Altcoins Talks - Cryptocurrency Forum
Archive => Sorting Box => Topic started by: Zed0X on July 15, 2019, 01:08:36 PM
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"Not your keys, not your funds", that is usually the advise given to many newbies storing their assets on exchanges. Apparently, there are some mobile wallet providers that controls the private keys like FreeWallet. Using such wallet is just as bad as storing on exchanges because they can also hold your funds whenever they desire and there's nothing you can do but to comply with whatever requirements they need. Your assets may still be released but imagine the inconvenience and the lost opportunities.
it is still 100% better to use wallets where you control the private key.
I've posted a similar topic in another forum
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You cannot really call it your wallet if someone else is in control of your funds. I don't really understand why would anyone use such when there are so many free mobile and web wallets out there that are good and allow you to keep your private keys.
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Even if we control the private keys, make sure that we choose trusted wallets. Never choose a wallet with a bad reputation.
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I still remember the hack of EtherDelta, an exchange requesting private key to support the transaction. Private key is ours and we don't need to give it to anyone else, especially on vulnerable mobile devices when accessing public wifi automatically. Keep private key in the safest place, because that is the key to our property.
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Handling your private key by yourself gives you a full confidence and control over you asset. Once your private key is not with you, you are at a 50% risk of losing your funds, because once that wallet crash that's all you asset is gone
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"Not your keys, not your funds", that is usually the advise given to many newbies storing their assets on exchanges. Apparently, there are some mobile wallet providers that controls the private keys like FreeWallet. Using such wallet is just as bad as storing on exchanges because they can also hold your funds whenever they desire and there's nothing you can do but to comply with whatever requirements they need. Your assets may still be released but imagine the inconvenience and the lost opportunities.
it is still 100% better to use wallets where you control the private key.
I've posted a similar topic in another forum
thanks for sharing like this information bro, very important to us
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Thank you for the information, it's helpful atleast Now I will know and where to operate a wallet.
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Why we shoukd be careful with that wallet app have holding our private key?? Why?? What will happend if?? Sorry for saying because im just corius for this holding private key..
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Why we shoukd be careful with that wallet app have holding our private key?? Why?? What will happend if?? Sorry for saying because im just corius for this holding private key..
Honestly it is as simple as a key that opens your wallet. If you dont have your key then you cant open your wallet. If someone else has your key then they can open your wallet. If you dont own the privatekey then you dont actually own whats in the wallet. Thats why i never use online wallets and urge you not to either.
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Thank you for the information, it's helpful atleast Now I will know and where to operate a wallet.
Just imagine yourself giving a key to your room, where you store your valuable stuffs like cash, computers, etc., to someone else or a stranger. Can you imagine how dangerous that is? That is similar to wallets and exchanges having control of your private keys.
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Thank you for the information, it's helpful atleast Now I will know and where to operate a wallet.
Just imagine yourself giving a key to your room, where you store your valuable stuffs like cash, computers, etc., to someone else or a stranger. Can you imagine how dangerous that is? That is similar to wallets and exchanges having control of your private keys.
Yes, I am familiar with the case when my friend’s wallet data was hacked, knowing only his phone number. Fortunately, I managed to contact technical support and restore everything. But for him it was very scary ...
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"Not your keys, not your funds", that is usually the advise given to many newbies storing their assets on exchanges. Apparently, there are some mobile wallet providers that controls the private keys like FreeWallet. Using such wallet is just as bad as storing on exchanges because they can also hold your funds whenever they desire and there's nothing you can do but to comply with whatever requirements they need. Your assets may still be released but imagine the inconvenience and the lost opportunities.
it is still 100% better to use wallets where you control the private key.
I've posted a similar topic in another forum
Hi there,
We are disappointed to hear that (to quote it) "using our wallet is bad". We can definitely state that we receive overwhelmingly positive feedback, both in our regular customer requests and public reviews. It perfectly shows that our customer service is efficient.
Getting to the main point:
Our wallet is custodial and we thus do not share PK with the individual wallet addresses.
However, should you have any concerns or queries, we are always ready to address them in public and provide you with the best solution possible.
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We are disappointed to hear that (to quote it) "using our wallet is bad". We can definitely state that we receive overwhelmingly positive feedback, both in our regular customer requests and public reviews. It perfectly shows that our customer service is efficient.
