Your own wallet, or a 3rd party wallet?

[AkaCrafterCZ 1140]

19 hours ago, Sezar55 said:

My dear friend, you explain about the third-party wallets and special wallets, but in all honesty, I prefer private wallets that are not connected to the Internet because it is very safe and nobody can ever penetrate it and its security situation depends on you personally only, it is currently desirable for adult and novice traders to get rid of these common phenomena such as Infiltration and theft

You are probably speaking about a cold wallet - specifically a paper wallet. That's good for long term investmentors, as the private key is only revealed once you want to move the funds out of the wallet. A paper wallet is your own wallet. No one else can access it.

Same as @DoboniAyuuii said.

[IamLeader12 682]

I always use wallets where funds are stored only by me and only I have a private key to them, I do not trust third-party wallets since I once had 50 dollars stolen from there.

[ComeBackIsrael 185]

I only use my own wallets, I don't trust wallets that don't give their users private keys, because they can take the coins back at any time and say that they were hacked. 

[SuperCrypto 7193]

On 4/23/2020 at 10:21 PM, AkaCrafterCZ said:

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.

I do not prefer the third-party wallets at all, especially for beginners, no matter how comfortable the process seems to them, but one should not be trusted and it is better to learn more and use decentralized wallets, or wallets that are far from connecting to the Internet.

[BitcryptoHan 2557]

20 hours ago, Amrhamza1999 said:

I don't think that use 3rd party wallets is good and safe

There is one legit third party waller, coinbase, i can mot use it but it maintain good reputation. I prefer to have my own wallet which is better than not having my own private keys of the coin I safe. 

[AkaCrafterCZ 1140]

4 hours ago, kingofsay said:

Some wallets are available without providing full access to the user. And the authorities see what users are doing in their wallets. But I use Coinbase wallet. I hate this type of wallet because they hold your private key and you are not the owner of your cryptocurrency from the blockchain directly.

In other words, it's just not true decentralization. And that's what matters in the blockchain world.

[NevermindNe 549]

I always use only my own wallets as third-party wallets where I store my coins may not have enough security, and in my own wallet I am sure that there is one.

[nykas 2812]

I think that 3-d part wallet isn`t safe and people should use hardware crypto wallets which are controlled only by owner so own wallet is better than 3-d part wallet 

[BitcryptoHan 2557]

11 hours ago, nykas said:

I think that 3-d part wallet isn`t safe and people should use hardware crypto wallets which are controlled only by owner so own wallet is better than 3-d part wallet 

Using hardware wallet is good and the safest means to keep your cryptocurrencies but they are not easy to use like mobile wallet, there are some mobile wallet that are not third party wallets, they are even more common and safe and easy for daily transactions. 

[Whited35 15285]

I would like to prefer my own wallet on which I would have the full control over my money. Third party or most of online cryptocurrency wallets generally do not give us the full control over our funds as our private key will be stored in their secured servers. 

[BTC Future 3946]

I'm trying to avoid all 3rd party wallets (custodial) and just use wallets I can only feel safe with. These are wallets that provide security and the private keys. Not your private keys not your Bitcoin, or other crypto. If I am to use any other wallet that doesn't give me the private key then I just use them with really small amounts.

[bitcoin-shark 1928]

never use third-party wallets for which you do not own private keys your funds are at risk, always use a wallet of which you have private keys and for greater security with a password or 2fa ...

[AkaCrafterCZ 1140]

17 hours ago, bitcoin-shark said:

never use third-party wallets for which you do not own private keys your funds are at risk, always use a wallet of which you have private keys and for greater security with a password or 2fa ...

Actually, it might sometimes be profitable to use a 3rd party wallet. The most popular of them, that holds your keys is currently Coinbase. Their security is on high levels and the funds are pooled in cold wallets. I'm not personally using Coinbase for storing crypto, but I believe it's secure to leave your funds there for years.

If you are for example worried and you think your funds aren't safe with you, such a secure 3rd party wallet as Coinbase is the solution. I think both of the wallet types are good, people just have to find what they want to use.

[Zaino34 0]

This is a post that deserves appreciation but really I do not like to use this type of wallet and I prefer to use my own wallets that are not dependent on a third party such as blockchain wallet and Coinbase these two wallets are very good and good to use

[AkaCrafterCZ 1140]

1 minute ago, Zaino34 said:

This is a post that deserves appreciation but really I do not like to use this type of wallet and I prefer to use my own wallets that are not dependent on a third party such as blockchain wallet and Coinbase these two wallets are very good and good to use

Please read other posts in this topic before you make any decisions. One post above, I mentioned that Coinbase is the most popular 3rd party wallet and it's the best example of it. On Coinbase, you're not able to access your private keys and the funds are held by Coinbase. 

