Actually owning bitcoin - page 2. | Bitcointalksearch.org

MONKEYJUNK

sr. member

Activity: 434

Merit: 250

Quote from: ?? on ??

Quote from: BigChocolate on November 21, 2016, 11:09:16 PM

Hello!

Someone told me that if I purchase bitcoin from Coinbase that I didn't ACTUALLY own the bitcoin, but rather Coinbase owned it, and I just told them what to do with it?

I am new to this community and just seek clarification. How and where do I go about actually owning it?

Best,

Big Chocolate.

For you to actually own it, transfer your bought Bitcoin from Coinbase to a wallet like Blockchain thats how I understand it. Coinbase is an exchange site so Coinbase is just keeping a log that you bought xx amount of Bitcoin.

Exchange isn't wallet OP.

Blockchain.info isn't an safe wallet btw, the web wallets are the most unsafe wallets.

Here you can find the best wallet for your needs https://bitcoin.org/en/choose-your-wallet

BigChocolate

newbie

Activity: 6

Merit: 0

Quote from: BitcoinBarrel on November 21, 2016, 11:19:10 PM

To actually own Bitcoins you need to have the Private Key written down or memorized, in your possession, with no one else having a copy of your key.

When you have Bitcoins on an online exchange, casino or other site; the numbers on the page represent your balance with the exchange NOT your Bitcoins on the Blockchain. That is why should NEVER keep the bulk of your Bitcoins on any website. Only deposit what you need to use for that purpose and withdraw as soon as possible.

You can create a "Paper Wallet" using open source services like http://bitaddress.org that you can print out with the Private Key. That is the safest way in my opinion.

How does a Paper Waller pair up with cold storage? Also the concept of a paper wallet is slightly confusing still to me. I will look it up and research it a bit, however if you have any insider tips of info, I'd greatly appreciate it.

Also, as far as obtaining Bitcoin, the only route I know of thus far is Coinbase and other similar Exchanges. How would you go about getting them, if you were just starting?

Best,

Big Chocolate

BuySomeBitcoins

sr. member

Activity: 434

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Quote from: ufaiz50 on November 21, 2016, 11:33:20 PM

sory , i never purchase bitcoin from coinbase, if I want to buy items, I prefer to buy in localbitcoins maybe purchase bitcoin from loclbitcoin is safer

It is, LBC is the one of the safest places to buy BTC.

ufaiz50

hero member

Activity: 1666

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sory , i never purchase bitcoin from coinbase, if I want to buy items, I prefer to buy in localbitcoins maybe purchase bitcoin from loclbitcoin is safer

BitcoinBarrel

legendary

Activity: 2026

Merit: 1034

Fill Your Barrel with Bitcoins!

To actually own Bitcoins you need to have the Private Key written down or memorized, in your possession, with no one else having a copy of your key.

When you have Bitcoins on an online exchange, casino or other site; the numbers on the page represent your balance with the exchange NOT your Bitcoins on the Blockchain. That is why should NEVER keep the bulk of your Bitcoins on any website. Only deposit what you need to use for that purpose and withdraw as soon as possible.

You can create a "Paper Wallet" using open source services like http://bitaddress.org that you can print out with the Private Key. That is the safest way in my opinion.

Pearls Before Swine

sr. member

Activity: 1190

Merit: 306

I don't think that's a strong legal position once you've handed over your fiat money. But I am not a lawyer.

The other related question is, do you have actual control over your bitcoin while you've still got it on exchanges like Coinbase. My answer would be no, get it into a wallet as soon as possible and I've read that a lot here. But if you didn't actually own the bitcoin you bought, I think that's fraud on their part. They're one of the exchanges that is actually regulated by government.

BuySomeBitcoins

sr. member

Activity: 434

Merit: 253

That is correct.

Having your Bitcoins stored on coinbase is the same as having your money in a bank account, you can take them out, you can use them but the bank owns them.
If coinbase is closed, got hacked or whatever, your coins are lost.

I suggest you take them out of that shitty website and store them in YOUR personal wallet.
I advise you to read about bitcoin, scams and everything a new user need to know before using bitcoin.

BigChocolate

newbie

Activity: 6

Merit: 0

Hello!

Someone told me that if I purchase bitcoin from Coinbase that I didn't ACTUALLY own the bitcoin, but rather Coinbase owned it, and I just told them what to do with it?

I am new to this community and just seek clarification. How and where do I go about actually owning it?

Best,

Big Chocolate.

Topic: Actually owning bitcoin - page 2. (Read 1301 times)