Stay away from centralized wallets

[Clark05]

Before I don't know what is the difference of the centralized to dec before, I used now centralized wallet that is still good to me.
I don't care what kinds of wallet that I use because my priority is the safety of my bitcoin and my other altcoins that I have..
If other people think having centralized wallet is not good so stay away because we have freedom to choode what we use.

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[Botnake]

Online wallets are even worse. Just use wallets without registrations. I dont now why people like custody solutions so much

Maybe because it's plain and simple, some even use exchange wallet as they can easily trade it.
In my case, I use electrum wallet, I was hack once but I still feel confident using it.

I don't care what kinds of wallet that I use because my priority is the safety of my bitcoin and my other altcoins that I have..

Make sure you care, it's your money that is in the wallet, if that wallet provider is not reputable, please avoid using it, that's the way to protect your coins.

[Ken_terrance]

Online wallets are even worse. Just use wallets without registrations. I dont now why people like custody solutions so much

Lol people like been slave to others, freedom can be a threat to people sometimes, decentralized is freedom right but not centralized, I expect people to get closer to decentralized more but some like centralized taking control

[Twinkledoe]

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.

It's a very bad move to leave your coins on any exchanges, either top or small exchanges, they aren't safe, anything can happen to them at any time, binance is well organized but doesn't mean it can't be jailbreak, it already happened once

The good thing with Binance is they will not let their clients empty handed if in case they will be hacked again. Hopefully not. They will return what is owed to its clients. However, it should not be the reason to store your coin in exchanges like BNB. It is still better to have full control of your funds, your own wallet or private keys. On my end, I will store my coins in my hardware wallet rather than centralized wallets. You have no peace of mind if your portfolio is with them. Because one day, a very smart hacker may break in their security walls and your coins are gone forever.

[BlackFor3st]

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

That is the problem with centralized exchange as we will not know whether our money is still safe if we are going to store it for months or years as we will not know the action behind the team of the exchange because they can just easily close your account if they like to and your money will be lost. But as of this moment, I am using a centralized exchange but I am not that worried because it is a local exchange where we can easily reach the customer service if we have problem with our wallets.

But if you have huge amount of money it will be best if you will just put it in a safe way and centralized exchange is not one of them. 

[Krabby]

Online wallets are even worse. Just use wallets without registrations. I dont now why people like custody solutions so much

Because it's simple and fast. That is why people like to use online wallets. As long as you store your private key carefully, I believe your property will always be safe and no one will be able to steal it from you.

[lienfaye]

Using centralized wallet has risk so make sure to understand everything before you create an account and store your hard-earned coins.

Im using xapo before then I switched to blockchain, now im using our local centralized wallet for the purpose of cashing out but I dont store my coins there for long period because its quite risky. They can deactivate your account if they see something unusual that might against to their rules.

Its still best to use a decentralized wallet, its much safer since you hold your private keys and no one can access it.

[Mianae]

Your funds can get locked up for reasons best known to them and there will be nothing you can do about it. This applies to centralized exchanges as well where your funds are stored by the exchange anything can happen to the funds at any point in time.

[go1lo2va3]

Make sure you care, it's your money that is in the wallet, if that wallet provider is not reputable, please avoid using it, that's the way to protect your coins.

People do care, but they trust different things. Some of us trust only ourselves, which is the whole concept behind Bitcoin but NOT unfortunately the whole concept behind 90% of crypto that requires you to trust them, the company or the issuer. And to be fair, if I couldn't trust myself and my knowledge of bitcoin I'd probably also want someone else to keep my coins for me. Hence why people go to seek out wallets they feel can take care of their funds for them.

Thus being said I hope there will be more ease in learning new about crypto.
It still is a hard concept to understand (and to explain) for most of the people.
If more people would understand what crypto really is - there will be less users of centralized /online hot wallets for sure.

[rexxarofmoknathal]

There is a reason why decentralisation has gone so far and offered us so many wonderful and innovative ways to take care of our investments and capital in general. Having said this, going for centralised wallets on your decentralised investment does not makes much sense right? By doing so there is unnecessary exposure and increased risk of losing all that money - so be cautious when choosing to join the crypto industry there're many ways to get ripped off.

[mersal]

Online wallets are even worse. Just use wallets without registrations. I dont now why people like custody solutions so much

Because it's simple and fast. That is why people like to use online wallets. As long as you store your private key carefully, I believe your property will always be safe and no one will be able to steal it from you.

Online wallets doesn't give you private key, they manage it by themselves so you have no control over your funds, even the authority of that wallet can take all the money and run away still you can't do anything.Wallets with private keys are decentralized but some of them are not really decentralized so choose your wallet wisely.

