Stay away from centralized wallets

[Stanlo]

Do you even know the difference between Centralized wallets and Dec wallets? Days back I lost my coinbase account and the team aren't helping, I'm glad I only have little Bitcoin on the account, would have been a different story if I use coinomi or atomic wallet because they give users 💯 control over their funds, private keys and recovery seed are important, always remember that

Example of Centralized wallets
1. Coinbase
2. Nexo
3. Luno
4. Xapo
5. Freewallet

Any wallets that ask you create an account with mail and password is centralized, they monitor your private keys for you, be smart

[1714700923]

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[mersal]

There are different kind of bitcoin wallets are available for us. [General] Bitcoin Wallets - Which, what, why? this can be useful for anyone to pick their kind of wallet.

Recently I am also facing issues with my coinbase vault withdrawal and I never got any response from the coinbase support for my multiple support tickets.I just left trying because the amount is not that much higher to fight for.

[Doranile432]

You should add Xapo to the list, I lost some Bitcoin to Xapo wallet simply because my password isn't recognized anymore but I'm pretty sure it's the right password, I guess it's not working on purpose

[pakhitheboss]

Those who have been in this forum for more than a year now should know by now to avoid exchange wallets and those that don't give access to the Private key. Still you will find one individual creating a topic and explaining the same as he or she did not listen to anyone here in the forum.

Store your crypto in your wallet for which you have access to the private key.

[akhjob]

There is nothing much to discuss here. It's almost known to all that "Not your keys, not your coins". So it's always advisable to use a noncustodial wallet for holding your funds even if they are relatively small. And even while choosing noncustodial wallets, it's always better to choose open source wallets.

[Akiko]

You should add Xapo to the list, I lost some Bitcoin to Xapo wallet simply because my password isn't recognized anymore but I'm pretty sure it's the right password, I guess it's not working on purpose

Any other exchange wallet is the same as centralised even the top 1 exchange.
There are too many of them but the best thing you do is always use the wallet that you have full control only use centralised wallet if you think you really needed it. I am not against centralised wallet i most use it, but if hou have large funds to store then create your own wallet this much more secured than using centralised or 3rd party wallet.

[Tipstar]

Do you even know the difference between Centralized wallets and Dec wallets? Days back I lost my coinbase account and the team aren't helping, I'm glad I only have little Bitcoin on the account, would have been a different story if I use coinomi or atomic wallet because they give users 💯 control over their funds, private keys and recovery seed are important, always remember that

Example of Centralized wallets
1. Coinbase
2. Nexo
3. Luno

Any wallets that ask you create an account with mail and password is centralized, they monitor your private keys for you, be smart

But if you are not careful in using a non-centralized wallet and does not take safety precaution, it could be much riskier than a centralized wallet.
The reason why I use Coinbase or NEXO is they send me a confirmation OTP to my mobile and I can have a 2FA enabled for every transfers.
With no such security, you could easily fall for a phishing site or website that would access your wallet and control your coins.

[Mighty_crypt]

People are so obsessed with coinbase in crypto space maybe because of their simplicity in 'buying crypto make easier' or just because it supports some part of the country like USA, not everyone still knows how important private keys are, I still have two to three friends who use coinbase wallet, warned them they never quit

[CryptoTech_]

Do you even know the difference between Centralized wallets and Dec wallets? Days back I lost my coinbase account and the team aren't helping, I'm glad I only have little Bitcoin on the account, would have been a different story if I use coinomi or atomic wallet because they give users 💯 control over their funds, private keys and recovery seed are important, always remember that

Example of Centralized wallets
1. Coinbase
2. Nexo
3. Luno

Any wallets that ask you create an account with mail and password is centralized, they monitor your private keys for you, be smart

I think centralized or decentralized wallets are the same, depending on how we secure it. Centalized wallets do sometimes have support services that don't help, but not all centralized wallets are like that.
It's the same as a decentralized wallet, even though everything is under our own control, if we neglect to protect our private key / seed pharse, our assets can be lost.

[ukon]

Wherever we store assets, we must be careful to secure it, including a centralized wallet as you say, but many prefer a wallet with a private key so that they are safer compared to a centralized wallet, even though there is support, it is still difficult to find it back if you constraints what happens.

There are still many safe wallets as long as you are careful when storing them.

[thisnewcoin]

Sorry, I don't agree with you, because Coinbase is the best wallet I have ever used in my life since 2015! I haven't used the Luno, Nexo or Xapo but Blockchain and Coinbase app as a wallet are the best picks for me. You should try to recover your account through forget password option and answers those questions, or create a support ticket to the Coinbase team, I hope they will help you to fix the issue! They take time to reply, but they will surely!

