Your own wallet, or a 3rd party wallet?

[AkaCrafterCZ 1140]

Hello cryptotalk, recently I found some people talking about wallets that hold the private keys for you and what are the differences about it, today I want to make it clear for everyone, I'll mention what are the differences and advantages between a 3rd party wallet and your own wallet.

3rd party wallets

• Your private keys are held by the wallet provider itself
• They have full access over your funds, so you need to trust them enough
• Everyone can lose their funds in case the wallet holder gets hacked, as they store all the private keys in their databases
• These wallets usually come with quick in app payments, such as an intergrated exchange. Because of frequent and small transactions, you usually can't view your private keys at any time

Your own wallet

• You take responsibility for your wallet security
• You can fully access your funds without any limitations
• If your device gets hacked, it only affects your wallets

It's up to you which type you want to use. 3rd party wallets can be often very convienent for beginners, as many security steps are done by the wallet provider already. If you feel like your funds aren't safe with you, you should also consider using a 3rd party wallet.

 

If you have any questions about this topic, make sure to share them in the comments!

[bitcoinb 1359]

@AkaCrafterCZ  This is an interesting topic bro, congrats. I hope it will be read by a lot of members because they will finally understand the truth behind 3rd party wallets. As you probably saw, I HATE 3rd party wallets.

[Saj555 2250]

This is very important to know about. Because there are some wallets available that doesn't give full access to the users. And the authority see what a user is doing in his wallet. But i use the Coinbase wallet. And they give full responsibility about the safety and security of the users. So I love using it without any difficulties. So be carfeul always about choosing good wallet and avoiding 3rd party access. 

[AkaCrafterCZ 1140]

7 hours ago, bitcoinb said:

@AkaCrafterCZ  This is an interesting topic bro, congrats. I hope it will be read by a lot of members because they will finally understand the truth behind 3rd party wallets. As you probably saw, I HATE 3rd party wallets.

3rd party wallets break the first law of blockchain. It should be decentralized, which these wallets basically aren't. They can run away with your funds or get hacked and you can't do much about it. Some websites collapsed to getting hacked any they couldn't retrieve the funds to their users as it was too much.

[AkaCrafterCZ 1140]

7 hours ago, Saj555 said:

This is very important to know about. Because there are some wallets available that doesn't give full access to the users. And the authority see what a user is doing in his wallet. But i use the Coinbase wallet. And they give full responsibility about the safety and security of the users. So I love using it without any difficulties. So be carfeul always about choosing good wallet and avoiding 3rd party access. 

Did you say we should avoid 3rd party wallets? It's up to us which type we choose, as both are good for someone, you need to decide. Coinbase is a perfect example of a 3rd party wallet. They own the private keys and you can't access them. If they decide to remove the send button, you won't be able to withdraw your funds and you won't be able to do much about it. So if you don't like 3rd party wallets, why do you use Coinbase? I don't get it.

[Syed Al Mamun 876]

You deserve highly appreciation for your post because it's a complex matter for all, especially for new interested person to Crypto currency. Because it so careable for him. For avoiding these types problem i use Binance and i recommend Binance with this now a days Yobit also performing so we'll so everyone can use it without any hesitation.

[AkaCrafterCZ 1140]

1 hour ago, Syed Al Mamun said:

You deserve highly appreciation for your post because it's a complex matter for all, especially for new interested person to Crypto currency. Because it so careable for him. For avoiding these types problem i use Binance and i recommend Binance with this now a days Yobit also performing so we'll so everyone can use it without any hesitation.

Good, Binance is a 3rd party wallet, as you can't access the private keys and they hold them for you, but I'm not sure if you can consider that a wallet. It's an exchange, aswell as YoBit and it shouldn't be used for long term storing of all your funds. However, Binance and YoBit are very safe, so no worries for now.

[guatazoo 7150]

18 hours ago, AkaCrafterCZ said:

Hello cryptotalk, recently I found some people talking about wallets that hold the private keys for you and what are the differences about it, today I want to make it clear for everyone, I'll mention what are the differences and advantages between a 3rd party wallet and your own wallet.

3rd party wallets

• Your private keys are held by the wallet provider itself
• They have full access over your funds, so you need to trust them enough
• Everyone can lose their funds in case the wallet holder gets hacked, as they store all the private keys in their databases
• These wallets usually come with quick in app payments, such as an intergrated exchange. Because of frequent and small transactions, you usually can't view your private keys at any time

Your own wallet

• You take responsibility for your wallet security
• You can fully access your funds without any limitations
• If your device gets hacked, it only affects your wallets

It's up to you which type you want to use. 3rd party wallets can be often very convienent for beginners, as many security steps are done by the wallet provider already. If you feel like your funds aren't safe with you, you should also consider using a 3rd party wallet.

 

If you have any questions about this topic, make sure to share them in the comments!

For what's I see here for me I'll choose 3rd party wallet, because it can be safe to recovery my money even if they hacked, but to have my own wallet which if I will be hacked no one can recover my money, that's is bad.

[AkaCrafterCZ 1140]

3 hours ago, guatazoo said:

For what's I see here for me I'll choose 3rd party wallet, because it can be safe to recovery my money even if they hacked, but to have my own wallet which if I will be hacked no one can recover my money, that's is bad.

That doesn't usually happen though, imagine Coinbase getting hacked and recovering everyone's funds. 3rd party wallets don't recover return any lost funds to the users as the lost amounts are usually too big to pay. These wallets usually end up exiting and never coming back again. We must keep in mind Coinbase is a very secured wallet (exchange) and that they make sure to store all their funds in private.