[Lordshiva]

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

same thing happened with my xapo wallet....i lost my account and they were not even replying to my mails...very unprofessional behaviour from them and and i lost my savings of bitcoin there....so i would also recommend the same

[rdewilde]

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

The first and main idea of blockchain is decentralization, that is, users are in charge of their details and so forth, centralization on the other hand goes against this idea, hence users are still at the mercy of these platforms, if their funds isn't stolen by the platform (in some cases though), it gets hacked etc. Hence, i agree with you totally, these centralized wallets should be avoided at all cost because it reduces security of assets which is also the same reason it is not safe to save assets on centralized exchanges. As for me, there is a greater feeling that comes with being in charge of your assets and knowing that no one monitors it apart from you.

[isaac_clarke22]

In short, you're pointing in online wallets.
Yes and newbies should know that their private key should be upon their responsibility and not by someone else, because it is their loss in the end as they are the one putting their moneys in those wallets not the devs behind the wallet, well maybe minor losses from service charges but the users have it the worse damage.
Consider also OP the exchange wallets as it has become a habit for some people to just be lazy and leave their funds beside an exchange.
I remembered the hack in Binance during August 2019, and people should learn from that.

[jostorres]

I still make use of Coinbase but I don’t use it as a storage, it’s mainly when I want to trade and I don’t even use it regularly, and I also use it for monitoring the prices of cryptocurrency and getting notifications whenever there are changes.

I also use Blockchain, it might be a Centralized cryptocurrency wallet, but I like their wallet and simple interface that’s very user-friendly. I once lost access to my wallet but then I was still a newbie, and was able to recover that wallet when I knew that every wallet is attached to your email, so I was able to log back into that old wallet with its ID and recovered everything. I make use of Trust wallet as well, it’s a decentralized wallet.

[gundala]

same thing happened with my xapo wallet....i lost my account and they were not even replying to my mails...very unprofessional behaviour from them and and i lost my savings of bitcoin there....so i would also recommend the same

Very ironic. Hopefully, your experience can be a lesson for us all. Well, the safest wallet is to use a hardware wallet, especially if we store cryptocurrency in large quantities. However, if you want to use an online wallet, both for PCs and smartphones, you should use a truly secure wallet with good reviews. For BTC, use a wallet that has been verified by Bitcoin.org. The wallet in the list has been analyzed based on specified criteria.

[thisnewcoin]

I still make use of Coinbase but I don’t use it as a storage, it’s mainly when I want to trade and I don’t even use it regularly, and I also use it for monitoring the prices of cryptocurrency and getting notifications whenever there are changes.

I also use Blockchain, it might be a Centralized cryptocurrency wallet, but I like their wallet and simple interface that’s very user-friendly. I once lost access to my wallet but then I was still a newbie, and was able to recover that wallet when I knew that every wallet is attached to your email, so I was able to log back into that old wallet with its ID and recovered everything. I make use of Trust wallet as well, it’s a decentralized wallet.

Exactly! I have been using Coinbase wallet for more than five years, haven't faced any problem there, but I know whenever you face problems, you have the option to recover through your email! Therefore Coinbase has a support desk too, sadly that is very slow! But still, Centralized wallets are not be suggested to store assets for a long time, as like the centralized exchanges!

[Estrange18]

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

Describe your case with Coinbase better and how you lost your account there. As I know their support is quite friendly and helping when they can. I know 1 guy who got hacked his coinbase account and only fast reaction of the  coinbase support saved his money

[Little Mouse]

Describe your case with Coinbase better and how you lost your account there. As I know their support is quite friendly and helping when they can. I know 1 guy who got hacked his coinbase account and only fast reaction of the  coinbase support saved his money

It is not about being hacked or losing funds. In centralize wallet, you have no access over your fund directly. That's why sometimes you have face a lot of hassle. Coinbase is a good one no doubt but can you believe I had stucked with around 0.10 BTC for couple of hours because they did not let me send BTC. There was no reason, nothing doubting. But if it was no centralize wallet and I had all access, I did not need to wait such long time for sending BTC.

[Krislaw]

The fact that you have lost access to your wallet does not mean that all centralized wallets are bad and not trustworthy. There are many examples of wallets that work for a long time and have an impeccable reputation. The question is always about how you relate to your security, whether there are any gaps or vulnerabilities in your system.

Exactly what I was about to ask now. Centralised wallets aren't secured, yeah, but they can be easily recovered if you forget your details like password. You can also enable 2fa on your wallet but decentralized wallet on the other hand, if you lose your details like private key or phrase, there can't be any support to help you. That's what makes you have control over your wallet.