Importance of recovery seed/private keys

[FloridaKid]

Every crypto wallets requires the internet but they are of different types, we have online wallets, offline wallets and mobile wallets, I will like to share information about bad wallets that newbies need to stop using right now

Just imagine if your phone get stolen or lost how will you recover your coins or tokens? The fact is on some wallets you will easily recover your coins, but on others you won't be able to

Online wallets are very bad, stay away from them, they give users no access to private keys, they work like centralized exchanges where you have no control of your keys, here are example of such wallets, if you are using them please stop

1. Xapo wallet
2. Bitcoin.com wallet
3. Freewallet
Etc

Any wallet that failed to give you recovery seed or phrases and private key aren't safe

[covfefe_]

Another disadvantage of using a third party wallet is you are not able to chose your transaction fees. Freewallet has been in past know to scam users with insanely high transaction fees. Even coinbase which claims to be using flexible transaction fess charges much to users while sends it's transactions in batches that too with very low fees which takes hours to reach 6 confirmations.

[New_order]

Thanks for sharing this vital info, not your keys not your coins, it's simple as that, we have dex mobile wallets that are better, the only thing Xapo was good for is faucets, but not faucets don't bring any dime again, here are some good wallets

1) Trust wallet
2) Exodus wallet
3) Coinomi wallet
4) Bread wallet
5) Mycelium wallet
6) Myether wallet
7) Atomic wallet
8. Infinito wallet
9) Jaxx wallet

[mirakal]

I don't use different wallet to store my bitcoin and altcoins.

For altcoins I only use MEW or https://www.myetherwallet.com/ which I believe a secured wallet as long as you keep your keys private.
Also, for bitcoin I am using Electrum Wallet, I think I have been using it for 2 years already.
I have not face a single problem using both wallets.

[Dpat]

The online wallet that requires private keys or seeds to open every time is very vulnerable to keep it secure for ever. So, always keep your crypto offline or the wallet that is storing your coin in a cold storage will be safe to some extent. But, my suggestion is to always use a hardware wallet like Ledger and Trezor to keep it safe for ever.

[New_order]

You also have to keep your private key or Mnemonic seed very safe, don't write on piece of paper because they can get burnt or tore at your back, here is what I do, I find myself a silver steel plate and I carve the recovery seed on this steel plate, this won't die easily

[minairia3]

I don't use different wallet to store my bitcoin and altcoins.

For altcoins I only use MEW or https://www.myetherwallet.com/ which I believe a secured wallet as long as you keep your keys private.
Also, for bitcoin I am using Electrum Wallet, I think I have been using it for 2 years already.
I have not face a single problem using both wallets.

Same too. For ethereum and erc20 tokens mew is the best so far and metamask. I am doing fine using this wallet too.

For other coin or token I am using their own wallet support. Everybody knows that hardwallet is the best for bitcoin and other coins, so I am planning to avail soon, maybe a Trezor or Nano S is enough for me.

Having the keys of your wallet is one way to get secure of course with the exception of exchange wallet for trading but dont ever put your coin there for a long time if your not gonna use it so you would not be scare for any possible hack.

[tiang_tower]

if you don't have private keys its not your coins, also many wallet store your seed on the server, stay away from them !!

Yes, the personal key of the wallet is a very important thing to have in person, and it's not good if it is known by two people or many people, because the result is that you can experience sudden loss of assets.

[masterrex]

Thats true seeds and private keys are very important piece/part of any cryptocurrency wallet, if you don't own the keys it means you are not fully controlled your asset and thats the fact thats why don't hold your crypto assets longer on any wallet that you don't have access to the private keys. I'm using a lot of cryptocurrency wallets since 2016 but today it was narrow to 3 wallets only namely Imtoken 2.0, Magnum, Trust wallets.

[tabas]

Blockchain.com is also an online wallet that's known to be blockchain.info wallet before.

Any wallet that failed to give you recovery seed or phrases and private key aren't safe

No private keys, you don't hold bitcoins.

[Jawhead999]

To be fair, most of altcoin holders is not have a good financial. I know web or online wallet is not safe for us, but this wallet doesn't require any cost to get it. You only need email and phone number to sign up, not like hardware wallet... you need around $100 to get it. Also, most of altcoins only is shit coin, scam and not valuable. There is no advantages to hold random shitcoin with expensive wallet, it's why better to use web wallet for this case.
I would recommend use Metamask for ETH or any ERC-20 tokens and Electrum for Bitcoin

Online wallets are very bad, stay away from them, they give users no access to private keys

IMO you're not really accurate. AFAIK bitcoin.com[1] is web wallet which have access to your private keys. But, it not really safe since it's web wallet (third parties)

[1] https://www.bitcoin.com/get-started/how-to-import-and-export-bitcoin-private-keys/

[JaoBadjap]

For me its really better to use a hardware wallet. like trezor
rather than wallets from website and some so called free wallet, its charge a high for transaction and its not that safe.
but still youll need a myetherwallet for ERC20 tokens though

[FairUser]

If you do not keep your private key, the wallet is not yours. It is like you are sending money into someone else's wallet and it can disappear anytime. So stay away from wallets concentrated in this market

[timmmers]

Custody wallets and all online and exchange wallets are more easier to use, when you forgot password you recover it, this people know and use a lot, so do not push them into these wallets when they are not ready for that.

