Altcoins Talks - Cryptocurrency Forum
Local => Nigerian Languages => Topic started by: Yamzakid on August 14, 2024, 01:42:12 PM
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I made this thread to serve as a reminder to newbies not to use centralized exchanges to store their coins because I recently conducted personal research on centralized exchanges and learned about the effects of CEX, how the government regulates it, and the danger it poses, especially to newbies.
Centralized exchange. It's just like a middleman (exchange operators) between buyers and sellers in the crypto market to help conduct their transactions, and you must trust this middleman to handle your assets because this middleman has authority over everything, including your private key, which is the scariest aspect. Because not your keys, not your coins, the centralized exchange can impose any conditions on your assets without your approval whenever they want, and they can even lend your funds to other users, exactly like in our traditional banking system.
In centralized exchanges, there is a possibility that the government would intervene and order the exchange to block their user accounts and also if the exchange goes bankrupt it can lead to frozen of the users account for sometimes. There is no privacy in CEX because of government laws over it. DEX is not governed by government or any third-party, which is why you can send money to anyone for any purpose. It provides more privacy.
I will appreciate your opinions on this, and if there is anything I'm not doing correctly, I'm willing to admit up to my errors and take the necessary corrections to improve.
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It is worth knowing that some exchanges are centralized but not requiring KYC. Those exchanges should not be misunderstood as decentralized exchanges. Decentralized exchanges will generate you seed phrase and private keys to your wallet. It also will still give you the option to make buy and selling of your coins with bitcoin addresses that the wallet did not generate for you.
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I made this thread to serve as a reminder to newbies not to use centralized exchanges to store their coins because I recently conducted personal research on centralized exchanges and learned about the effects of CEX, how the government regulates it, and the danger it poses, especially to newbies.
Decentralized exchanges doesn't store coins neither do they help you keep your coins. What they does is they help you with intermediary to swap/exchange your coins into another without having your account verified or need any kyc documents like the way centralized exchanges does frequently when you want to make use of their exchange services.
It's the wallet that helps you manage your coins, it doesn't help you store your coins either. All coins activities happen within th exchange, any other stuffs are for assisting you communicate with coin network like send and receive transactions to a wallet with a private key.
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A true decentralized exchange does not ask you for your keys, you links your wallet to that exchange, so the coins do not leave your wallet until you want to exchange them, and the storage is always in your wallet. If any decentralized exchange provides a different service than that, it is not.
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and the danger it poses, especially to newbies.
The danger it poses is not just for newbies - I believe that there is a need for everyone involved in crypto to know the difference and also how to keep their assets safe because what is detrimental to newbie will also be detrimental to an Og if they fail to implement the safety measures.
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Decentralized exchanges doesn't store coins neither do they help you keep your coins. What they does is they help you with intermediary to swap/exchange your coins into another without having your account verified or need any kyc documents like the way centralized exchanges does frequently when you want to make use of their exchange services.
A true decentralized exchange does not ask you for your keys, you links your wallet to that exchange, so the coins do not leave your wallet until you want to exchange them, and the storage is always in your wallet. If any decentralized exchange provides a different service than that, it is not.
Decentralized exchange like Bsiq will give you the seed phrase and the addresses that you can use. But also giving you the option to send to your own wallet. Although, it is just like external wallet which you have full control over.
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Decentralized exchanges doesn't store coins neither do they help you keep your coins. What they does is they help you with intermediary to swap/exchange your coins into another without having your account verified or need any kyc documents like the way centralized exchanges does frequently when you want to make use of their exchange services.
A true decentralized exchange does not ask you for your keys, you links your wallet to that exchange, so the coins do not leave your wallet until you want to exchange them, and the storage is always in your wallet. If any decentralized exchange provides a different service than that, it is not.
Decentralized exchange like Bsiq will give you the seed phrase and the addresses that you can use. But also giving you the option to send to your own wallet. Although, it is just like external wallet which you have full control over.
I believe what they were referring to was “DeFi” like uniswap.
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I believe what they were referring to was “DeFi” like uniswap.
