Why say "NO" to Web wallet

[Polar91]

I am not using web wallet much, unless I am in need of some quick money to cash. That's why I was having a little BTC to my coinbase wallet. Yesterday, when I sent ~0.06 BTC which I was holding there for a long time, they didn't send it instantly. They emailed me that it will be delayed since they need to check the transaction for some reason.

It's very common for exchanges to hold someone's balance which aren't spent for a long period of time that's why holding your assets are not recommended to be held by an exchange otherwise it can result you in a scenario like this. On the other hand, you may just use an application based third party wallet instead such as Electrum for your convenience.

[Velkro]

Satoshi Nakamoto never wrote anything in his whitepaper that stipulated that people must use third party wallet providers to control the Bitcoin

tokens on their behalf. His goal with Bitcoin was to give control to every person who owns bitcoins, to have 100% control over their own tokens.

You do not have 100% financial control over your wealth, when you rely on third party services to allow you to make transactions.

This should sink in very deep.
I know its hard to learn enough to be able to securely manage your funds  but it worth it.
Be your own bank, learn learn learn.

[Diced90]

It seems like you are pissed off for some odd reason and now you are making some illogical conclusion. What's worse is that you are spreading misinformation among Beginners and newbies which is just wrong.

Most web wallets are browser based, which means your key, your password, and your wallet data are all stored locally IN YOUR COMPUTER.
So I do not know why you would compare your stupid browser based wallet service provider that controls your keys and transaction and call every web wallet the same thing.

Thats like calling every person a terrorist because some Muslims are terrorists. That is insane and illogical.

[TryNinja]

It seems like you are pissed off for some odd reason and now you are making some illogical conclusion. What's worse is that you are spreading misinformation among Beginners and newbies which is just wrong.

Most web wallets are browser based, which means your key, your password, and your wallet data are all stored locally IN YOUR COMPUTER.
So I do not know why you would compare your stupid browser based wallet service provider that controls your keys and transaction and call every web wallet the same thing.

Thats like calling every person a terrorist because some Muslims are terrorists. That is insane and illogical.

He is obviously talking about custodial wallets, which are undoubtedly worst and insecure compared to any non-custodial wallet. Coinbase, which is what OP is referencing to - and not a stupid browser wallet provider - did what every other custodial wallet or exchange could do, freeze your transactions or even your whole account for whatever reason they want. Not your keys = not your coins.

I don't know a single BTC wallet that is web based that stores the wallet data only in the local computer. That's MEW, where you only use a web interface but your wallet is stored with you. Even Blockchain.com stores your wallet data in their servers, and could block access to your account at any time.

[Diced90]

It seems like you are pissed off for some odd reason and now you are making some illogical conclusion. What's worse is that you are spreading misinformation among Beginners and newbies which is just wrong.

Most web wallets are browser based, which means your key, your password, and your wallet data are all stored locally IN YOUR COMPUTER.
So I do not know why you would compare your stupid browser based wallet service provider that controls your keys and transaction and call every web wallet the same thing.

Thats like calling every person a terrorist because some Muslims are terrorists. That is insane and illogical.

He is obviously talking about custodial wallets, which are undoubtedly worst and insecure compared to any non-custodial wallet. Coinbase, which is what OP is referencing to - and not a stupid browser wallet provider - did what every other custodial wallet or exchange could do, freeze your transactions or even your whole account for whatever reason they want. Not your keys = not your coins.

I don't know a single BTC wallet that is web based that stores the wallet data only in the local computer. That's MEW, where you only use a web interface but your wallet is stored with you. Even Blockchain.com stores your wallet data in their servers, and could block access to your account at any time.

There is Guarda which is non custodial and stores data locally and not centralized on a server. Even Blockchain has a non custodial version but I dont remember the details.
Am I wrong?

[terizla]

Why you didn't use Blockchain ? I think this is only best web wallet to save BTC.
I use Coinbase too in long time ago, but in few months i always get email with other device try to access my wallet.
So, i move my fund in Coinbase to Blockchain.

[Diced90]

Why you didn't use Blockchain ? I think this is only best web wallet to save BTC.
I use Coinbase too in long time ago, but in few months i always get email with other device try to access my wallet.
So, i move my fund in Coinbase to Blockchain.

There are reports from many people that have their hundreds and thousands worth of coins stuck in Blockchain especially during their upgrades, and their support are notoriously late in replying. Sometimes they take months. So think again if you are suggesting that Blockchain.com is actually the best way to store BTC online because it isn't.

