Stay away from centralized wallets

[FOPL]

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

The use of decentralized wallet is the best way to save crypto assets. That is why i always give gratitude to the fact that i knew the difference between centralized and decentralized crypto product right from the moment i joined crypto space. I advise everyone to move their assets to decentralized wallets

We never had the chance to get first-hand info relating to the choice of crypto wallet. Those who introduced us to crypto were users of centralized wallets so we had to follow their recommendation. When we finally familiarized ourselves in the space we realize there were equally good alternatives. I'm currently using Atomic Wallet which is a non-custodial and supports multi coins. You have access to the private keys to each asset on a different blockchain, making it easier to export your wallet at any time. The only time I use centralized wallet is when trading and even with that I usually use https://changenow.io/ as don't actively trade lately.

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[Abiky]

You are right. That is why we have to use decentralized wallets. Advantages of decentralized wallets over centralized ones is the security which it posses. The Decentralized wallets does not depend on any third party services. The entire control of the wallet remains in the hands of the users.

Exactly. Decentralized wallets are the best way to secure your crypto for the long term. As long as you hold the private key, you can feel confident that your funds will be safe no matter what (only if you follow necessary precautions to secure it). Most newcomers into crypto are often inclined to centralized wallets, because they're much easier to use than their decentralized counterparts. For storing small amounts of crypto, they work just as intended. But if you're planning to store a substantial amount of money in crypto, then using a decentralized wallet is the way to go. This includes both software-based and hardware-based wallets.

Personally, I use Electrum alongside a hardware wallet like the Ledger Nano S for complete control of my Bitcoin. Since I hold the seed (and private keys), I can retrieve or recover my funds at any point in time. That's not possible with centralized wallet providers like Coinbase or Xapo, as they control the keys themselves. If there's a hack or the company goes down, you'll lose all of your hard-earned money along the way. With decentralized wallets, the risks of hacks or theft are reduced to the bare minimum. Not exposing your private keys to the public, conducting sensitive transactions offline, and even using multi-sig will allow you to have complete confidence and control over your crypto balances with a decentralized wallet. Even so, many people will continue to patronize centralized wallet providers due to their easy learning curve. At least, people have a choice to choose from one type of wallet to another thanks to the decentralized and open source nature of crypto. Just my thoughts

[amos77978]

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

I only make use of centralized wallets when I'm withdrawing to cash.. centralized wallets are a total RIP off..  and theres a popular saying.. "not your keys.. not your funds"

[joinfree]

You are so right brother, Centralized wallets are not the way to go currently in this industry especially if you value the safety of your money. Just consider this bug issue that occurred with Yam project what if any centralized wallet also has a similar bug? This will lead to huge funds of wallet from users. I think we all need to stick to non custodial wallets such as Vidulum, Guarda and Atomic wallet.

[Shasha80]

It is true that many have experienced disappointment due to using centralized wallets, because it is like a bank in the real world.
We must be willing our funds being controlled by third parties, which results in us no longer having privacy.Therefore, it causes
many centralized wallets to impose KYC procedures, which can lead to misuse of data. It is advisable to store coins on hardware
wallets or decentralized exchanges.

[pedpedped101]

You are so right brother, Centralized wallets are not the way to go currently in this industry especially if you value the safety of your money. Just consider this bug issue that occurred with Yam project what if any centralized wallet also has a similar bug? This will lead to huge funds of wallet from users. I think we all need to stick to non custodial wallets such as Vidulum, Guarda and Atomic wallet.

There are several wallets that give the total right to control. They are inexhaustible, so I see no reason why using centralized wallet should be encouraged.
The fact is that you are right. Apart from the Yam project saga that just happened, there have been series of hacks and all boil down centralized wallets. Why then should we continue to risk our funds?

[Bitcoin Miners]

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

Thanks for your warning, I am also holding Ripple in Coinbase and before, I quite believed on it and Blockchain.com. Maybe, it's time I should save my money in cold storage wallet

[Annamike]

Hmmm, centralized wallet thought me the biggest part of my Crypto lesson last year, I lost everything I worked for and that was the end of me and centralized wallets. I wish people can read this post and adhere to it especially newbies

[crypticj]

I just dont understand why people like centralized solutions os much. There are a lot of good non-custody solutions. Exodus, ownr wallet, coinomi, etc. They just better than any custody app

[foxy]

There are so many good non-custodial wallets these days that we don't need any custodial wallets to manage our funds. Not your keys, not your coins is a true saying in the crypto. Trust wallet and MATH wallets are one of the best IMO.

[slashz9]

It is true that many have experienced disappointment due to using centralized wallets, because it is like a bank in the real world.
We must be willing our funds being controlled by third parties, which results in us no longer having privacy.Therefore, it causes
many centralized wallets to impose KYC procedures, which can lead to misuse of data. It is advisable to store coins on hardware
wallets or decentralized exchanges.

then why do people make it like that, and why do people still use it. what is the main reason everyone who uses such a wallet does not know the difference between a centralized and a decentralized wallet.