This world is full of lies. Those Web3 wallets are using centralized servers and not decentralized nodes. They are not decentralized exchanges. They are even far from being decentralized exchanges. If there is strict regulations, the government can easily force them to enforce their customers to get verified before using their swapping services.
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i think they already have classified different kind of DEX as well. making it confusing to new users as well.
there were dex that have been shutdown by government afaik. if the government can even force a mixer from closing down, i think they can also do it on DEX. even when there is no CEO known for some DEX, the government can attack the hosting company they are using which makes these dex seem not a real DEX after all.
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A true decentralized exchange does not ask you for your keys, you links your wallet to that exchange, so the coins do not leave your wallet until you want to exchange them, and the storage is always in your wallet. If any decentralized exchange provides a different service than that, it is not.
Note that if you link your wallet through whatever smart contract chain, it automatically grant the back end access to view some sensitive informations such as password and wallet keys of the wallet connected, so their don't need to ask for you wallet keys, their already have access to that information, that is why some scammers make attempt for you to connect your wallet to spamming smart contract just to drained your entire holdings.
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I will appreciate your opinions on this, and if there is anything I'm not doing correctly, I'm willing to admit up to my errors and take the necessary corrections to improve.
You did well, all that you said is correct, the only area I think there is a mistake is in that subject of the thread, some one else must have pointed out this error to you, but just incase non have, then you have to know that funds can't be stored on decentralized exchanges, any decentralized exchange that allow users to store funds on the site where as users have no access to the private keys of the wallet they keep their funds in, such decentralized exchange is not really decentralized as they claim, example of such Dex that did this in the past were etherdelta, forkdelta, idex etc. Such were not really decentralized as they claimed to be.
Funds can only be stored on non-custodial wallet, this is wallets that you own it's keys, this is the safest way to store crypto.
I some time ago ago Staked $440 on bkex exchange, they claim they had issues with Chinese government, this lead to their bankruptcy and shutting down, I and every one else lost our money, this is how risky it can be to store crypto on centralized exchanges.
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Respect to you my boss's i appreciate all the responses because I find dem helpful and dis don encourage me to dey make valuable contribution here
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A true decentralized exchange does not ask you for your keys, you links your wallet to that exchange, so the coins do not leave your wallet until you want to exchange them, and the storage is always in your wallet. If any decentralized exchange provides a different service than that, it is not.
Note that if you link your wallet through whatever smart contract chain, it automatically grant the back end access to view some sensitive informations such as password and wallet keys of the wallet connected, so their don't need to ask for you wallet keys, their already have access to that information, that is why some scammers make attempt for you to connect your wallet to spamming smart contract just to drained your entire holdings.
Yamane_Keto is right with what he is said because that is how I know that DEX operates, but as Charles-Tim said some DEX have their own private wallet which they give you total control of by providing you with the seed phrase and private keys so that you can send your bitcoin to that wallet address before swapping or trading it. However be it DEX or CEx, it is not good to keep your coins in them and that is why we have noncustodial private wallets that are open source to store our coins in.
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Yamane_Keto is right with what he is said because that is how I know that DEX operates, but as Charles-Tim said some DEX have their own private wallet which they give you total control of by providing you with the seed phrase and private keys so that you can send your bitcoin to that wallet address before swapping or trading it. However be it DEX or CEx, it is not good to keep your coins in them and that is why we have noncustodial private wallets that are open source to store our coins in.
Let me make it clearer. A true decentralized exchange will not use central server but decentralized ones. It will make people to be able to send and receive the coins directly on their noncustodial wallet. Some decentralized exchanges have wallet which generates the seed phrase, the keys and the addresses. But if you do not want to use the address that the decentralized exchange generate for you, you can use noncustodial wallet. But the decentralized exchange have inbuilt noncustodial wallet. Anything other than this is a centralized exchange.
So this is not correct:
However be it DEX or CEx, it is not good to keep your coins in them and that is why we have noncustodial private wallets that are open source to store our coins in.
But this is correct:
If it is CEx, it is not good to keep your coins in them and that is why we have noncustodial private wallets that are open source to store our coins in.