[pishite]

I am not using web wallet much, unless I am in need of some quick money to cash. That's why I was having a little BTC to my coinbase wallet. Yesterday, when I sent ~0.06 BTC which I was holding there for a long time, they didn't send it instantly. They emailed me that it will be delayed since they need to check the transaction for some reason.

Your fund, you are giving power to others to control = web wallet = BANK
Stop using web wallet, get rid of being controlled by others.

Why don’t you use Electrum, it is well suited for a small number of Satoshis.
Moreover, you manage your wallet, you do not need to download gigabytes of blockchain and it is portable, it works on a computer and on a phone (android).

[Wapfika]

Why you didn't use Blockchain ? I think this is only best web wallet to save BTC.
I use Coinbase too in long time ago, but in few months i always get email with other device try to access my wallet.
So, i move my fund in Coinbase to Blockchain.

There are reports from many people that have their hundreds and thousands worth of coins stuck in Blockchain especially during their upgrades, and their support are notoriously late in replying. Sometimes they take months. So think again if you are suggesting that Blockchain.com is actually the best way to store BTC online because it isn't.

Haven't use coin base and blockchain.com in awhile, those who put too much amount in one wallet may it be website, mobile or in exchanges should be very careful and see whether it have report of flaws. There are really many negative feedbacks in coinvase now especially regarding leaking the identies of users. That's why I don't put my coins in just one wallet, have hardware wallet and mobile wallet.

[FireBallex]

I am not using web wallet much, unless I am in need of some quick money to cash. That's why I was having a little BTC to my coinbase wallet. Yesterday, when I sent ~0.06 BTC which I was holding there for a long time, they didn't send it instantly. They emailed me that it will be delayed since they need to check the transaction for some reason.

Your fund, you are giving power to others to control = web wallet = BANK
Stop using web wallet, get rid of being controlled by others.

Of cos web wallets are bad, vulnerable to attacks from hackers and lose of password and login is very possible, the biggest issue is no private key or recovery seed, once wallet stop working thats it

[kryptoklerk]

I am not using web wallet much, unless I am in need of some quick money to cash. That's why I was having a little BTC to my coinbase wallet. Yesterday, when I sent ~0.06 BTC which I was holding there for a long time, they didn't send it instantly. They emailed me that it will be delayed since they need to check the transaction for some reason.

Your fund, you are giving power to others to control = web wallet = BANK
Stop using web wallet, get rid of being controlled by others.

As for me, you find fault

It’s normal practice when some transactions can be checked by the exchange or wallet.

[masulum]

Of cos web wallets are bad, vulnerable to attacks from hackers and lose of password and login is very possible, the biggest issue is no private key or recovery seed, once wallet stop working thats it

About security reason, I agree with you. But, about seed or PK on web wallet, I'm not agree, if you are using blockchain.com you are able to get your PK on setting menu. It's different if you are talking about exchange wallet, they will never give you your seed or PK.

[Pamadar]

I am not using web wallet much, unless I am in need of some quick money to cash. That's why I was having a little BTC to my coinbase wallet. Yesterday, when I sent ~0.06 BTC which I was holding there for a long time, they didn't send it instantly. They emailed me that it will be delayed since they need to check the transaction for some reason.

Your fund, you are giving power to others to control = web wallet = BANK
Stop using web wallet, get rid of being controlled by others.

Why don’t you use Electrum, it is well suited for a small number of Satoshis.
Moreover, you manage your wallet, you do not need to download gigabytes of blockchain and it is portable, it works on a computer and on a phone (android).

The intention is to give awareness that business like this always have the rights to review your account if they've seen some uncommon movements.
There's nothing anyone can do about that, maybe there's a site rules or updates in terms of withdrawing or securities seen malicious changes from your wallet, whatever reason they have ins their minds, it's always best to have your own wallets where you are holding private keys so you can deal
anytime without any interruptions coming from any third party service.

[GideonGono]

I am not using web wallet much, unless I am in need of some quick money to cash. That's why I was having a little BTC to my coinbase wallet. Yesterday, when I sent ~0.06 BTC which I was holding there for a long time, they didn't send it instantly. They emailed me that it will be delayed since they need to check the transaction for some reason.

Your fund, you are giving power to others to control = web wallet = BANK
Stop using web wallet, get rid of being controlled by others.