[Calvinpriva 17296]

Our own wallets will be more secure because we can control everything by our self and its very good. There are many 3rd party wallets which are good too but the only problem i think its because there are some limitations and many people are fearing about their security.

[gourav789 2834]

I used both kind of wallet for different different purpose I used wallets who provide private key and phrases word like our own wallet we can easly handle that wallet , third party Wallet like coinbase is Good and easy to used but security level is low as compared to our own wallet .

[Shahud 1319]

 

as a tader we must select a good wallet to ensude our money to be at safe place.currently there are many less secuirty wallet who is just giving us a low security and if we use trm then there are chances of accessing our wallets by anybody.

[AkaCrafterCZ 1140]

11 hours ago, gourav789 said:

I used both kind of wallet for different different purpose I used wallets who provide private key and phrases word like our own wallet we can easly handle that wallet , third party Wallet like coinbase is Good and easy to used but security level is low as compared to our own wallet .

The security of 3rd party wallets, especially Coinbase is still very high. You should choose which type of wallets fits you the best. I still think Coinbase is very secured and you shouldn't worry about your funds. It might even be more secured than your wallet only you can basically access.

[Magnom 0]

In my opinion, each type of wallets has its purposes! So why not to use both of them!? I think this is really better!

Especially when we are talking about wallats which require kyc and wallets which don't require it..

Also the security in wallets is better than 3rd party wallets as many people say.. Coinbase is good but there is many problems with that especially problems which happened in the last period while the rising of bitcoin's price

[Raqeebzy 6456]

On 4/23/2020 at 11:45 PM, 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.

Please can you give examples of the other type of wallet because I only know some third party wallet like Exodus wallet, Atomic wallet and Abra. More explanation of how they work will be appreciated. 

[scorpiali 5626]

On 5/7/2020 at 3:20 PM, bitcoin-shark said:

never use third-party wallets for which you do not own private keys your funds are at risk, always use a wallet of which you have private keys and for greater security with a password or 2fa ...

The third part is more risked way i dont advice any one to do that,as you say if you dont have your private key it's not your wallet 

[AkaCrafterCZ 1140]

On 5/13/2020 at 7:20 PM, Raqeebzy said:

Please can you give examples of the other type of wallet because I only know some third party wallet like Exodus wallet, Atomic wallet and Abra. More explanation of how they work will be appreciated. 

@Raqeebzy I could show you. You are a bit wrong.

3rd party wallets (centralized) are the wallets that hold the private keys for you (your funds) and if they get hacked, everyone's funds are at risk. However, the most popular centralized wallet, Coinbase is very secured and you shouldn't worry.
Your own wallets (decentralized) are the wallets that lets you access your private keys. That usually means they do not store the private keys and in order for everyone to lose their funds, every user would have to be hacked separately. Such wallets can be safer, however it also has some cons. These wallets can't provide you support for your funds, because they can't access them, neither recover them if you lose them. Examples of these wallets are both Exodus and Atomic. I don't know what wallet Abra is though.

I hope it helped. Exodus and Atomic are surely decentralized wallets that you can fully control and no one else has access to your deposited funds.

[bitcoinb 1359]

On 5/13/2020 at 7:20 PM, Raqeebzy said:

Please can you give examples of the other type of wallet because I only know some third party wallet like Exodus wallet, Atomic wallet and Abra. More explanation of how they work will be appreciated. 

@Raqeebzy  Bro, Atomic Wallet and Exodus (i don't know Abra) aren't what we call "3rd party wallet" (Coinbase is a 3rd party wallet). To be simple, a 3rd party wallet is like a bank, your funds are in their hands.

 

Atomic Wallet (my favorite wallet) and Exodus are what we call "non-custodial wallets", that means your funds are stored in the blockchain, not in the hands of a 3rd party. Non-custodial wallets are the best alternative (free) to 3rd party wallet.

 

I suggest you to read my topic about Atomic Wallet to learn more about it.

[Yomose 3704]

On 8/6/2020 at 10:34 AM, EmiKanNi said:

This is a very good topic, I will prefer my cryptocurrencies to be on blockchain directly than using third party wallets like coinbase to control my key. It is just means that to be my own bank will be the best while using cryptocurrencies. 

That is just the right thing to use, the safest wallets are noncustodial, and we have private keys to control the coin from blockchain directly. This is a great idea which i do also suggest people to do but they like coinbase like novices.