There are many exchanges that are centralized but people think they are decentralized because they do not have KYC but that is wrong.
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It would be better not to have your coins stored up long term on exchanges. Be it CEX Or DEX you should keep your coins off exchanges and use only standard non custodial wallets.
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Thanks charlse for making this a little more clearer and now I understand because all the while I thought that Dex exchanges such as uniswap and the rest requires users to connect their wallet, which in process expose the security of the wallet connected.
But from your explanations you made it clear that the coin are either sent and received fro the Dex instead connecting the wallet to their smart contract.
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I made this thread to serve as a reminder to newbies not to use centralized exchanges to store their coins because I recently conducted personal research on centralized exchanges and learned about the effects of CEX, how the government regulates it, and the danger it poses, especially to newbies.
Centralized exchanges have for long not a good place to store your coins. You will only risk losing them if you depend and store your assets with them. The centralized exchange by the name is already explaining its purpose, which is to exchange your coins for fiat and not a place to store your coins. Exchanges are best knows for exchange of coin to fiat, and again known for trading. They have access to your money and KYC, you can’t get away with the KYC if you must do some more activities with them that require it but you must be sure your money isn’t left there as a saving option that you have.
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OP don't even keep or store cryptocurrency in decentralised exchanges or centralised exchange but use self or non custodial wallet to store your coins. But if you want sell at dat time, you can transfer to dem and sell them off and not to keep dem there. Both decentralised and Centralised exchanges are term as, "not your key not your wallet".
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OP don't even keep or store cryptocurrency in decentralised exchanges or centralised exchange but use self or non custodial wallet to store your coins. But if you want sell at dat time, you can transfer to dem and sell them off and not to keep dem there. Both decentralised and Centralised exchanges are term as, "not your key not your wallet".
You have a point Agbe. Fact is storing your coins on any exchange is a risk. Infact the risk is higher in the case of decentralised exchanges compared to centralised exchanges. The reason is because in a centralised exchange , you would have to do a KYC verification and they are like giving you a guarantee for your coins based on your KYC details. However for a decentralised exchange, you are pretty much anonymous and in that case you are risking your coins in detriment of you not releasing your KYC details.
None of decentralised or centralised exchanges is 100% safe for your funds or you since for both you are either risking your KYC details or your funds.
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It would be better not to have your coins stored up long term on exchanges. Be it CEX Or DEX you should keep your coins off exchanges and use only standard non custodial wallets.
You are right, anything like exchange be it centralized or decentralized should not be used to store idle funds, otherwise, you are risking your funds. Using an open source self custody wallet is the best because you control your private keys yourself and if it is a huge amount of funds, a hardware wallet is needed or cold storage wallet like Electrum on an airgapped device.
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OP don't even keep or store cryptocurrency in decentralised exchanges or centralised exchange but use self or non custodial wallet to store your coins. But if you want sell at dat time, you can transfer to dem and sell them off and not to keep dem there. Both decentralised and Centralised exchanges are term as, "not your key not your wallet".
You have a point Agbe. Fact is storing your coins on any exchange is a risk. Infact the risk is higher in the case of decentralised exchanges compared to centralised exchanges. The reason is because in a centralised exchange , you would have to do a KYC verification and they are like giving you a guarantee for your coins based on your KYC details. However for a decentralised exchange, you are pretty much anonymous and in that case you are risking your coins in detriment of you not releasing your KYC details.
None of decentralised or centralised exchanges is 100% safe for your funds or you since for both you are either risking your KYC details or your funds.
Your opinions and points are correct. It is not in any way advisable for one to store their their assets on a cex or Dex platform. It is not ideal because these platforms can not guarantee their own safety not to talk of your own assets under their custody.
Decentralised exchange is more risky than centralised because one's coin can be taken without their prior knowledge as it is that they have information as to show their identity and claim ownership of the tokens and if it happens that they are absconding they would make away with the funds since their identity is unknown and likewise their users too. In this situation their is nothing one can do or hold anyone responsible for their lose.
