Hosted Wallets | Discussion Bucks

Hosted Wallets

Starmix

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Sep 26, 2023
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I am very interested in creating a crypto account, which is why I woke up early browsed the web, and stumbled on this Hosted Wallet as among the wallets for storing crypto. It is considered the most popular and easy-to-set-up crypto wallet. It seems interesting to me, and another thing about it is the third party that keeps the crypto for me the same way how a bank keeps our money safe. I hope it is true because we don’t know what is behind the screen unless somebody confesses the truth about its accuracy. The best about Hosted Wallet is if forget the password I won’t lose my crypto. But there is also a drawback about this wallet, you cannot access everything that Crypto has to offer.

Another thing is compliance with the government’s financial regulations. If this is so, I may go to the office of the Bureau of Internal Revenue which is also near home. In applying, the site also requires a 2-step verification called 2FA.
 
Self custody is what crypto encourages but I do understand the fear of loosing all you own when you lose your keys. How trusted and tested is the hosted wallet, especially now that hacks and rug pulls are rampant.
 
Any wallet should be decentrailzed except web wallets. If you have some coins in web wallet and they can recover password, it means they can always access your account stole crypto. Not your private key, not your crypto.
 
Hosted wallets will be easier to use than Self Custodial Wallets. Hosted wallets are managed by a centralized network so users do not have private keys. Currently, many hostess wallets ask for user identity, telephone verification, even KYC with address. Hosted wallets comply with the government.