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Author Topic: Stay away from centralized wallets  (Read 2994 times)
mt55
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July 27, 2020, 01:07:39 PM
 #181

Exchange wallets & online wallets are not safe. There is always a risk when you keep your funds at there.You should use a hardware wallet. It's the best way to keep your funds safe.

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July 27, 2020, 02:20:25 PM
 #182

Centralized wallets are same thing with centralized exchanges wallets, they give you no private key for your wallet on any exchange that's why it's bad to leave your coins and tokens on any exchanges even if it's a big or popular exchange

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July 27, 2020, 02:28:57 PM
 #183

You have not given the disadvantage of decentralized wallet that people are compelling to use. For a newbie, it is generally advisable to use a centralized wallet because it is generally easy to use and you can easily recover your wallet back in case you don't know the password. This is entirely different for DEX wallet because it is more complex to use

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July 27, 2020, 03:17:02 PM
 #184

There are positive points in a centralized wallet because we are practically in control of our privacy and we are certain of the transactions carried out. However, any error in transactions is practically irreversible and this also occurs in a DEX. This comment that I'm making is for personalized/personal wallets and in particular the wallets centralized on websites or cloud should be studied personally with great caution.

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July 27, 2020, 05:15:32 PM
 #185

Exchange wallets & online wallets are not safe. There is always a risk when you keep your funds at there.You should use a hardware wallet. It's the best way to keep your funds safe.
indeed, only the money that you use for trading you can keep on the exchange. I have already lost some money on the exchange several times due to hacker attacks and now I do not keep money on the exchange

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July 27, 2020, 05:35:27 PM
 #186

Centralized wallets are same thing with centralized exchanges wallets, they give you no private key for your wallet on any exchange that's why it's bad to leave your coins and tokens on any exchanges even if it's a big or popular exchange
if trading is not a problem, but for investment you have to keep it in a decentralized wallet, of course for the long term it will be safe,
like Myetherwallet, Ledger, Blockhchain.com


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July 27, 2020, 06:00:19 PM
 #187

Centralised exchange can actually help one recover their lost fund in case you lose their login details.  However, some of the do lock one out. Decentralised wallet advantage is huge because one can easily plug to exchanges and trade from his/her wallet. Like INJECTIVE PROTOCOL  exchange is designed to be a second layer exchanges that is border less on other DEX. It will be easy for one to have access to different exchanges to trade.

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July 27, 2020, 06:31:31 PM
 #188

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

OP this is an awesome tip, and thanks for pointing out some of these centralized wallets. I think blockchain wallet is missing out. I wonder why a wallet will require KYC, this sucks. I mainly use trustwallet, there is no need for email or KYC. I tried swapping ETH / xlm on blockchain wallet and KYC was a requisite. Decentralization is far fetched in the real sense.


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July 27, 2020, 07:44:17 PM
 #189

Exchange wallets or online wallets are too risky to use. People should use that wallet which are protected by seeds, personal keys or key store file. Centralized wallet is not trust able for hold any asset cause authority always can spy on your asset. That why people want decentralization system. The bottom line is store your asset in that wallet which you have fully controlled.

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July 29, 2020, 02:11:20 AM
 #190

Crypto101, never put your coin in a centralized wallet. You will never know what will happen to the provider of that centralized wallets so you put your wallet at risk when staying there.

Exactly. Unfortunately, newcomers into cryptocurrency believe that as long as they can access their funds from centralized wallets, everything is safe. But if you don't own the private keys, you don't own the coins. Centralized wallets introduce the risks of a single point of failure. Imagine if one day the company hosting the wallet becomes hacked or ceases operations. You'll lose your entire crypto funds with no turning back. It's best to use non-custodial wallets, even if they have a steep learning curve. Sometimes it's best to take the hard route, in order to prevent many undesired losses in the future. Crypto and Blockchain tech is all about eliminating the middleman from the system. That's what makes them different from traditional banking and Fiat currencies we know and love today. Using centralized wallets will make matters worse as you're giving power to big corporations and governments. By using a non-custodial wallet that gives you access to private keys, you'll gain complete control over your hard-earned crypto funds. Not only that, but you'll also be contributing towards the decentralization of the entire crypto/Blockchain space.