However, centralised exchange still does the same thing but the difference is that centralised exchange demands for KYC because they too are known so they would need to trust your identity first by demanding for KYC which you can be sure that you would keep your funds with them but the truth is that non of them are safe. Any asset that is not under your custody is not your own be it with Dex or cex, the assets does not belong to you because it is not under your custody unless you have them in your private wallet that is when you can say that the coin/token can be yours.
Never have the thought of keeping your funds and assets with third party exchange. Keep them in your personal or self custodial wallet for your own safety.
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OP don't even keep or store cryptocurrency in decentralised exchanges or centralised exchange but use self or non custodial wallet to store your coins. But if you want sell at dat time, you can transfer to dem and sell them off and not to keep dem there. Both decentralised and Centralised exchanges are term as, "not your key not your wallet".
You have a point Agbe. Fact is storing your coins on any exchange is a risk. Infact the risk is higher in the case of decentralised exchanges compared to centralised exchanges. The reason is because in a centralised exchange , you would have to do a KYC verification and they are like giving you a guarantee for your coins based on your KYC details. However for a decentralised exchange, you are pretty much anonymous and in that case you are risking your coins in detriment of you not releasing your KYC details.
None of decentralised or centralised exchanges is 100% safe for your funds or you since for both you are either risking your KYC details or your funds.
Your opinions and points are correct. It is not in any way advisable for one to store their their assets on a cex or Dex platform. It is not ideal because these platforms can not guarantee their own safety not to talk of your own assets under their custody.
It is good to send coins to and exchange and sell them at once and not to keep them there. And also I don't advise newbies to keep or store coins in decentralised exchanges. Though I have not used it before but from my observation, they have the element of third party dealing. Because before you trade coins there must be a third party buyers and the owners of the platform so in decentralised exchanges there are three persons involved in the coin trading. And the second person can who is the owner of the platform can freeze and unlock account as well. So "not your key and not your coins" are also use in DEX.
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It is good to send coins to and exchange and sell them at once and not to keep them there. And also I don't advise newbies to keep or store coins in decentralised exchanges. Though I have not used it before but from my observation, they have the element of third party dealing. Because before you trade coins there must be a third party buyers and the owners of the platform so in decentralised exchanges there are three persons involved in the coin trading. And the second person can who is the owner of the platform can freeze and unlock account as well. So "not your key and not your coins" are also use in DEX.
Centralised and Decentralised exchange serve same function. The only difference is that the centralised request for KYC and is censored while the decentralised is not controlled by anybody and it is not censored. It is privacy oriented and does not request anything from users. I believe both exchange have same function and are programmed to operate similar functions or ways. The decentralised is more open to all and doesn't require anything to start using for that reasons, it is very risky to use decentralised exchange to save or keep your assets and funds.
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The newbies can make use of a decentralized exchanges because its still far more better than using a centralized one, because their asset is more secured and they don't have to worry much concerning kyc, but that does not justify that the use of a decentralized exchange is the best means for storing our assets for a long time, we can consider the use of a non custodial wallet.
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The newbies can make use of a decentralized exchanges because its still far more better than using a centralized one, because their asset is more secured and they don't have to worry much concerning kyc, but that does not justify that the use of a decentralized exchange is the best means for storing our assets for a long time, we can consider the use of a non custodial wallet.
Centralized exchanges are not a good place to store coins and from the name ”exchange”; it signifies that it is a place change your coins and not a place to store. The primary objective of those places are to exchange coins and also for trading for those that are into trading. If non-centralized exchanges can be offering that, maybe no one would even be using centralized exchange. But they all serve their purposes and one cannot take the work of the other, it won’t even go well. P2P are also done in exchanges which also includes the ability of you to change your coin/sell/buy from another person, it still involves exchange. For storing, they’re not a god place and it’s important every newbie to know and not try to deviate from the purpose of each.
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It would be better not to have your coins stored up long term on exchanges. Be it CEX Or DEX you should keep your coins off exchanges and use only standard non custodial wallets.
