lazy to use online wallets, that are risky for sure. Using online wallets, they don't have control on their private keys or seeds, and might lose their funds at any time (if sites shut down, or owners of those sites do scam exits and steal users' funds).

Yeah, you're right! If such coin got its own wallet then it should be the one which you will use above any options out there. However, if it's not then I also see no threats of using online wallets as long as it was proven legit and already running for a long period of time. The best example is MEW.

Official wallets from projects which are very easy to get from their websites, githubs, ANN threads. We can not deny the fact that with new born projects, there are risks to download and install their wallets, if you don't have skills to scan and check potential threats before installing. Scam projects can add hidden threats into their wallets and will compromise your computers later.

[Caishen_Project]

Storing your coin in an online wallet that u don't have the private keys to it is one of the dangerous risks in crypto, a cold wallet that can store both ERC20 token and bitcoin in my own view is the best way to store your coins

[valuater]

because now most wallets use privatekey / seed / mnemonic to enter. and many online wallets that support it, so I'm not afraid, but if I keep a wallet that is reserved for one type of coin, for example nem and I have a lot of nem and there is no alternative wallet I will be very scared

[deodivine1]

There are some online wallets (web wallets) which make use of private key, mnemonic phrase or keystore and can be imported in other similar wallets especially for ERC20 tokens.  So it depends on the web wallet you are referring to.  A reasonable person won't just store coins in just any web wallet he or she comes across.

[Miy Monk]

Keeping coins on online wallets is pretty foolish. If you forget the password or the site got hacked or maybe the owner of the site can do the favor to you and you will lose everything. So, it'll be safer if we kept coins on mobile wallets rather than online wallets.

[Alohadanc3]

Using online wallet is very risky and people should know about that. Many people in this market use online wallet cause they don't have to take care of private key they are easily accessible. But the risk factor is very high when you keep your coin in this kindbof wallets. I always prefer of you have some extra money go for some hardware wallet if even that is not possible for you then atleast use some official or official recommend wallets. This market is full of volatility and risk. And taking some extra risk is not good for me. That's why I never go for online wallets.

[Impaler]

Online wallet is not very trusted in my opinion. I know there is many online wallet which have been running for a long time but their is no guarantee. Not even online wallet every wallet which don't give you private keys or even acces to your wallet cahain is not good. Hardware wallets are most suggested wallet for any kind of holding. If you can't afford bthat use any other wallet wich give fully access to the wallet your key phrase everything. I never used online wallet and I would never be.