Getting to the main point:
Our wallet is custodial and we thus do not share PK with the individual wallet addresses.
However, should you have any concerns or queries, we are always ready to address them in public and provide you with the best solution possible.
The point is you have complete control over other people's funds and that you can withhold them at anytime. The only way users can gain access again is by undergoing KYC procedure. That's something crypto exchanges do and not wallets.
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The point is you have complete control over other people's funds and that you can withhold them at anytime. The only way users can gain access again is by undergoing KYC procedure. That's something crypto exchanges do and not wallets.
And that's the fact, some asset storage services don't notify at the beginning (at least on the homepage of their site/app or notification popup when opening the app for the first time) that they will enforce KYC for asset withdrawals later. They even prefer to represent their features such as easy registration and deposit with attractive bonus offers rather than requirements that must pass by their users along with the consequences. I think it's a bit of a trap. However, the user's assets are the user's full rights.
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The point is you have complete control over other people's funds and that you can withhold them at anytime. The only way users can gain access again is by undergoing KYC procedure. That's something crypto exchanges do and not wallets.
pls see the reply below
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The point is you have complete control over other people's funds and that you can withhold them at anytime. The only way users can gain access again is by undergoing KYC procedure. That's something crypto exchanges do and not wallets.
It's not true that funds are being withheld and that this is done arbitrarily. In fact, the activity on a certain account is temporarily put on hold until we complete a fully AML-compliant procedure.
As per our Rules and Terms and a wallet service provider, we are entitled to conducting KYC and AML procedure.
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The point is you have complete control over other people's funds and that you can withhold them at anytime. The only way users can gain access again is by undergoing KYC procedure. That's something crypto exchanges do and not wallets.
And that's the fact, some asset storage services don't notify at the beginning (at least on the homepage of their site/app or notification popup when opening the app for the first time) that they will enforce KYC for asset withdrawals later. They even prefer to represent their features such as easy registration and deposit with attractive bonus offers rather than requirements that must pass by their users along with the consequences. I think it's a bit of a trap. However, the user's assets are the user's full rights.
Yea, no checks, no identification, only captcha. I don’t know, of course, I can’t vouch, but on normal resources, they take protection from bots, Spam, etc. very seriously.
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Another thing to be careful is staking clouds. The same as you have just said with mobile wallets. If you do not control the keys you do not control the wallet and thus the coins within.
This is why I would rather save up for the master node myself or sometimes stake in a stake pool only for a short time till I have the needed coins.
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most newbies are unaware of the fact, and share their private keys. threads like these should be maintained regularly for awareness.
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Thank you for the information, it's helpful atleast Now I will know and where to operate a wallet.
Just imagine yourself giving a key to your room, where you store your valuable stuffs like cash, computers, etc., to someone else or a stranger. Can you imagine how dangerous that is? That is similar to wallets and exchanges having control of your private keys.
Yes, I am familiar with the case when my friend’s wallet data was hacked, knowing only his phone number. Fortunately, I managed to contact technical support and restore everything. But for him it was very scary ...
It’s good that you at least had time, many only get in touch, but there are no more funds ...
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It is always important to read carefully the use instruction before using, espcially download and using a mobile wallet. Before deposit coin/token, we need to know exactly and totally how to withdraw them.
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For bounty hunters and airdrop mobile wallet hunters are not suitable because they are limited to using existing features. Better web wallets like Myetherwallet, can be accessed in many ways. But for the safest trader using a wallet exchager whose security is guaranteed like binance
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a very logical warning, are there really a lot of those who store differently? except with a private key.
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I still remember the hack of EtherDelta, an exchange requesting private key to support the transaction. Private key is ours and we don't need to give it to anyone else, especially on vulnerable mobile devices when accessing public wifi automatically. Keep private key in the safest place, because that is the key to our property.
Thank you for sharing useful information, in order to be conscious. ;) ;) It is really important.
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Yes brother my Ethereum Wallet address already hacked due to the private key...
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Thank you! Do you think it's better when a wallet is incorporated into exchange?