Exactly an Exchange is an exchange be it a centralised exchange or a decentralised exchange it's not safe to store your coins there. One of the. Major things that makes storing your coins on an exchange wrong is about ownership and control of the coins via a valid seed phrase or private key. In both Centralised exchanges and decentralised exchanges, you are actually risking one thing for another in the sense that for a centralised exchange you are actually risking your KYC details while on a decentralised exchange you are kinda risking your funds too.
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It would be better not to have your coins stored up long term on exchanges. Be it CEX Or DEX you should keep your coins off exchanges and use only standard non custodial wallets.
Exactly an Exchange is an exchange be it a centralised exchange or a decentralised exchange it's not safe to store your coins there. One of the. Major things that makes storing your coins on an exchange wrong is about ownership and control of the coins via a valid seed phrase or private key. In both Centralised exchanges and decentralised exchanges, you are actually risking one thing for another in the sense that for a centralised exchange you are actually risking your KYC details while on a decentralised exchange you are kinda risking your funds too.
Centralized and Decentralized exchange are both the same. Your funds can be seized at any given point in time while the centralized exchange demands for kyc in line with the regulatory policies, decentralized does not but both of them does not guarantee the safety off your funds while under their custody. They both can suffer hack at any given point in time so it is better you keep your funds in your own custody than allowing a third party do that for you with no guarantee for the safety of your assets.
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OP don't even keep or store cryptocurrency in decentralised exchanges or centralised exchange but use self or non custodial wallet to store your coins. But if you want sell at dat time, you can transfer to dem and sell them off and not to keep dem there. Both decentralised and Centralised exchanges are term as, "not your key not your wallet".
Exactly. If you are not the only person in control of your seed and the keys to your funds then you are pretty much not the owner of those funds or coins. The idea is in both cases wheather in the case of a decentralised exchange or a centralised exchange you are risking your funds. The idea behind hodling suggests that you are the sole and only owner of your coins and we all know that the idea of coin ownership is directly pinned to your seed phrase and keys.
Most people still HODL coins on centralised exchanges simply because they believe they are safe since they are bounded by government regulations, however they are actually just being naive.
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OP don't even keep or store cryptocurrency in decentralised exchanges or centralised exchange but use self or non custodial wallet to store your coins. But if you want sell at dat time, you can transfer to dem and sell them off and not to keep dem there. Both decentralised and Centralised exchanges are term as, "not your key not your wallet".
Exactly. If you are not the only person in control of your seed and the keys to your funds then you are pretty much not the owner of those funds or coins. The idea is in both cases wheather in the case of a decentralised exchange or a centralised exchange you are risking your funds. The idea behind hodling suggests that you are the sole and only owner of your coins and we all know that the idea of coin ownership is directly pinned to your seed phrase and keys.
Most people still HODL coins on centralised exchanges simply because they believe they are safe since they are bounded by government regulations, however they are actually just being naive.
If both cex and dex are not safe then which is safe?
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OP don't even keep or store cryptocurrency in decentralised exchanges or centralised exchange but use self or non custodial wallet to store your coins. But if you want sell at dat time, you can transfer to dem and sell them off and not to keep dem there. Both decentralised and Centralised exchanges are term as, "not your key not your wallet".
Exactly. If you are not the only person in control of your seed and the keys to your funds then you are pretty much not the owner of those funds or coins. The idea is in both cases wheather in the case of a decentralised exchange or a centralised exchange you are risking your funds. The idea behind hodling suggests that you are the sole and only owner of your coins and we all know that the idea of coin ownership is directly pinned to your seed phrase and keys.
Most people still HODL coins on centralised exchanges simply because they believe they are safe since they are bounded by government regulations, however they are actually just being naive.
If both cex and dex are not safe then which is safe?
That is why you are here to learn. If you are investing, it is good you use self custodial wallets like, bluewallet, Electrum etc. Those ones are very save to keep and store bitcoin for years and nobody block or do anything to them. But in the Dex and Cex, you are not the controller of the wallet seedphrase, you are only a registered member of the exchange platform so the government policies can also affect you through the exchange. Just like what is happening in di country. Many exchanges have closed because of government pressure.
