Join 61,204 users and earn money for participation

Is Bitcoin.com really a non-custodial wallet?

11 47 exc boost
Avatar for Ryryry143
Written by   125
2 months ago

Everyone in the crypto space knows the importance of the differences between a custodial and a non-custodial wallet, and every new player in cryptocurrency must know about it.

For a brief explanation, a custodial wallet is where you can store your crypto assets using a third-party applications like exchanges; Binance, Kucoin, Coinex, etc. While a non-custodial wallet is a place where you can store your crypto assets without the need of those exchanges but only your own seed phrase - a 12 to 24 mnemonic phrase compose of words and numbers, to access it.

Most of the users/authors here in this platform are using the Bitcoin.com wallet to store their earned Bitcoin Cash, saying that it is a non-custodial wallet and it's a lot safer from any hacks that might happen.

But, is Bitcoin.com just a non-custodial wallet?

Back in October 2020, when I was just new in this community and still doesn't know about Bitcoin.com, I asked one of the crypto/BCH enthusiast about importing or integrating my BCH/read.cash wallet in the Bitcoin.com app. I asked him if whenever I want to log in my Bitcoin.com in another device using the email I used to register, will all the wallets in Bitcoin.com from my old device appear in the new device?

And he said, that whenever you want to use all of your wallets, you would need to manually add it in your Bitcoin.com app if you signed in your email in another device.

When I got that answer, I'm feeling that it would be a hassle, yet I know it's more secure, that I would manually add all my wallets in Bitcoin.com to my new device because I have lots of wallets for different purposes.

I used all of this wallets in crypto faucets, giveaways, contests, etc. I did this to easily recognize all of my earnings then put it in my main BCH wallet.

On the first week of November 2020, I received my new phone that I ordered online. And of course, the first thing I did was to sign in my email account in Gmail then downloaded the Bitcoin.com app for me to start adding manually all my wallets from my old phone.

But after I signed in with my email in Bitcoin.com app, I was shocked that all the wallets in my Bitcoin.com's old device immediately appeared. At first, I was glad because there's no need to manually add all my wallets. But then I asked to myself, "If I don't need to manually add my wallets, what if someone has taken over my email?".

Why I'm asking this?

I was scared. What if someone has a good technical knowledge and can have access to my email?

Recently, I have been proned to some sort of hacking/attacks or whatever it should be called.

First, someone had successfully logged in to my Binance account.

I was pretty sure that I have a very strong password for my Binance account and yet someone successfully logged in to it.

Secondly, my Bitbinary password was changed too.

And just recently, my read.cash account (this account), was also attacked by someone.

My account was logged in to another browser/device that's why it has a lot of wallets.

It was really a good thing that I have integrated my read.cash wallet in the Bitcoin.com app, because if I didn't, I could have lost a good amount of BCH that I have earned here.

So, what I did is that I converted all my assets into Bitcoin Cash and sent it to my Bitcoin.com wallet. I was too scared that someone who successfully logged in to my Binance account would play with my assets and burned it because he can't easily withdraw it because of the 2FA's I set.

I also changed the passwords of my Bitbinary and read.cash account.

And the most important thing, I changed my email's password, put a 2FA and turned on "Use your phone to sign in" so that I can feel a bit more secured with my email.

What does it have to do with Bitcoin.com?

Like I mentioned above, when I signed in with my email, all the wallets immediately appeared without manually adding them, and all my assets was converted to Bitcoin Cash and stored it in my Bitcoin.com app.

I was thinking, what if someone can successfully have a full access or taken over my/our email that we used in Bitcoin.com? That would also mean that they can have full access to our assets in our Bitcoin.com wallet.

If to compare Bitcoin.com wallet with Trust wallet, I could say that Trust wallet can be more secure because it would really require you to have your seed phrase to access your assets.

But of course, I might be wrong with this concerns. So if anyone can give me a clarification, I would highly appreciate it.

@Ryryry143

9
$ 0.05
$ 0.03 from @TheRandomRewarder
$ 0.02 from @Ruffa
Sponsors of Ryryry143
empty
empty
Avatar for Ryryry143
Written by   125
2 months ago
Enjoyed this article?  Earn Bitcoin Cash by sharing it! Explain
...and you will also help the author collect more tips.

Comments

I'm late to the discussion (that seems to be in Tagalog by the way!) I believe this happened because you were backing up your walled to Google Drive automatically. Could it be the case?

$ 0.00
1 week ago

Grabi naman, may nakakaalam ba ng email mo na ginagamit. Bat paramg kilalang kilala ka nong nang hahack sayo?

$ 0.00
2 months ago

Yun na nga, parang kilala ako 😂 pero di pa naman nya nakuha Ang email ko, pero Alam nya kung ano Ang email ko pero di password.

$ 0.00
2 months ago

Pero nag eeffort talaga sya na eopen ang account mo. Saka bat alam nya na may laman, baka taha dito lang yan.

$ 0.00
2 months ago

Ewan ko lang. Kunsensya nya nalang kung meron man siya.

$ 0.00
2 months ago

Kowww buti ako diko pa nararanas yan. Awan nalang if mahulaan nya p.w kom

$ 0.00
2 months ago

Sana nga di ka nya puntiryahin, malaki pa naman laman ng sayo 😂

$ 0.00
2 months ago

Halaaa wag naman 🙄

$ 0.00
2 months ago

You should have put a very strong password for your email. When he take your email, you're done

$ 0.00
2 months ago

If someone can have your email, they will still need your private key to access your funds in Bitcoin.com wallet.

$ 0.00
2 months ago

Thank you, but I kinda forgot it

$ 0.00
2 months ago