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Right, When you are not ready to trade the best move is to move your funds to a non-custodial wallets. With these kind of wallet you control your private keys and you can easily switch wallets at anytime. So far, the best I have used is Atomic Wallet. It very safe, user friendly and have useful features like an inbuilt exchange, you also have the ability to buy BTC, ETH, BCH etc with your bank cards. it available on most Operating systems.
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I don't like using a mobile wallet, Since i have been hacked and i was newbie in the crypto platform, since then i learn my lesson and also went for more knowledge how to create a wallet that i can control the private key at any time i want to make a transaction without stress.
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Yes if anyone wants to keep storage his wealth in a wallet, please keep stored it in which you have private keys. its your security that your wealth will not be stolen. There are some mobile wallet which has no private keys and you should avoid those must.
best of luck.
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I don't like using a mobile wallet, Since i have been hacked and i was newbie in the crypto platform, since then i learn my lesson and also went for more knowledge how to create a wallet that i can control the private key at any time i want to make a transaction without stress.
So did you create your own wallet? There are actually plenty of existing non-custodial and open source mobile wallets that are good such as Electrum, Mycelium, and Samourai. The reason for your hack was probably an error on your side. It's unfortunate that some newbies lose funds out of inexperience but that shouldn't be a reason to pattronize or use custodial wallets that holds your PKs.
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Therefore, I never use new wallets, no matter how convenient they may seem to use. Also, in all cases, I use those wallets where there are private keys. First of all, this is the MyEtherWallet wallet.
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Actually many mobile wallet have private key that is huge possibility to hack. If you open your private keys in public place then it highly possible to get hacked. I already faced a hacked situations. So you don't open secret your private keys in phishing site.
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"Not your keys, not your funds", that is usually the advise given to many newbies storing their assets on exchanges. Apparently, there are some mobile wallet providers that controls the private keys like FreeWallet. Using such wallet is just as bad as storing on exchanges because they can also hold your funds whenever they desire and there's nothing you can do but to comply with whatever requirements they need. Your assets may still be released but imagine the inconvenience and the lost opportunities.
it is still 100% better to use wallets where you control the private key.
I've posted a similar topic in another forum
Your are very correct sir. Every mobile apps control by third party so that they can anytime hack your wallet as well as cyrptocurrency. So everybody should keep their currency in strong place where nobody will stolen private keys.
thanks.
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Yes brother mobile wallet is very risky to use because mobile phones wallets having private keys that are very much possibility to hack. So be careful about private keys, neumaric phase.
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I always use MyEtherWallet private key but I feel uneasy because it has possibility to hack.
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I always use MyEtherWallet private key but I feel uneasy because it has possibility to hack.
Most ERC-20 wallets are made from Myetherwallet. They have been working to improve security every day for the past 4 years. Most people who lose their assets often experience some security errors such as: using the wrong website address, downloading untrusted files, storing wallets in low-security places, ... You must be wary of all cases.
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Yes brother mobile wallet is very risky to use because mobile phones wallets having private keys that are very much possibility to hack. So be careful about private keys, neumaric phase.
Everything in cryptocurrency is just risky ;D
@OP It's better you buy hardware wallet and save your self the stress. Good luck.
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Why would anyone use a supposed wallet that holds your private keys? Unless such a wallet is a centralized exchange, it makes zero sense to hold your precious assets in such an exchange and risk having your hard earned money taken or swindled away faster than you can expect. I always tell people, if a wallet isn't decentralized, then it has no value. Always learn to only use the top and most used decentralized wallets. That's the only way you can control how your assets get moved or used.
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I prefer wallet with private key ones it's kept self I will definitely have 85% rest of mind.
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when you own a cryptocurrency you actually need a private key for that particular network. A private key is most important for further transaction without it we can't use blockchain network to authorize transactions.
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Custodial wallets that holds private keys for users aren't safe enough especially holding large amount of crypto. The absolute power is not with the user of the wallet but with the holder of the private keys. They have quite some advantages and they are much easier to use than non-custodial.
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There are some popular crypto wallets. No matter which wallet is used, if you keep the private key safe, the wallet is also safe. When using a crypto wallet, it is most important to take care of the private key to protect your assets. I can usually suggest Trust Wallet or My Ether Wallet for any Airdrop or Bounty campaigns.