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OP don't even keep or store cryptocurrency in decentralised exchanges or centralised exchange but use self or non custodial wallet to store your coins. But if you want sell at dat time, you can transfer to dem and sell them off and not to keep dem there. Both decentralised and Centralised exchanges are term as, "not your key not your wallet".
Exactly. If you are not the only person in control of your seed and the keys to your funds then you are pretty much not the owner of those funds or coins. The idea is in both cases wheather in the case of a decentralised exchange or a centralised exchange you are risking your funds. The idea behind hodling suggests that you are the sole and only owner of your coins and we all know that the idea of coin ownership is directly pinned to your seed phrase and keys.
Most people still HODL coins on centralised exchanges simply because they believe they are safe since they are bounded by government regulations, however they are actually just being naive.
If both cex and dex are not safe then which is safe?
That is why you are here to learn. If you are investing, it is good you use self custodial wallets like, bluewallet, Electrum etc. Those ones are very save to keep and store bitcoin for years and nobody block or do anything to them. But in the Dex and Cex, you are not the controller of the wallet seedphrase, you are only a registered member of the exchange platform so the government policies can also affect you through the exchange. Just like what is happening in di country. Many exchanges have closed because of government pressure.
I have also been hearing about bluewallet but have not used it for storing asset although have been using electrum wallets and it more safe and, of course it's an open source wallet. The government policy isn't that favorable anymore because when someone don't have access to his wallet there is every likelihood to lose asset at any given time because of not having access the seed phrase at your back end.
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OP don't even keep or store cryptocurrency in decentralised exchanges or centralised exchange but use self or non custodial wallet to store your coins. But if you want sell at dat time, you can transfer to dem and sell them off and not to keep dem there. Both decentralised and Centralised exchanges are term as, "not your key not your wallet".
Exactly. If you are not the only person in control of your seed and the keys to your funds then you are pretty much not the owner of those funds or coins. The idea is in both cases wheather in the case of a decentralised exchange or a centralised exchange you are risking your funds. The idea behind hodling suggests that you are the sole and only owner of your coins and we all know that the idea of coin ownership is directly pinned to your seed phrase and keys.
Most people still HODL coins on centralised exchanges simply because they believe they are safe since they are bounded by government regulations, however they are actually just being naive.
If both cex and dex are not safe then which is safe?
That is why you are here to learn. If you are investing, it is good you use self custodial wallets like, bluewallet, Electrum etc. Those ones are very save to keep and store bitcoin for years and nobody block or do anything to them. But in the Dex and Cex, you are not the controller of the wallet seedphrase, you are only a registered member of the exchange platform so the government policies can also affect you through the exchange. Just like what is happening in di country. Many exchanges have closed because of government pressure.
I have also been hearing about bluewallet but have not used it for storing asset although have been using electrum wallets and it more safe and, of course it's an open source wallet. The government policy isn't that favorable anymore because when someone don't have access to his wallet there is every likelihood to lose asset at any given time because of not having access the seed phrase at your back end.
Blue wallet is also like Electrum wallet and it is user-friendly, very easy for newbies to operate. I use both electrum wallet and blue wallet but I prefer using electrum wallet more than blue wallet because it takes time for blue wallet to load compare to electrum wallet. Keeping your seed phrase safe from third party is the best way to safe guard your funds.
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OP don't even keep or store cryptocurrency in decentralised exchanges or centralised exchange but use self or non custodial wallet to store your coins. But if you want sell at dat time, you can transfer to dem and sell them off and not to keep dem there. Both decentralised and Centralised exchanges are term as, "not your key not your wallet".
Exactly. If you are not the only person in control of your seed and the keys to your funds then you are pretty much not the owner of those funds or coins. The idea is in both cases wheather in the case of a decentralised exchange or a centralised exchange you are risking your funds. The idea behind hodling suggests that you are the sole and only owner of your coins and we all know that the idea of coin ownership is directly pinned to your seed phrase and keys.
Most people still HODL coins on centralised exchanges simply because they believe they are safe since they are bounded by government regulations, however they are actually just being naive.
If both cex and dex are not safe then which is safe?
