no I wouldn't be using that service.
Its a gimmick to entice newbies to Coinbase, making it seem as easy
as possible to create an account and "you don't have to remember passwords etc."
Google will take care of it.
Well if people cannot even bother to store their own passwords without
using a third party they are asking for trouble, not only that but we
shouldn't be considering storing coins long term ONLINE.
Topic: Coinbase Now Lets You Backup Your Keyphrase In Google Drive And iCloud - page 2. (Read 308 times)
February 15, 2019, 06:45:56 AM
February 15, 2019, 06:44:41 AM
I don't really get it. How difficult could it be to write down 12 words on paper and store the piece of paper somewhere safe in your home? Why would you risk your private key by storing it online, be in Google Drive or iCloud, doesn't matter? I would be surprised if this was implemented by a lesser known exchange, but this coming from Coinbase, really strange. This is a terrible decision by Coinbase and really a very poor practice. Or am I missing something?
February 15, 2019, 06:36:25 AM
Quote
"To be fair, it's an encrypted backup. Unfortunately, most people don't bother making their passwords secure, and relying on there being no bugs with the encryption implementation adds one more thing to worry about"
Source: https://www.unblock.news/news/coinbase-now-lets-you-backup-your-keyphrase-in-google-drive-and-icloudThis is stupid if most people use "password1234" or similar; then must use LastPass to remember strong passwords.
Just write the backup phrase on a piece of paper and keep it safe.
Humans like to complicate things!
February 14, 2019, 10:34:44 PM
that is a horrible idea!
you always want to be in control of your private keys. otherwise what is the point of using bitcoin in first place? stick to using fiat and the banks if you want to use services such as coinbase to keep your keys. not to mention that backing up secret stuff like this on the cloud has always been the least secure way even if you encrypted them.
you always want to be in control of your private keys. otherwise what is the point of using bitcoin in first place? stick to using fiat and the banks if you want to use services such as coinbase to keep your keys. not to mention that backing up secret stuff like this on the cloud has always been the least secure way even if you encrypted them.
February 14, 2019, 10:15:10 PM
Never losing access to your crypto funds ever again. Coinbase now lets you secure your key phrase in Google Drive and iCloud.
“The private keys generated and stored on your mobile device are the only way to access your funds on the blockchain. Owners of ‘user-controlled wallets’ like Coinbase Wallet sometimes lose their devices or fail to back up their 12-word recovery phrase in a safe place, thus losing their funds forever,” as noted in the announcement.
Read more here: https://www.unblock.news/news/coinbase-now-lets-you-backup-your-keyphrase-in-google-drive-and-icloud
“The private keys generated and stored on your mobile device are the only way to access your funds on the blockchain. Owners of ‘user-controlled wallets’ like Coinbase Wallet sometimes lose their devices or fail to back up their 12-word recovery phrase in a safe place, thus losing their funds forever,” as noted in the announcement.
Read more here: https://www.unblock.news/news/coinbase-now-lets-you-backup-your-keyphrase-in-google-drive-and-icloud
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