[NoG-NoG]

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

This is an informative and very substantial thread which is very useful to mostly newbies in the crypto world. It is really good to have a decentralized wallet instead of centralized because you are the only one who can control everything in your wallet not like in centralize because they all have you essential information.

[bobyhodob]

There are so many good non-custodial wallets these days that we don't need any custodial wallets to manage our funds. Not your keys, not your coins is a true saying in the crypto. Trust wallet and MATH wallets are one of the best IMO.

Of the two wallets that you provide, I prefer to use a trust wallet because I have a bad experience with other wallets and I think trust wallet wallets have very high security and are certainly very safe to use by other coins.

[Nancyo]

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

Well I have used Luno for a very long time and so far I haven't had any issues so far with them, though I don't normally leave huge amount of token in it and also Coinbase have been on and off with it and still no issue, probably luck has been on my side

[Abiky]

It is true that many have experienced disappointment due to using centralized wallets, because it is like a bank in the real world.
We must be willing our funds being controlled by third parties, which results in us no longer having privacy.Therefore, it causes
many centralized wallets to impose KYC procedures, which can lead to misuse of data. It is advisable to store coins on hardware
wallets or decentralized exchanges.

Exactly. Centralized wallet providers are no different than traditional banks themselves. After all, they're custodians of your crypto private keys (which gives them access to your funds). I'd suggest anyone to use decentralized alternatives in order to gain the full benefits of crypto/Blockchain technology. From the ground up, crypto is meant to eliminate the middleman from the system. Trusting a middleman to take care of your funds, is no different than doing so with a bank. With decentralized wallets, one can easily enjoy of greater security and reliability than centralized alternatives. The responsibility of securing crypto funds will lie in the person himself instead of a third party. As long as people don't make mistakes when using a decentralized wallet, their funds will be safe virtually forever.

All in all, I believe that centralized wallets won't be going anywhere due to their easier learning curve. Newcomers into crypto will find these type of wallets to be quite convenient for daily payments. However, experienced crypto users will choose decentralized wallets on top of centralized ones because of their unmatched security & reliability. For storing large amounts of crypto in the long term, decentralized wallets serve as your crypto "swiss army knife". If you're still planning on using a centralized wallet, it's advised to store very small amounts of crypto to reduce risks as much as possible. Just my thoughts

[jacafbiz]

This is very important, do not use any centralized wallet, if you do not have conrol of your private keys then it is not yours. I remember when I started in the space and was using a multipurpose wallet, when Dash pumped I want to withdraw the coin, the wallet provider has gone under.

[Denongels]

This is very important, do not use any centralized wallet, if you do not have conrol of your private keys then it is not yours. I remember when I started in the space and was using a multipurpose wallet, when Dash pumped I want to withdraw the coin, the wallet provider has gone under.

sorry to have heard of your loss, I myself have also experienced an uncomfortable incident when using Coinbase when I held 0.01 btc at a time when bitcoin was quite high, coinbase suddenly freeze my wallet because it was considered suspicious activity and unfortunately when bitcoin crashed deep enough they just opened my wallet and this is the most annoying thing and because of that I don't use Coinbase anymore.

[Danslip]

This is very important, do not use any centralized wallet, if you do not have conrol of your private keys then it is not yours. I remember when I started in the space and was using a multipurpose wallet, when Dash pumped I want to withdraw the coin, the wallet provider has gone under.

sorry to have heard of your loss, I myself have also experienced an uncomfortable incident when using Coinbase when I held 0.01 btc at a time when bitcoin was quite high, coinbase suddenly freeze my wallet because it was considered suspicious activity and unfortunately when bitcoin crashed deep enough they just opened my wallet and this is the most annoying thing and because of that I don't use Coinbase anymore.

Unless you have violated the terms&conditions there is no way Coinbase blocks the account. Only banks in some EU countries have strict rules against the transactions from/to crypto exchanges, maybe the amount has not been released by the bank side. Logically, the interest of exchange to get more volume, why the exchange should block the account. One more reason can be the funds coming from gambling platforms which is prohibited by many exchanges included Coinbase, AFAIK.

[ChrisPop]

While wallets which do not provide exclusive control of the priv keys to the user are not the best, they sometimes offer some additional perks for less technical users like retrieving the password, etc. Obviously that takes aways from security, but also reduces the chance that the user loses access to the wallet.

My recommendation is that people educate themselves first and then try to use a new technology especially when they want to deal with higher figures.

[Bitcoin Miners]

After considering carefully, I had decided to buy Ledge Nano S a few days ago and I have good feeling with it, all operations are extremely simple and fast and I feel more secue about my property.