That is why you are here to learn. If you are investing, it is good you use self custodial wallets like, bluewallet, Electrum etc. Those ones are very save to keep and store bitcoin for years and nobody block or do anything to them. But in the Dex and Cex, you are not the controller of the wallet seedphrase, you are only a registered member of the exchange platform so the government policies can also affect you through the exchange. Just like what is happening in di country. Many exchanges have closed because of government pressure.
I have also been hearing about bluewallet but have not used it for storing asset although have been using electrum wallets and it more safe and, of course it's an open source wallet. The government policy isn't that favorable anymore because when someone don't have access to his wallet there is every likelihood to lose asset at any given time because of not having access the seed phrase at your back end.
Blue wallet is also like Electrum wallet and it is user-friendly, very easy for newbies to operate. I use both electrum wallet and blue wallet but I prefer using electrum wallet more than blue wallet because it takes time for blue wallet to load compare to electrum wallet. Keeping your seed phrase safe from third party is the best way to safe guard your funds.
Okay but normally I have not used bluewallet but I have installed it for someone to use and the person is using very well and I know it is a non Custodial wallet. And the time I wanted used it was not easy for me to used. Sim_card since you said you have used please can you tell me were to get my wallet address from the image below? Thanks.
(https://www.talkimg.com/images/2024/09/22/g3rAI.jpeg)
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Okay but normally I have not used bluewallet but I have installed it for someone to use and the person is using very well and I know it is a non Custodial wallet. And the time I wanted used it was not easy for me to used. Sim_card since you said you have used please can you tell me were to get my wallet address from the image below? Thanks.
(https://www.talkimg.com/images/2024/09/22/g3rAI.jpeg)
Since Electrum is not available for iOS devices I had to turn to BlueWallet and so far it has been great, nice functionality and all the only problem I had was the time my whole balance refused to reflect in dollars it kept showing me my balance in naira.
Okay, for your question - click on the blue box (that’s showing in the image you posted) —-> you’ll see three dots at the right corner of your screen then click on it —-> scroll down (depending on your device) and click on “show addresses”. It will give you a list of different addresses and also show you the one that has been used before and the one that hasn’t.
Btw, with this wallet you can lock your coin so that you don’t over send/spend your money by mistake.
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Since Electrum is not available for iOS devices I had to turn to BlueWallet and so far it has been great, nice functionality and all the only problem I had was the time my whole balance refused to reflect in dollars it kept showing me my balance in naira.
.......................... Btw, with this wallet you can lock your coin so that you don’t over send/spend your money by mistake.
So far I have not been able to use blue wallet as I do not really get if it is as a result of compatibility or so but I have it fully downloaded but not functional. It keeps loading and loading and a long time to open and in some instances, it just logs out automatically and immediately after opening. I have checked and updated to current version and had to complain via the google play store but no response. This likely a possible bug which the team needs to attend to. However, with respect to the currency denomination, you can make changes their from your settings to any currency you want to see reflecting on your app. It is not automatic as you can choose from various options yourself.
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However, with respect to the currency denomination, you can make changes their from your settings to any currency you want to see reflecting on your app. It is not automatic as you can choose from various options yourself.
I know the settings but it just keeps showing me error each time I try to change it.
I just tried it for dollar and it kept loading but didn’t work and the error didn’t pop up either so I just tried it for a different currency so that I can show you what it usually shows me in my phone.
(https://talkimg.com/images/2024/09/23/gjZoT.jpeg)
Just take the “AED” as as”USD”.
In respect to your issue, did you try it with a different device?
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OP don't even keep or store cryptocurrency in decentralised exchanges or centralised exchange but use self or non custodial wallet to store your coins. But if you want sell at dat time, you can transfer to dem and sell them off and not to keep dem there. Both decentralised and Centralised exchanges are term as, "not your key not your wallet".
Exactly. If you are not the only person in control of your seed and the keys to your funds then you are pretty much not the owner of those funds or coins. The idea is in both cases wheather in the case of a decentralised exchange or a centralised exchange you are risking your funds. The idea behind hodling suggests that you are the sole and only owner of your coins and we all know that the idea of coin ownership is directly pinned to your seed phrase and keys.
