Stay away from centralized wallets

[poodle63]

Except we just want to stay away from profitable coin in this market, this information on centralized exchanges does not scare as they present. Binance had this hack and Kucoin just had his but they are still offering services. Some exchanges are well prepared to handle some of this challenges and they make the right provision for it. Centralized also give opportunity to multiple chain wallets that most DEX does not, more also the transaction fee on the DEX are still crazy, so we cant because of security alone just would not take the risk in this profitable market.

The condition could get to the worst if the exchange are incompetent in keeping their asset and instead stashes all their coins in a wallet and once it got hacked it's gone just like what happened in the past. the top tier exchange though invest heavily on the security since they know that without the security they are nothing and probably went bankrupt due to the hacking and client distrust anyway. I mean it's still fine to use centralized wallet provided by exchange temporarily .

[odukoyaewatomi27]

A lot of people say it on the forum very often, "don't store your coins on exchanges or centralized wallets", but for some reasons some people fail to listen and they later regret it. No matter how big an exchange is, you don't have control over your coins stored on it because you don't have access to the private key. And we have seem a lot of times that any exchange can fall victim of hack and you could lose your money. Store your coins in your wallet where only you have the private key and full control over it.

[Smitty Werben Man Jensen]

A lot of people say it on the forum very often, "don't store your coins on exchanges or centralized wallets", but for some reasons some people fail to listen and they later regret it. No matter how big an exchange is, you don't have control over your coins stored on it because you don't have access to the private key. And we have seem a lot of times that any exchange can fall victim of hack and you could lose your money. Store your coins in your wallet where only you have the private key and full control over it.

Centralized wallets do not matter if they have a good security system, and you live in the area of the exchange,
of course it is very easy for you if there are problems, exchanges must have certification,
otherwise it is also risky for your crypto assets, exchanges are good for trading in the short term, not the long term

[Abiky]

I trust some of them. Take, for instance, BitGo. Many users rate this wallet as the most reliable. Firstly, the security level of is very high — two signatures are required for the transaction, the keys are stored on the platform and on the server, before using the funds, authentication is required in two stages. Secondly, the funds are not only protected, but also insured, which opens up great opportunities for entrepreneurs.

I think BitGo is the exception. Considering that it's a multi-sig wallet, your funds are still safe even if the company ceases its operations in the future (please correct me if I'm wrong). But centralized wallets without such a feature bring additional risks to the end user. I'd personally stay away from centralized wallets provided by companies like Coinbase, Xapo, and Blockchain.com. Since you don't hold the private key, there's no guarantee your funds will be recovered after hacks, theft, or the company shutting down its "doors" to its customers. Always remember: "Not your keys, not your coins". As long as you choose your wallets wisely, you'll be able to prevent many undesired losses in the long run.

All in all, people will choose the type of wallet they seem to fit best for their daily needs. We cannot force everyone to use decentralized wallets, as not everyone has the same tastes. Most people prefer centralized wallets because they're extremely easy to use. With no handling of private keys or seeds, centralized wallets prove to be a nice entry point for the newcomer in crypto. As long as you never put large amounts of crypto on a centralized wallet, the risk of loss will be reduced as much as possible. Just my thoughts

[UniversityCoin]

centralized wallets are very risky especially if you hold large amounts of assets. My advice is to use a trusted wallet such as Trust wallet or Coinomi. and safer if you use a hardware wallet. I never use or store assets in centralized wallets. i use trsutwallet wallet to store top altcoins and MEW to store the erc20 platform based tokens.

Doesn't the Trust wallet belong to the Binance exchange? I do not trust wallets located on exchanges, as well as wallets that are in any way connected with exchanges. The best wallet is a wallet to which you have both private keys and keywords.

[fuer44]

yes. At least recently there have been new projects that use a centralized wallet, because I entered my email there. While there is no theft, I don't think it will be a problem. If indeed the wallet monitors our private keys, I am fine as long as they don't steal from us. and hence, they should be more responsible because the ownership of the wallet is influenced by them too.

[Ludmilla_rose1995]

The safest crypto asset storage in my opinion is Storing using a Hardware Wallet. This method is the safest and recommended way to store your crypto assets. Especially if the amount is over $ 10,000. if you use a hardware wallet you will feel safe interacting with any site on your PC or mobile. There is no need to worry about installing applications from the Internet because the hardware wallet private keys are sealed inside the device and cannot be stolen by other parties.

[noorman0]

The best option when forced to deposit assets into a centralized wallet is one that manages to deal with hack cases and guarantees the return of customer assets. I am sure that trusted wallets will not block accounts just because of its asset value. Large wallets and exchanges are often the target of hacks, it is only natural that they apply extra security by blocking suspected accounts.
But anyway this is not recommended, it is better to keep privatekey yourself.

[khiholangkang]

For newbie I think a centralized wallet is a good start, with a centralized wallet we don't need to be afraid of losing assets, because if we forget the password we can still reset it
Whereas in a private / decentralized wallet, if we lose our private key, our assets will not be able to return.

