Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Wallets => Topic started by: GerbertPhills on December 27, 2024, 08:16:12 AM
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The web3 wallet on OKX allows you to either use a key phrase (traditional) OR backup on the cloud and then access through your account.
I like the concept of the 2nd option, but from what I understand I am dependent on OKX to get access to my wallet. My worry is that what if my OKX account get blocked or OKX app itself has a problem. It makes me dependant again on a CEX, so in a way I am taking similar risks to storing my crypto on a CEX. Does that make sense?
Is it possible to have both options for the OKX wallet?
1. Backup on the cloud
2. Have a keyphrase as a backup if cannot access the cloud
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Is it possible to have both options for the OKX wallet?
1. Backup on the cloud
2. Have a keyphrase as a backup if cannot access the cloud
I have no idea about the specific wallet you are talking but I remember some wallets allows you to do both which is giving recovery seeds and also allow the wallet to be backed on cloud using biometric which is kind of encryption feature that ensures no one will be able to access even if they hack into the cloud. Which all seems fine in paper but we have to trust the wallet providers since we have no way of knowing they do exactly what they are telling.
I wouldn't recommend the second, securing you seeds is not that hard especially when you want it to be your storage of your hard earned money.