[guatazoo 7150]

12 hours ago, AkaCrafterCZ said:

That doesn't usually happen though, imagine Coinbase getting hacked and recovering everyone's funds. 3rd party wallets don't recover return any lost funds to the users as the lost amounts are usually too big to pay. These wallets usually end up exiting and never coming back again. We must keep in mind Coinbase is a very secured wallet (exchange) and that they make sure to store all their funds in private.

I'm agreeing with you, we should use the wallets that's can be recovering our funds if the hackers have stollen funds, but if we use own wallet, you cannot even contact the support of the wallet if there have any errors.

[bachnhuc8273 231]

it therefore careable for him. For avoiding these types problem i gain Binance and i recommend Binance with this tonight a days Yobit also performing therefore we'll so everyone can gain it without any hesitantly.

[qua186386 226]

thas for information I think our own wallet is best then third reception wallet it is easiness and secure for us for our money, preserve easiness from others our fund is not easiness if third party keep our private key because keys is important in wallet i choose my own wallet

[AkaCrafterCZ 1140]

2 hours ago, qua186386 said:

thas for information I think our own wallet is best then third reception wallet it is easiness and secure for us for our money, preserve easiness from others our fund is not easiness if third party keep our private key because keys is important in wallet i choose my own wallet

It's really up to you. If you believe you can protect your wallet from getting hacked, you can use your own wallet, which is truly decentralized and even the wallet provider can't access your funds. But if you're a beginner, usage of 3rd party wallets can make your Crypto transfers much easier, as they maintain the funds and can provide you support.

2 hours ago, paulpogba said:

No dear I do not use the 3rd party wallets because it's more scammed and more boring. I always use the own wallet having more secure. By the way you create best post and share good information.

Thanks for sharing your opinion and you're welcome. I'm trying to make useful and profitable articles for everyone to learn from. I'm happy you noticed my work.

[kadayakito 765]

I think your own wallet or a 3rd party wallet has its own advantages and people depend on the needs and ability to choose a wallet. I have used both types of wallets and I both like them, both of which have their usefulness. 3rd party wallet I believe everyone knows, that's coinbase wallet. And for your own wallet like a paper wallet, you have full control over it. I see people don't understand much about wallets but try to talk a lot.

[AkaCrafterCZ 1140]

15 hours ago, kadayakito said:

I think your own wallet or a 3rd party wallet has its own advantages and people depend on the needs and ability to choose a wallet. I have used both types of wallets and I both like them, both of which have their usefulness. 3rd party wallet I believe everyone knows, that's coinbase wallet. And for your own wallet like a paper wallet, you have full control over it. I see people don't understand much about wallets but try to talk a lot.

Yes, I agree 3rd party wallets can be useful for beginners, and long term investors should rather use a local wallet, as if they're experienced and responsible for their funds, they will probably be more secured in a 3rd party wallet. We can't really say which wallet type is better, it varies from person to person.

[AkaCrafterCZ 1140]

2 hours ago, rifat4393 said:

I think personal wallet is batter than a 3rd party wallet. But I use a 3rd party wallet. Because, I don't know how to use or make a personal wallet. Any body please tell that how can I use a personal wallet?

You don't need to set up any stuff or have knowledge about computers, it can basically be functionally same as a 3rd party wallet, with the difference that you will be able to access your private key and you will have a full control over your funds.

 

I suggest you to use the Atomic wallet, my friend @bitcoinb made an article about it:

 

[rianpedia 816]

Interesting information I am also bored about users who provide information about private keys only, with this I know how to start the key from a third party. I will try to practice.

[Jeet Narayan 1940]

I don't understand third party wallet and own wallet because you can't gave example of that wallet. How can I create my own wallet and now i'm using coinbase as well as this wallet providing us very good safety with full access.

[tienda 8776]

Thank you Dear for sharing this very good information about the own and the third party wallet, yes there are a difference between both option, and you have explained anything with specific details, this is useful! thanks!

[AkaCrafterCZ 1140]

22 minutes ago, tienda said:

Thank you Dear for sharing this very good information about the own and the third party wallet, yes there are a difference between both option, and you have explained anything with specific details, this is useful! thanks!

I found out no one talked about this before, and a low of people didn't even notice there are such wallet types, so I decided to create a topic about it. Please consider to give me a heart if you liked it.

[magd 5231]

You mentioned the third-party wallet Yes, the wallet on your exchange platform can be considered a third-party wallet because the platform administration can control some of the procedures within it, for example your wallet on the Yubit platform, while the private wallet is the mobile phone or personal computer wallet that is not managed except by you for this reason The importance of choosing a reliable exchange platform in order to feel secure in your portfolio on that platform

[Soaib khan 1035]

I will choose my own wallet Because security is very important we put our hard earned money in wallet and we can not believe in third party wallet but as far as I know if a new person wants to choose wallet then he should choose third party wallet 

[George10 9932]

That's a clear clarification on the different between hardware and 3rd part wallets though for beginners often chooses third part wallet as it is the one convenient to use or easily accessible and it's also the one I'm using but they can't be trusted if they really keep our private keys.

[BitcryptoHan 2557]

8 hours ago, George10 said:

That's a clear clarification on the different between hardware and 3rd part wallets though for beginners often chooses third part wallet as it is the one convenient to use or easily accessible and it's also the one I'm using but they can't be trusted if they really keep our private keys.

Third party wallets keep your private key, and can not be used to safe bigger amount, I only have few amount of cryptocurrencies on coinbase because of this, I prefer using my own wallet that gives me private keys which means I have my wallet in my custody. 

[Eg0rchiK 6]

I also choose which wallet to use , there are a lot of them now and they all have their pros and cons, so I haven't decided yet.