[Kvalentine]

Do you even know the difference between Centralized wallets and Dec wallets? Days back I lost my coinbase account and the team aren't helping, I'm glad I only have little Bitcoin on the account, would have been a different story if I use coinomi or atomic wallet because they give users 💯 control over their funds, private keys and recovery seed are important, always remember that

Example of Centralized wallets
1. Coinbase
2. Nexo
3. Luno

Any wallets that ask you create an account with mail and password is centralized, they monitor your private keys for you, be smart

I think centralized or decentralized wallets are the same, depending on how we secure it. Centalized wallets do sometimes have support services that don't help, but not all centralized wallets are like that.
It's the same as a decentralized wallet, even though everything is under our own control, if we neglect to protect our private key / seed pharse, our assets can be lost.

What are you saying? Would you rather put your private keys in others care just because they can give you your money at any time you need them than keeping your keys yourself? There is a big difference here, don't compare Cex with Dex

[Slow death]

I think as follows:

1 - if the person knows he has bitcoin to hold for a long time, then the best option is to use a wallet where he has control of his private keys

2 - if the person knows that he has many bitcoins then the best option will be for the person to have a wallet where he has private key control

3 - if the person does day trade then he can keep a fund in the trustworthy exchange, but avoid keeping a lot of money in the exchange and constantly withdraw the profits to the wallet where he has control of the private keys

The truth is that in this crypto world the websites that provide services are not reliable, so having a wallet where the person has control of private keys is the most recommended

[minairia3]

Example of Centralized wallets
1. Coinbase
2. Nexo
3. Luno

Any wallets that ask you create an account with mail and password is centralized, they monitor your private keys for you, be smart

Not just the three but many more. Actually these wallet are good the only thing you need to worry about is the funds that you put there when the wallet got compromised. Many complains has been noticed in the past due to lost funds and they cant recover it.

Even exchange wallets are too risky so better not to store huge coins there when you used it. Always safe to download own wallet which you hold the private key. I have funds on exchange but I never put everything there for safety or even I have huge one, I am not holding it there for a very long time.

[alg0mizer]

Stay away from centralized soultions. Dex is our future

[cytpoway121]

Do you even know the difference between Centralized wallets and Dec wallets? Days back I lost my coinbase account and the team aren't helping, I'm glad I only have little Bitcoin on the account, would have been a different story if I use coinomi or atomic wallet because they give users 💯 control over their funds, private keys and recovery seed are important, always remember that

Example of Centralized wallets
1. Coinbase
2. Nexo
3. Luno

Any wallets that ask you create an account with mail and password is centralized, they monitor your private keys for you, be smart

I have little knowledge about Nexo platform. But in my own opinion i would not term coinbase or luno as crypto currency wallet.
They are all centralized exchanges where you can exchange your bitcoin to fiats or from fiats to bitcoin and so on and so forth.
And another one you missed to mention is the Blockchain APP.

I can only advise that you move out your assets to paper wallet once you have completed your conversion on these platforms.

[Twinkledoe]

Example of Centralized wallets
1. Coinbase
2. Nexo
3. Luno

Any wallets that ask you create an account with mail and password is centralized, they monitor your private keys for you, be smart

Not just the three but many more. Actually these wallet are good the only thing you need to worry about is the funds that you put there when the wallet got compromised. Many complains has been noticed in the past due to lost funds and they cant recover it.

Even exchange wallets are too risky so better not to store huge coins there when you used it. Always safe to download own wallet which you hold the private key. I have funds on exchange but I never put everything there for safety or even I have huge one, I am not holding it there for a very long time.

Bottomline, store your coins where you can have full control of what to do with your coins. Hardware wallets are the best option for me. It is you alone, who is responsible for what will happen to your coins. If you can't avoid using centralized wallets for some reason, make sure that you are not storing your bulk of portfolio. For example, make it as a trading wallet and transfer it once you're done.

[dainoran]

fortunately you provide this important information as soon as possible otherwise I will lose my assets, and I will be more careful in choosing a wallet.

[masterrex]

Do you even know the difference between Centralized wallets and Dec wallets? Days back I lost my coinbase account and the team aren't helping, I'm glad I only have little Bitcoin on the account, would have been a different story if I use coinomi or atomic wallet because they give users 💯 control over their funds, private keys and recovery seed are important, always remember that

Example of Centralized wallets
1. Coinbase
2. Nexo
3. Luno

Any wallets that ask you create an account with mail and password is centralized, they monitor your private keys for you, be smart

In my opinion, storing your cryptocurrency in centralized wallets like those in Binance is not bad at all, if it is your purpose and also doing some trading sessions in there because I'm using a centralized wallet for exact in the Binance exchange since 2017 but I never encountered any problem so far, we as the owner of any centralized wallet like we use in the crypto exchange has also a responsibility for our funds, if we are away for a couple of days, it should be wise to withdraw our funds and stored it in our wallet with a (Private Key) in just case if something wrong is going to happen in the centralized exchange that we use our funds still safe even we are away.

[istiak2277]

I use coinbase only for their internal fun transfer system without any charge. I think this is pretty unique and useful for low fund transferring on multiple accounts. However, I actually like Trustwallet as a decentralized wallet. So I think in some way wallet like coinbase is good and their support not help their user that accusation is not fully true. My friend got his coinbase account back after his account was locked for someday though exceptional case can be found.