[Iyanu14]

Every crypto wallets requires the internet but they are of different types, we have online wallets, offline wallets and mobile wallets, I will like to share information about bad wallets that newbies need to stop using right now

Just imagine if your phone get stolen or lost how will you recover your coins or tokens? The fact is on some wallets you will easily recover your coins, but on others you won't be able to

Online wallets are very bad, stay away from them, they give users no access to private keys, they work like centralized exchanges where you have no control of your keys, here are example of such wallets, if you are using them please stop

1. Xapo wallet
2. Bitcoin.com wallet
3. Freewallet
Etc

Any wallet that failed to give you recovery seed or phrases and private key aren't safe

Any wallet that someone does not have independent control over is not to be considered as a store of value.  I prefer using offline or hard wallets anyway because if online wallet are not properly secured time to time, then they are prone to different attacks, that's why we are adviced not leave our coins/tokens on the exchange wallet.

[judeafante]

Every crypto wallets requires the internet but they are of different types, we have online wallets, offline wallets and mobile wallets, I will like to share information about bad wallets that newbies need to stop using right now

Just imagine if your phone get stolen or lost how will you recover your coins or tokens? The fact is on some wallets you will easily recover your coins, but on others you won't be able to

Online wallets are very bad, stay away from them, they give users no access to private keys, they work like centralized exchanges where you have no control of your keys, here are example of such wallets, if you are using them please stop

1. Xapo wallet
2. Bitcoin.com wallet
3. Freewallet
Etc

Any wallet that failed to give you recovery seed or phrases and private key aren't safe

The only wallet I'm using is blockchain.com I think it's secured because of the email link verification before you can log in, it's very important that you own the private keys or recovery seed, because if you do not own them you don't own the coins, you've kept on those wallets.

[Botnake]

If you do not keep your private key, the wallet is not yours. It is like you are sending money into someone else's wallet and it can disappear anytime. So stay away from wallets concentrated in this market

How about exchanges? if we are a trader, we usually make a lot of transactions from our wallet to exchanges, sometimes we will sit the amount for awhile as we are looking for the right timing to trade, if we are trading in a centralized exchange, we will be force to just trust the exchange holding only the password and 2FA code if there is a feature, but once the site is hack or compromise, we say goodbye to our funds.

Actually DEX are good, this gives us a chance to trade directly from our wallet, but unfortunately majority of traders prefer CEX that is why DEX was left behind.

[Convery]

Even the most safest and trusted wallet has the most vulnerable thing and that is privatekey! It is so difficult to behave correctly with the private key, to store it safety on a place where nohody has an access..

[blue Snow]

3. Freewallet

True - here Scam Accusations:

1. FREEWallet.org stole 55 000$! be careful SCAM
2. FREEWallet.org SCAM ( Don't use any of their iOS or Android APP)
3. Freewallet.org is a fraudster who cheated me out of 15.2BTC
4. FREEWallet.org is a SCAM
5. Freewallet.org is a scam or they are just never satisfied
6. Freewallet makes me stress asking me proof ID and freezing my wallet

2. Bitcoin.com wallet

MemoryDealers

But, my suggestion is to always use a hardware wallet like Ledger and Trezor to keep it safe for ever.

no system are safe forever.

I find myself a silver steel plate and I carve the recovery seed on this steel plate, this won't die easily

even tsunami too?


No matter how strong wallet (offline, cold and harware wallet) you are suggested in this post even you are careless about security still your wallet unsafe.

[litepool.ru]

Every crypto wallets requires the internet but they are of different types, we have online wallets, offline wallets and mobile wallets, I will like to share information about bad wallets that newbies need to stop using right now

Just imagine if your phone get stolen or lost how will you recover your coins or tokens? The fact is on some wallets you will easily recover your coins, but on others you won't be able to

Online wallets are very bad, stay away from them, they give users no access to private keys, they work like centralized exchanges where you have no control of your keys, here are example of such wallets, if you are using them please stop

1. Xapo wallet
2. Bitcoin.com wallet
3. Freewallet
Etc

Any wallet that failed to give you recovery seed or phrases and private key aren't safe

thats why i always use a hardware wallet because this is the safest way to store our cryptocurrency my friend

It is the safest way in this market, but I think it is not really necessary. I only use decentralized wallets and currently I'm fine with it, I can still control the private key