Stay away from centralized wallets

[Skinny48]

Hackers is the main reason to be worried about when it comes to centralized wallet and exchanges, some centralized platforms are good and trustworthy like binance and Coinbase but once hacker took over it's over, your funds ain't coming back

[marks1976]

Hackers is the main reason to be worried about when it comes to centralized wallet and exchanges, some centralized platforms are good and trustworthy like binance and Coinbase but once hacker took over it's over, your funds ain't coming back

They will reimburse you if the reason the money is stolen because their mistake mainly security concer but ofcourse there's a big chance that they just won't or just reimburse half of what you lose so thats why people keep warning the newcomers why not to save their money in an exchange. everything has risks but saving up your money in exchange is basically letting stranger manage/store your money.

[PerfectCircle]

I trust coinbase wallet even if they don't give users private key, I use coinbase for trading that's why I deposit on coinbase wallet, I only move to other wallet if I tend to keep the coin for a very long time

[miklesm]

If you are a long-term holder, you should always use decentralized wallets for holding crypto. It is a guarantee your funds will be safe in the future, while centralized wallets might just disappear.

[Freewallet]

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

Hi there! We wanted to follow up with you regarding a login issue. Feel free to send me more info via DM. Thanks!

[perfect999]

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.

I agree but if your coins are stored at a centralized wallet of the caliber of coinbase then I sometimes believe it is actually better to use a centralized wallet if you are not well versed with how core wallets work and what exactly decentralized wallet means.

Why I am saying this is because there are numerous ways of recovering your coins in a centralized wallet since you can set your email and 2FA to access your coins but if your wallet is a core wallet and you are not careful you can loose your coins in a single mistake.

Also hackers can access your files through a malware but if you have 2FA setup on coinbase they can't do anything literally.

[Taufik blackspade team]

Hackers is the main reason to be worried about when it comes to centralized wallet and exchanges, some centralized platforms are good and trustworthy like binance and Coinbase but once hacker took over it's over, your funds ain't coming back

They will reimburse you if the reason the money is stolen because their mistake mainly security concer but ofcourse there's a big chance that they just won't or just reimburse half of what you lose so thats why people keep warning the newcomers why not to save their money in an exchange. everything has risks but saving up your money in exchange is basically letting stranger manage/store your money.

You are right, if for daily trading it is possible to save money in exchange. but for long-term investment, it seems like it's all risky. why not use a wallet that is safer and can be held by itself? it will be safer than hackers.

[Dollar_Hunter]

while bullish like this we really have to be careful in terms of storing our assets,
especially in the centralized wallet as in exchange, some experts say that hacking cases will increase

[pikkie]

Hackers is the main reason to be worried about when it comes to centralized wallet and exchanges, some centralized platforms are good and trustworthy like binance and Coinbase but once hacker took over it's over, your funds ain't coming back

They will reimburse you if the reason the money is stolen because their mistake mainly security concer but ofcourse there's a big chance that they just won't or just reimburse half of what you lose so thats why people keep warning the newcomers why not to save their money in an exchange. everything has risks but saving up your money in exchange is basically letting stranger manage/store your money.

I think the money that has been stolen by the thieves behind this case will be difficult to return the assets of others, because I myself have experienced this case, at that time I tried to log in at one of the exchange sites that have the system, because I just lost my assets when I entered the exchange like that and I saw a history of withdrawal from my wallet even though I didn't do that, so stay alert when using your wallet at the exchange.

[StreakW]

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

When i first joined in cryptocurrensy, i using wallet like that to store my bitcoin and a few days later my bitcoin disappeared, so i contact their support but can't solve my problem, it was because they can control our money. So i stop using their wallet and tried to learn more about bitcoin wallet and I found my mistakes, wallet must be decentralized.

For newcomers, this link will help you so much to find your wallet https://bitcoin.org/en/choose-your-wallet?step=5&platform=windows

[cryyppton1]

I think everyone in the crypto should know that Decentralize wallet is the right safe and secure wallet for  crypto assets because you are in control of your assets anytime . while even the best Centralize wallet is still risky  as the platform might decide to pack up anytime and they will go with your asset. I lost some assets to cryptopia including my Electronuem .

the only good thing about a Centralize wallet is that if you forget your password you can easily reset through your email  while for a Decentralize wallet when you lose your password and mnemonic phrase you may not see help from anywhere,

[semobo]

Just go for the wallet with private key access, all those centralized wallets are exchange but they offer wallets too for conveninet usage which maybe for someone who is looking to buy for the first time but definitely you need your wallet to store your coins.

[irixo10]

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 need to keep reminding people of this can't be overemphasized because it is really important as it is a matter of money. Centralized wallets are not good forms of wallet and should not be used, no matter the advanced features within it, it should be ignored. A good type of crypto wallet are those that makes it possible for users to own and manage their private keys, thus they can import their wallet anywhere they like without issues. As for the centralized wallets, the users are always at the mercy of the developers because exit scam can easily be done, even exchanges wallets are not encouraged because they are not secured too. Lastly, some examples of good crypto wallets are Imtoken, Trust wallet, Enjin, Atomic etc.

[cryptoknightt]

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 need to keep reminding people of this can't be overemphasized because it is really important as it is a matter of money. Centralized wallets are not good forms of wallet and should not be used, no matter the advanced features within it, it should be ignored. A good type of crypto wallet are those that makes it possible for users to own and manage their private keys, thus they can import their wallet anywhere they like without issues. As for the centralized wallets, the users are always at the mercy of the developers because exit scam can easily be done, even exchanges wallets are not encouraged because they are not secured too. Lastly, some examples of good crypto wallets are Imtoken, Trust wallet, Enjin, Atomic etc.

if so, why do people make centralized wallets? is their goal all to take money from people who use their wallet. I don't think so, but there may be some cases that make or cause it to happen.
if indeed such a wallet is no longer useful, people will definitely not use it.

[Em00n01]

I am agree with you. They block account without any reason. If you search on Google you will find many cases like this. So i stopped using coinbase and suggest all of my friends to use Trust wallet or Imtoken.

[dataispower]

I am agree with you. They block account without any reason. If you search on Google you will find many cases like this. So i stopped using coinbase and suggest all of my friends to use Trust wallet or Imtoken.

Coinbase blocks accounts without any reason? Sounds weird since I've been using coinbase wallet for so long with no issues. However, I'm not saying centralized wallets are the best since user transactions/spendings are monitored. Trust wallet for now is where I keep a bulk of my funds.

[andycarrol]

I am agree with you. They block account without any reason. If you search on Google you will find many cases like this. So i stopped using coinbase and suggest all of my friends to use Trust wallet or Imtoken.

if they commit crimes like that then the place of exchange is very terrible because it can make the cryptocurrency assets that you have lost and can not make withdrawals of assets, I think an exchange place that has a system like this is still not ready and can not be said as a safe exchange.

[Bezobraznike]

   Great educational thread! This should be in the first things to do when starting with crypto-currencies, doing research about
wallets, private keys, what all that means. How to be your own bank, how to protect your funds and how to have full control over
your funds. Decentralized is always better than centralized, it's what I learned with crypto-currencies!
   

[KaratX]

It's for your good to always store coins in a wallet that has private keys or recovery seed, coinbase can get hacked and they might decide not to do any refund to users like what binance team did year ago when the exchange was hacked

[Maxstl007]

That free wallet is not a good wallet, it's a complete scam wallet from team who are ready to rip you off at any time and since they don't give users access to private keys even complicate the whole thing, this is a wallet you need to stay away from