Stay away from centralized wallets

[crustycrab666]

Not your keys, not your coins.
The principle is clear, so be more selective in choosing a wallet or exchange that you will use to move with the crypto world. Everyone has their own tendencies, there are those who like centralized wallet and those who like a decentralized wallet. What's important is where you choose your service provider. Some of the members above also like Coinbase wallet, contrary to you, we do not force it. Your experience can be a lesson for everyone to not experience the same loss.

[Utoy101]

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

The concept of decentralization is unbeaten in the whole crypto space. When it comes to choosing a wallet for keeping crypto assets, i agree with your choice of a decentralized wallet as they give complete and absolute control to users over their desired assets and luckily, there quite a number of trusted decentralized wallets that can be used to stored crypto holdings

[nightflightcourt]

I'd like to remind everyone in this thread that you lose control of your crypto every time you send it to an exchange.
This problem has persisted for a decade and people still keep getting their money stolen after hacks or exit scams.

[Google+]

I'd like to remind everyone in this thread that you lose control of your crypto every time you send it to an exchange.
This problem has persisted for a decade and people still keep getting their money stolen after hacks or exit scams.

well indeed there are many places that have the potential to scam even some time ago I used a decentralized wallet I was hacked there is access to my wallet and all of my assets in the wallet were drained, the amount is very much frustrating because of loss, but at least I have experience and can be more careful.

[nightflightcourt]

I'd like to remind everyone in this thread that you lose control of your crypto every time you send it to an exchange.
This problem has persisted for a decade and people still keep getting their money stolen after hacks or exit scams.

well indeed there are many places that have the potential to scam even some time ago I used a decentralized wallet I was hacked there is access to my wallet and all of my assets in the wallet were drained, the amount is very much frustrating because of loss, but at least I have experience and can be more careful.

You should be able to trade out of the a private wallet directly from your desktop.
Any steps between (sending bitcoin out of the private wallet to an exchange where you lose custody of it and then back again) are just unneeded and bad security.
They're also splinter points to jam more KYC in.

[qtronix]

I think that everyone is well aware that crypto is dominated by decentralization and it is very important that only you should have access to the private key.

[kooboat]

Personally, I always make use of the two categories of wallets available. All wallets whether centralized or decentralized wallets comes with their issues, I believe there are still safety measures that users can easily  make use of in either ways to protect their funds.

[Mianae]

These wallets enables some transactions which Dex wallets cannot offer. There's a direct transaction of fiat to cryptocurrency and cryptocurrency to fiat on these wallets which gives users direct access to fiat and cryptocurrency. Keeping your login details should be your top priority not to lose them.

[zero714309]

This is my first time know about this or maybe I'm just little care ? Thank for inform us. Btw I never save my balance at those wallets, little risky. As i know Coinbase and Luno look good but after know this maybe i will more be careful.

[tiang_tower]

I think that everyone is well aware that crypto is dominated by decentralization and it is very important that only you should have access to the private key.

Yes, that's right, because if the private key is known by others, the same as the security of our wallet is gone, so the private key is for us, not for the public or others, because from the name alone it's very clearly written.

[Python Master]

you advice everyone to use decentralized wallets but you only point out some centralized wallets. it's much help if you recommend some good and trust decentralized wallets for us.

[sangjoewara]

you advice everyone to use decentralized wallets but you only point out some centralized wallets. it's much help if you recommend some good and trust decentralized wallets for us.

Everyone obviously uses several wallets according to their needs, if you want good and safe wallet suggestions, then you can see them here
https://www.buybitcoinworldwide.com/wallets/ or here
https://www.thebalance.com/best-bitcoin-wallets-4160642 ,hopefully the two sites can provide good instructions for you and don't be lazy in reading everything.

[Shallow]

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

This is quite true. The whole idea of the crypto space is decentralization, that is users assuming total control of their private keys, and private information but centralization in the crypto space tends to change everything. Private keys denotes that a user is in charge of his account and absence of that means the platform in question is in charge. Therefore when it comes to being totally secure, decentralized wallets should be used through this way removing prying eyes while being sure our assets are safe.

[Python Master]

you advice everyone to use decentralized wallets but you only point out some centralized wallets. it's much help if you recommend some good and trust decentralized wallets for us.

Everyone obviously uses several wallets according to their needs, if you want good and safe wallet suggestions, then you can see them here
https://www.buybitcoinworldwide.com/wallets/ or here
https://www.thebalance.com/best-bitcoin-wallets-4160642 ,hopefully the two sites can provide good instructions for you and don't be lazy in reading everything.

I'm using Electrum wallet. I just want him to put some good decentralized wallets at #1, someone will need.

[joseyphil82]

I know this topics have been create many times before but since we keep having newbies on here from time to time it's better to keep spreading the news about wallets, when newbies lose their coins they like blaming the technology so let it always be ' Your wallet Your private keys' stay away if it isn't so

[tabas]

People never learn. There's still a number of users that are storing their bitcoins and altcoins to the known decentralized exchanges such as:

• Binance
• Bittrex
• Bitfinex

and many more.

[joseyphil82]

People never learn. There's still a number of users that are storing their bitcoins and altcoins to the known decentralized exchanges such as:

• Binance
• Bittrex
• Bitfinex

and many more.

That's their problem, a word is enough for the wise, all we can keep doing is making same posts about online wallet and decentralized wallet for the sake of new comers, only those who don't like learning will miss this warnings

[ife2020]

This is the plain truth, either coinbase, or nexo, or blockchain, or luno or any application / website that lets you store bitcoin with just username and password is not safe for your funds.

This is why the introduction and basic knowledge about crypto currency is how to store our assets.
Likewise in addition, we should learn to move our large funds away from exchanges too, either dex or cex. Once you trade and get your profit, move to your paper wallet or cold storage

[cahbagus555]

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, the issue is not coinbase or something else, but don't keep coins in the exchanger wallet unless we are daily traders. If we store coins for the long term, save coins in a wallet that has a private key or seed words that we control, then we will be more comfortable

[tabas]

People never learn. There's still a number of users that are storing their bitcoins and altcoins to the known decentralized exchanges such as:

• Binance
• Bittrex
• Bitfinex

and many more.

That's their problem, a word is enough for the wise, all we can keep doing is making same posts about online wallet and decentralized wallet for the sake of new comers, only those who don't like learning will miss this warnings

Maybe it doesn't work even how hard we're trying to warn them.
That's their choice and money but we have warned them how important it is to keep their assets to the wallets they have the private keys.