Of cos web wallets are bad, vulnerable to attacks from hackers and lose of password and login is very possible, the biggest issue is no private key or recovery seed, once wallet stop working thats it

so because of that you must to secure your account.  You might need to find a solution or find a possible web that are legit for security and also for you security.  There are a lot of wallet that are more secured so then you have the only one who can access your account specially to some wallet that have google authenticator that you are the one who can open your account.

[stompix]

Most web wallets are browser based, which means your key, your password, and your wallet data are all stored locally IN YOUR COMPUTER.

~
I don't know a single BTC wallet that is web based that stores the wallet data only in the local computer.

There is Guarda which is non custodial and stores data locally and not centralized on a server. Even Blockchain has a non custodial version but I dont remember the details.
Am I wrong?

Yes, you're wrong and you keep on being wrong.
From the start, as Tryninja pointed out, not most, but almost all wallets are NOT browser-based.
Guarda comes with either a web wallet hosted on their server or a standalone wallet not related to your browser.

I hard it hard for somebody to mistake a web wallet and call it browser-based because you access it via a browser, but I really can;t find any other reason why you would say this.

[mersal]

Why you didn't use Blockchain ? I think this is only best web wallet to save BTC.

Because he might knew that it was a crap.

If you have time visit Web Wallets section,where you can find the first page is filled with Issue with my blockchain.com wallet,Blockchain wallet hacked,etc,so no web wallet is safe but when compared coinbase and blockchain,blockchain is more worse.

[ibminer]

Whether or not a website is going through an upgrade or completely offline for a month, as long as you have the private key, you'd have your wallet (assuming that site didn't steal an unencrypted form of your private key and use it to move your coins, of course).

blockchain.info/.com has been around since 2011 and has never had any major issues to my knowledge. That said, technically anything sent through the internet has a chance of being captured, but in the case of blockchain.com, it should end up getting captured in an encrypted form.

I don't personally use any web wallets and keep everything local with Core, but I realize it's not a practical solution for everyone.

I believe it's a matter of who you chose to trust, your own security practices, and convenience. Web wallets can be convenient and needed but you definitely want the private key, and you have to have some trust the website provider is actually encrypting the key and not stealing it and/or claims they're hacked and the hacker changes the site to steal your keys/password/coins/etc (Instawallet comes to mind).

Also, any browser access to any web wallet, exchange, or any site including blockchain.com always carries a risk of browser-based infections/malware. And even local software has the potential of system-based infections/viruses, none of that would be the fault of the web wallet or the local software since you have to make it your own personal responsibility to keep your system and browser free from those types of infections (and of course keeping the e-mail account secured that you've used with these services).

With Coinbase, you will have no private key. They go down or deny you access, it's their wallet and their private key that "your" coins will be associated with. They should always be treated like an exchange IMO.

[MuffinMaster]

I am not using web wallet much, unless I am in need of some quick money to cash. That's why I was having a little BTC to my coinbase wallet. Yesterday, when I sent ~0.06 BTC which I was holding there for a long time, they didn't send it instantly. They emailed me that it will be delayed since they need to check the transaction for some reason.

Your fund, you are giving power to others to control = web wallet = BANK
Stop using web wallet, get rid of being controlled by others.

Of cos web wallets are bad, vulnerable to attacks from hackers and lose of password and login is very possible, the biggest issue is no private key or recovery seed, once wallet stop working thats it

This is not about hacker attacks, but about the fact that the funds kept on the exchange or in online wallet do not really belong to you, because the person managing the service or exchange can freeze your money at any time, or simply steal it from you. Already many times, exchanges disappeared overnight with the money of all users. They often explain themselves by hacker attacks, but it's usually inside job.

[Dabs]

For web wallets and other online wallets like exchanges and websites, I only keep enough usually for the day, or for whatever purpose stated on them. I've lost coins a couple of times on exchanges that died the next day, so at most I've only lost what I was trading for the day. Sometimes it was supposed to be a larger withdrawal and I blame mostly myself (as well as the exchange) for disappearing like that.

Not your keys, not your coins.

[acdc]

Currently I still use myetherwallet and blockchain wallets and everything is fine. I agree that there are many slow and insecure WEB wallets, but there are still many reputable and well functioning web wallets.
Especially web wallet is easy to use, it is fast and convenient. However, I still divide my money into many different wallets.If there is a problem, I will not lose all my money.