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This is ultimately a golden rule in this space, holding the keys to the wallet that is holding your assets is very critical as that is the only way one can be being their own bank and ripping the full advantage that comes with blockchain and decentralization. Always remember that not your keys not yout assets.
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You're right, we need to keep our wallet safe. The most important thing to keep your mobile wallet safe is to keep your private key safe. You have to make sure that the private key does not become a publicist in any way. This is very important for the wallet. If you lose the private key, the wallet will also be lost. So it is most important to keep the private key safe.
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I am first requesting everyone to keep everyone's private key in a very good place. Many times I hear that many people's accounts are hacked. But I think these are hacked by some of them. So you will keep the private key of your wallet in a very good place. You can use trust wallet or MyEtherWallet app as a wallet. Because here are the mnemonic phrase. Which is very unlikely to be hacked.
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Myethereumwallet website wallet is very risky because it holds private keys but myethereumwallet android apps very much secured. One can undoubtedly use myethereumwallet mobile apps.
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Use some mobile wallets which are top ranked and so much trust worthy. Avoid non reputed mobile wallet address which is secured by privet key.
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Use some mobile wallets which are top ranked and so much trust worthy. Avoid non reputed mobile wallet address which is secured by privet key.
Good reviews helps to have confidence to use any wallet that recommended by crypto enthusiasts. Of course the protection still in the owner's hand to keep it safe and not compromise by entering into phishing sites. Be careful is always necessary.
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You are right that the most important thing when using a mobile crypto wallet is to keep the private key of the wallet safe. I think if you keep your wallet's private key safe, your wallet will be safe. So it is most important to keep the private key safe. It is one's responsibility to keep one's private wallet safe.
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I really appreciate to participate your topic discussion because it is most important for crypto currency investment. If you forget your private key you will be loose all of your money particularly that wallet. Thats why store your private key in a save zone where any one never access to your private key.
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Even if we control the private keys, make sure that we choose trusted wallets. Never choose a wallet with a bad reputation.
I don't believe myethereumwallet private keys website wallet because several months ago I already lost my myethereumwallet website private keys and more than 2300 dollars worth of assets lost.
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All of us who have different wallets with mobiles will be careful to keep the private ones of those wallets in a very good place. So that no one can hack this private. We will put it in a very good place in advance.
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Myethereumwallet website wallet is very risky because it holds private keys
WRONG. Please be careful with spreading blatant false information like this. MEW (web version) is one of the pioneers of non-custodial wallets. They DO NOT hold private keys or seed phrase.
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I don't believe myethereumwallet private keys website wallet because several months ago I already lost my myethereumwallet website private keys and more than 2300 dollars worth of assets lost.
Your private keys are your own responsibility. It's the essence of taking control of your own money. Similar to your house keys, you do not give that to your neighbor or a stranger to keep your household belongings safe.
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The most important thing when using a mobile wallet is to keep the private key of the wallet safe. So for those of us who use crypto wallets, the most important thing to keep your own wallet safe is to keep the private key of the wallet safe. If the private key of the wallet is safe, the wallet will also be safe.
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The biggest problem with mobile wallets is almost always the same, the use that the user gives them. As a general rule, wallets are safe, they always have things to update and improve, but security is always present. Install unknown applications, save sensitive information on your mobile in plain text, take screenshots ... The most common things are the ones that put security at risk the most.
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Myethereumwallet website wallet is very risky because it holds private keys but myethereumwallet android apps very much secured. One can undoubtedly use myethereumwallet mobile apps.
ether wallet website https://www.myetherwallet.com/ i think if safe
but always check original site not phising site
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Is not advisable to make use of mobile wallets that holds private keys because they have asses to your funds they can just decide to swipe everything in your wallet I mean to remove everything in Your wallet and there is nothing You can do about it. We all know mobile wallet are used to secure or keep the keys of the wallet save but Wat if they take advantage of that. It is better to us and save your funds in an personal wallet
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We are disappointed to hear that (to quote it) "using our wallet is bad". We can definitely state that we receive overwhelmingly positive feedback, both in our regular customer requests and public reviews. It perfectly shows that our customer service is efficient.
Getting to the main point:
Our wallet is custodial and we thus do not share PK with the individual wallet addresses.
However, should you have any concerns or queries, we are always ready to address them in public and provide you with the best solution possible.
