HC wallets: Who has the private keys?

2019-03-13T01:28:03.000Z Honest Cash

Since I believe HC created a new wallet for me when I registered and since they provided me with my secret keywords, I assume they can spend my balance. Maybe I am mistaken?

From the HC wallet page:

"Ownership and control over the private key is the root of user control over all funds associated with the corresponding Bitcoin Cash address. The private key is used to create signatures that are required to spend bitcoins by proving ownership of funds used in a transaction. The private key must remain secret at all times, because revealing it to third parties is equivalent to giving them control over the bitcoins secured by that key. The private key must also be backed up and protected from accidental loss, because if it’s lost it cannot be recovered and the funds secured by it are forever lost, too."

Responses


RE: HC wallets: Who has the private keys?

by @danigocrypto

Hey. Ive been here since the first day, literally, and been here for all the discussions and chats on telegram and so on and so forth. I believe that what you’re saying is incorrect. Honest Cash does not have your private key or seed. If anything that statement is to warn users to make sure to safeguard their information because inspite of the registering process asking you emphatically to make a backup of this info many users dont, and then lose access to their wallets. The wallet created at log in is yours and yours only. You can even use honest to create wallets that you then use with electron and don’t even access through honest ever again. Of course, this is only valid if the programmers are saying the truth, but that’s a different matter… in any case tipping here is a small value, if you are truly concerned just keep a very small amount of money and that way you can tip without the fear of losing your funds…


RE: RE: HC wallets: Who has the private keys?

by @Big_Bubbler

Thanks for the response. I know most of that and agree the warning message is for educational purposes. I'd like to hear the official answer and figured others might wonder, like me, so, made it a public question. I know it is only a couple bucks and I have sent some to another wallet already. If you do use your private key here to import a HC wallet to Electron Cash or whatever and HC (or a person with access to HC's backend) has your private key, than anything you put in that Electron wallet is also free for them to spend.