If a bitcoin wallet service provider terminates a users account, what happens to the funds?

If a bitcoin wallet service provider terminates a users account, what happens to the funds?

A friend of mine has/had a bitcoin wallet service provided by an online marketplace. Sounds like he had some kind of disagreement with the site administrators and they terminated his account. At that time, he still had some BTC in the wallet. Not a lot (about $50.00 USD or so), but still.

Is there any way to recover the funds, or are we all at the mercy of our wallet service providers in that respect?

Seeing as all transactions are recorded in the ledger, I figured perhaps there's some way to claim/prove/declare ownership. It seems pretty thin, but surely there's some kind of safeguard in place, otherwise wallet service providers could exploit that trust and just terminate all their customers accounts and take all their funds with impunity at any moment. Right?

https://ift.tt/2EHpzSb

Comments

Post a Comment

Popular posts from this blog

Bitcoin Core errors with database block

Bitcoin Core errors with database block I've had the follow issue: on one machine I've launced Bitcoin Core v0.16.0 and Litecoin Core v0.16.0. Each application work in separate datadir also each application have setted callback call for event walletnotify . For now I use both application with testnets. Recently, there have been frequent cases when these applications stop sending transactions, when restarting, an error occurs: "Corrupted block database detected. Do you whant to rebuild the block database now ?". It happens on both apps Bitcoin Core and Litecoin Core, after rebuild applications continue to work, but after a while it happens again Please help me, what I doing wrong? Thank you for any advice https://ift.tt/2z6j9rL
Read more

Bitfinex & Market Synergy To Offer Institutional Calibre Cryptocurrency Connectivity

Bitfinex & Market Synergy To Offer Institutional Calibre Cryptocurrency Connectivity Market Synergy GmbH , a Swiss-based organisation which offers institutional cryptocurrency connectivity and security for banks, brokers and hedge funds has been selected by  Bitfinex  to provide robust, high performance connectivity for institutional clients. Market Synergy has designed and built a bespoke network for Bitfinex, hosted in a Swiss data centre in the heart of Crypto Valley. In addition to providing outsourced connectivity and hosting services to Bitfinex, Market Synergy can also manage co-location services for Bitfinex’s institutional clients and offer a FIX feed and ISP link to the digital asset gateway which Bitfinex recently launched in collaboration with Connamara . Market Synergy is a separate company within the FXecosystem Group , which also comprises of FXecosystem and Bondecosystem, both of which are institutional market leaders in outsourced connectivity in their r
Read more