The point is you have complete control over other people's funds and that you can withhold them at anytime. The only way users can gain access again is by undergoing KYC procedure. That's something crypto exchanges do and not wallets.
I completely agree with the concern here, but just wanted to point out that when one makes a deposit at a reputable bank, the bank technically controls the person's money 100% and can steal it if they chose to... however Crypto was invented to circumvent this central authority and so ultimately, yes, the takeaway point is "not your keys, not your wallet".
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Crypto currency is the best investment platforms where digital asset storing wallet need to secure. So be careful of usiing mobile wallets that holds private keys it is sensitive because if any one can get your private key he or she may be able to withdraw all your funds without any notice. Also hackers are always find to get private key they use different technique for getting different people asset to their own. So be careful of using mobile wallet.
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To be truthful,The best Crypto wallet to use is Cold Wallet what is an offline wallet.You can also check Paper wallets too.It has high security and very easy to store Crypto assets.But my suggestion, don't use Hot wallets( software wallet) because they can be hacked or stolen by the scammers.
To know about the hot and cold wallets and which one is perfect for you, Can check this Article (https://articles.whalesheaven.com)
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You can open any type of hardware on your mobile. And their security and privacy must be kept in a very secret place. So that no one can hack in any way. So you must keep the shave place very private.
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There are lot's of scam exchanges or scam wallet or some scammer will ask for you private key if any exchange ask for your private key just know that it is a scam exchange or if any wallet ask for your private key just know that it is a scam wallet never disclose your private key to anyone is for you and for your use only.
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Private keys of crypto wallets serves as the main source of recovering found in the wallets also it is the secret behind all the accets present in the wallet, therefore mobile phones that consists of this private keys need to be taken care of very well, if possible it is advisable to move the private keys to either mail for security reasons.
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can you give me a suggestion which wallet is the best to store my tokens or coins, ithere is a lot to choose from but i dont know which one is best
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can you give me a suggestion which wallet is the best to store my tokens or coins, ithere is a lot to choose from but i dont know which one is best
I understand that when someone has little experience it is difficult for him to choose a wallet for his coins/tokens, but that is something you have to decide yourself. You can look up the documentation for each wallet and install them to see how they work, so you can finally choose the one you like the most. So you will also learn many things. Use only official websites for downloads, and if you have questions you can't solve, ask us here.
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You are right I am also not believing on any such apps because there are many such apps that are fake and they can steel your money so I am just writing my all private keys on my diary and its super safe.
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You are right I am also not believing on any such apps because there are many such apps that are fake and they can steel your money so I am just writing my all private keys on my diary and its super safe.
What you do is "super safe" as long as no one has access to your diary, or that it is not burned in a fire, to give some examples of extreme cases. Private keys should always be encrypted and stored in different places whenever possible, so that we always have more opportunities to recover them, and honestly, a diary is not a very safe place to keep them, there are safer and very economical options.
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I think that if you want to store your coins in a wallet or an exchange then keep in mind that never right or put the wallet key in that place where you can easily forget. Because if you forget the private wallet key then you will lose your money. So always keep the wallet key in a safe place.
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"Not your keys, not your funds", that is usually the advise given to many newbies storing their assets on exchanges. Apparently, there are some mobile wallet providers that controls the private keys like FreeWallet. Using such wallet is just as bad as storing on exchanges because they can also hold your funds whenever they desire and there's nothing you can do but to comply with whatever requirements they need. Your assets may still be released but imagine the inconvenience and the lost opportunities.
it is still 100% better to use wallets where you control the private key.
I've posted a similar topic in another forum
Yes, I think we should keep password and private key. Many people loss their assets because the Mobile phone lost or damages.
If you forget private key, you will lost.
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You can open any type of hardware on your mobile. And their security and privacy must be kept in a very secret place. So that no one can hack in any way. So you must keep the shave place very private.
Yes you're right, we must keep password and private key on very private place.
Because there are many hackers and sometimes we might forget it.
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Security is one of the main challenges in the crypto space. Every Crypto wallet has a public key and a private key. The last one is the code to your private digital vault where your crypto is stored.so keep it safe from everyone
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Yes you are right bro i have made mistake storing private keys in my mobile storage somehow a hacker stole my keys and stole my funds from my wallet .