Most people still HODL coins on centralised exchanges simply because they believe they are safe since they are bounded by government regulations, however they are actually just being naive.
If both cex and dex are not safe then which is safe?
That is why you are here to learn. If you are investing, it is good you use self custodial wallets like, bluewallet, Electrum etc. Those ones are very save to keep and store bitcoin for years and nobody block or do anything to them. But in the Dex and Cex, you are not the controller of the wallet seedphrase, you are only a registered member of the exchange platform so the government policies can also affect you through the exchange. Just like what is happening in di country. Many exchanges have closed because of government pressure.
I have also been hearing about bluewallet but have not used it for storing asset although have been using electrum wallets and it more safe and, of course it's an open source wallet. The government policy isn't that favorable anymore because when someone don't have access to his wallet there is every likelihood to lose asset at any given time because of not having access the seed phrase at your back end.
Blue wallet is also like Electrum wallet and it is user-friendly, very easy for newbies to operate. I use both electrum wallet and blue wallet but I prefer using electrum wallet more than blue wallet because it takes time for blue wallet to load compare to electrum wallet. Keeping your seed phrase safe from third party is the best way to safe guard your funds.
This is why i won't use that bluewallet instead i would prefer using Electrum since I am used to it and it's open source, although i have never red about bluewallet to know if is open source or not, I believe we can know more from our brother Charles-Tim he knows about these wallets more better. Please could throw more light for me let know about this wallet if is that trusted to be used.
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However, with respect to the currency denomination, you can make changes their from your settings to any currency you want to see reflecting on your app. It is not automatic as you can choose from various options yourself.
I know the settings but it just keeps showing me error each time I try to change it.
I just tried it for dollar and it kept loading but didn’t work and the error didn’t pop up either so I just tried it for a different currency so that I can show you what it usually shows me in my phone.
(https://talkimg.com/images/2024/09/23/gjZoT.jpeg)
Just take the “AED” as as”USD”.
In respect to your issue, did you try it with a different device?
Maybe you should uninstall and reinstall the app again if you continue to face such challenge and if it persist, I will advice you contact the customer care because from the looks, that seems to be a bug which needs to be attended to or I think you check your device settings to ascertain the location which is currently active on your device but i was curious as to why you would facing such challenge when it should be easy for you to make adjustment manually from your settings.
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Maybe you should uninstall and reinstall the app again if you continue to face such challenge and if it persist, I will advice you contact the customer care because from the looks, that seems to be a bug which needs to be attended to or I think you check your device settings to ascertain the location which is currently active on your device but i was curious as to why you would facing such challenge when it should be easy for you to make adjustment manually from your settings.
I’ve done all that, aside from contacting support and nothing worked I have just decided to go with NGN since their rate is inline with that of exchanges.
I have been using it in NGN it’s not like trust wallet and those other funkie wallets that have outdated rates their rate is always current so I don’t have issue getting the exact amount I want to move out of the wallet.
I’ll try contacting support though, and see what they have to say concerning the issue.
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Maybe you should uninstall and reinstall the app again if you continue to face such challenge and if it persist, I will advice you contact the customer care because from the looks, that seems to be a bug which needs to be attended to or I think you check your device settings to ascertain the location which is currently active on your device but i was curious as to why you would facing such challenge when it should be easy for you to make adjustment manually from your settings.
I’ve done all that, aside from contacting support and nothing worked I have just decided to go with NGN since their rate is inline with that of exchanges.
I have been using it in NGN it’s not like trust wallet and those other funkie wallets that have outdated rates their rate is always current so I don’t have issue getting the exact amount I want to move out of the wallet.
I’ll try contacting support though, and see what they have to say concerning the issue.
Contacting the support team would be the resolve now since it persists. It possibly might be a bug which they will have to attend to immediately before it is noticed by other users of the app. I pray they attend to your matter with a sense of urgency because my experience with them was not a good one to say. I waited and they never responded to my complaint and it is terrible that i had to delete the app from my phone to have nothing to do with them.