[Ludmilla_rose1995]

For newbie I think a centralized wallet is a good start, with a centralized wallet we don't need to be afraid of losing assets, because if we forget the password we can still reset it
Whereas in a private / decentralized wallet, if we lose our private key, our assets will not be able to return.

The mistake that is often made by newbies is that they cannot maintain a private key and consider it trivial to store in a centralized wallet. Even though centralized wallets are very vulnerable to hacks.

[zaim7413]

The mistake that is often made by newbies is that they cannot maintain a private key and consider it trivial to store in a centralized wallet. Even though centralized wallets are very vulnerable to hacks.

Yes, mistake like that often happen to newbies because in their experience they also don't exist so they think the private key is not important to them, even though in general the private key is a very important code to be stored and should not be arbitrarily inputted into sites that are not important not trusted.

[Francis Freeman]

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

While it's clear that centralised exchanges and wallets are under the scan now, I think coinbase out of this list is trustable and they won't steal the keys but them getting hacked or played by a malicious actor is definitely in the picture.

[Desscount]

wallet centralization has been a bit dubious these days, because of the bad news about the exchange,
Kucoin users are victims, of course most will have doubts, Coinbase and Binance have better security systems now,
but I don't recommend you keep all your money there.

[Alohadanc3]

Yes I also think that centralized wallets are not good. They are catch many people eyes because of marketing or the amount they spend on marketing. I always prefer decentalized wallets which are preferred by official projects or I use official wallets. And if you still want to use multi wallets there are lots of option available. You can try math,exodus and many more available. When you use decentralised wallets your asset are in your hand. I think everyone one should use decentralised wallets. That's it.

[UniversityCoin]

For newbie I think a centralized wallet is a good start, with a centralized wallet we don't need to be afraid of losing assets, because if we forget the password we can still reset it
Whereas in a private / decentralized wallet, if we lose our private key, our assets will not be able to return.

Centralized wallets are easier to learn and use. In addition, newbies will not need to bother with generating keywords. However, I do not recommend anyone to use such wallets for a long time.
Now on the Internet you can find a video or step-by-step instructions on how to create and use any wallet. This would be a good start for newbies.

[hakertajniak]

Luckily i haven't see any problem in Coinbase wallet since i use it. It is unfortunate for you to lost your account.
Their support should be able to help because the password of your account should be exist on their database and they are the one who can recover your account, that is centralized wallet.

[plr]

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

If you cannot stop yourself from using a centralized wallet do not store a huge amount of Bitcoin, you should have full control of all your funds with no third party interference, this is what Nakamoto wants and what you should do to all your coins, you should be aware what wallets are centralized and what wallets are decentralized.

[Abiky]

The safest crypto asset storage in my opinion is Storing using a Hardware Wallet. This method is the safest and recommended way to store your crypto assets. Especially if the amount is over $ 10,000. if you use a hardware wallet you will feel safe interacting with any site on your PC or mobile. There is no need to worry about installing applications from the Internet because the hardware wallet private keys are sealed inside the device and cannot be stolen by other parties.

That's certainly true, mate. Hardware wallets are the safest option around for storing large amounts of crypto. The only downside is that most of these wallets are expensive, increasing the level of accessibility to the average person (especially those in developing countries like Venezuela and India). The cheapest route would be to create a paper wallet or a multi-sig wallet that would secure your crypto funds as much as possible against external attacks. Of course, nothing is perfect. No matter which type of wallet you use, it's your responsibility to protect your crypto funds against hacks, theft, or any other undesired situations. The aforementioned risks will always be there regardless of what precautions you take yo secure your crypto funds. As long as you stay updated with the latest trends in the crypto/Blockchain space, you'll be able to minimize these risks as much as possible.

Nonetheless, centralized wallets will continue to exist as long as people in the mainstream world continue to patronize them. After all, these type of wallets are easy to use among everyday people. The responsibility of updating and maintaining wallets, as well as, securing crypto funds will lie on the company or service provider instead of the end user. As long as you never store large amounts of crypto on a centralized wallet, you'll be able to achieve piece of mind in the long run. Just my thoughts

[MadeMen]

It's always better to store cryptos on wallets that gives you 100% access to your funds. With the rate at which cryptocurrency exchange are been hacked this days, you never can tell which wallet provider would be next. I had to learn my lesson the had way few months ago when EterbaseExchange was hacked and I'm still praying that everything comes back to normal because I have some funds on the exchange.

[Alohadanc3]

Yes absolutely agree with you. I know there are many big names involved with some wallets but it's still risky. And this whole market is based on decentralisation bso why you use abbasic thing like a wallet which is centralised. And this market there are lots of good option available you can find many alternatives. So can easily live with them plus your asset will be in your hand. But if you think that you can go with centralised exchange or it is easy to use them. Then you can go. That's it.