Therefore, the golden rule is to stay away from centralized wallets as much as possible and protect your private keys from prying eyes. Once you do that, you'll be confident that your funds will last for as long as crypto exists in cyberspace. Just my opinion Smiley

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July 29, 2020, 07:23:33 AM
 #191

Exchange wallets & online wallets are not safe. There is always a risk when you keep your funds at there.You should use a hardware wallet. It's the best way to keep your funds safe.
That depends on what kind of party who have been running such service. When they rarely updating their security and software, there was a very big possibilities for their service to be hacked.
We have experienced the hacked cases so many times.


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July 29, 2020, 07:28:15 AM
 #192

Centralized wallets are useful for just mean time but a big bad idea for keeping or storing coins and tokens, the team in charge of the wallet are the one keeping the private keys for you and not your key not your coins, always remember that

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July 29, 2020, 07:38:29 AM
 #193

Centralised exchange can actually help one recover their lost fund in case you lose their login details.  However, some of the do lock one out. Decentralised wallet advantage is huge because one can easily plug to exchanges and trade from his/her wallet. Like INJECTIVE PROTOCOL  exchange is designed to be a second layer exchanges that is border less on other DEX. It will be easy for one to have access to different exchanges to trade.
Wallets and exchanges have differences as well, there are some online wallets which are not really an exchange we should avoid them at all for no cost.Centralized exchange's wallets are useful for trading our coins but for storage purpose it is not meant to be.No matter how better security system they have its not a good idea to keep funds there.Trading on deentralized exchange is really secured way but unfortunately we don't have much trading volume there.

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July 29, 2020, 07:45:58 AM
 #194

Freewallet team are scammers, once you lose access to your email and password ( login details ) just forget your coins, I used to use freewallet when I still love using faucets and hunting airdrops, I lost some satoshis to freewallet simply because I couldn't log into my wallet again, the team never helped either

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July 29, 2020, 07:51:21 AM
 #195

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

Use centralized wallets is again the cryptoworld, we want decentralization and be independent from the banks! I personally use Freewallet only for little imports and because it's very useful from my laptop. Do you know decentralized wallets that i can use also from my desktop ?

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July 29, 2020, 07:56:47 AM
 #196

Coinbase wallet and Luno wallet are still very good but I use these wallets for trading only and after few minutes or hours I move out my coins to my personal wallet which I have it's private key or Mnemonic seed, it's safer this safe

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July 29, 2020, 09:40:26 AM
 #197

Freewallet team are scammers, once you lose access to your email and password ( login details ) just forget your coins, I used to use freewallet when I still love using faucets and hunting airdrops, I lost some satoshis to freewallet simply because I couldn't log into my wallet again, the team never helped either

Dear Claudio99,

Could you please share your support ticket number or your User ID so we can look into it?
We’ll be happy to assist in recovering access to your account.
Also, please make sure you contacted us via the support portal here: https://bit.ly/2rgGdRw.
Thanks, looking forward to hearing back from you!

Freewallet, The Mobile-First Cryptowallet Developer
Learn more about Freewallet and our apps: freewallet.org
Freewallet 24/7 assistance: https://bit.ly/2rgGdRw or reach out to us directly on Facebook or by PM.
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July 29, 2020, 10:03:39 AM
 #198

Exchange wallets & online wallets are not safe. There is always a risk when you keep your funds at there.You should use a hardware wallet. It's the best way to keep your funds safe.

I completely agree with you, if we look back, we will see that exchanges may hack, even the most reliable, and find vulnerabilities in wallets.

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July 30, 2020, 07:31:48 AM
 #199

Coinbase wallet and Luno wallet are still very good but I use these wallets for trading only and after few minutes or hours I move out my coins to my personal wallet which I have it's private key or Mnemonic seed, it's safer this safe
What you do is also almost the same as what I do, because in general all people who trade in exchange will continue to use other wallets to store their assets to be more secure, because the Coinbase Wallet and Luno wallet can function as an exchange and also as wallet basically.


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July 30, 2020, 07:34:14 AM
 #200

Coinbase wallet and Luno wallet are still very good but I use these wallets for trading only and after few minutes or hours I move out my coins to my personal wallet which I have it's private key or Mnemonic seed, it's safer this safe
What you do is also almost the same as what I do, because in general all people who trade in exchange will continue to use other wallets to store their assets to be more secure, because the Coinbase Wallet and Luno wallet can function as an exchange and also as wallet basically.
honestly though the chance of these wallet you called like coinbase turns into scam or somehow got your money snatched is kinda low if you could keep your login information safe. they are big company and if anything happens they'll be the one responsible but still there's a chance for that like what happened to some exchanges in the past. The best option for us is always to keep the security by doing what's needed.

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