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Author Topic: Be careful of mobile wallets that holds private keys  (Read 6444 times)

Zed30

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Be careful of mobile wallets that holds private keys
« on: July 15, 2019, 01:08:36 pm »
"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
« Last Edit: July 15, 2019, 01:12:08 pm by Zed30 »
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Be careful of mobile wallets that holds private keys
« on: July 15, 2019, 01:08:36 pm »


Zion03

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Re: Be careful of mobile wallets that holds private keys
« Reply #1 on: July 19, 2019, 07:08:30 pm »
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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Re: Be careful of mobile wallets that holds private keys
« Reply #1 on: July 19, 2019, 07:08:30 pm »

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Re: Be careful of mobile wallets that holds private keys
« Reply #2 on: July 25, 2019, 03:01:52 am »
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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Re: Be careful of mobile wallets that holds private keys
« Reply #3 on: July 25, 2019, 10:57:17 am »
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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Re: Be careful of mobile wallets that holds private keys
« Reply #4 on: July 26, 2019, 07:02:24 am »
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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Re: Be careful of mobile wallets that holds private keys
« Reply #5 on: August 13, 2019, 04:20:54 am »
"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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Re: Be careful of mobile wallets that holds private keys
« Reply #6 on: August 18, 2019, 02:38:54 pm »
Thanks!

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Re: Be careful of mobile wallets that holds private keys
« Reply #7 on: August 19, 2019, 12:07:20 pm »
Thank you for the information, it's helpful atleast Now I will know and where to operate a wallet.

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Re: Be careful of mobile wallets that holds private keys
« Reply #8 on: August 19, 2019, 11:49:48 pm »
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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Re: Be careful of mobile wallets that holds private keys
« Reply #9 on: August 22, 2019, 08:10:32 pm »
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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