Cryptocurrency watch only address

[Enxx]

Someone ask that if it is only to see the balance then how can we withdraw. It can be withdrawn because whoever is watching the address is not the real owner. To watch an address, it is the same address that I will give you to send coin into that I will watch since cryptocurrency is anonymous and the transaction is transparent. Only the owners of the private key can have access to the coin inside.

 

[cherry123]

Thanks for the explanation I understand it better now and I think it is a secured system too

 

[Suba]

Not all crypto addresses have private keys, especially wallets that are managed by a centralized network called Custodial wallet, for example Binance, Uphold etc. If you hold the private key for a crypto wallet then complete control is in your hands, for example Metamask, Trustwallet etc.

 

[hastral45]

To be sincere, I don't really understand the topic discussed here. It looks like off-topic to me. What is this cryptocurrency watch address please?.

 

[Suba]

In fact, a crypto wallet does not physically store your crypto in their wallet like you save money in bank A, but crypto is stored in the blockchain, while the wallet only gives you access to open the blockchain.

 

[flower]

Infact a crypto wallet does not physically store your crypto in their wallet like you save money in bank a but crypto is stored in the block chain with the wallet only

It is true! the blockchain stores your cryptocurrency and that is why it is decentralized.

 

[Golden9]

I don't really get this explanation of a watch-only cryptocurrency address. I do know that it's only possible to see what takes place on that particular address, but who actually can withdraw from the account?

 

[Suba]

We can all track the history of a crypto address, regarding the number of balances and transactions made, we can also trace where a crypto address sent crypto or crypto recipient addresses, but if you store crypto in a custodial wallet you don't need to have a private key.