Coinbase users have private keys? | Bitcointalksearch.org

wxa7115

hero member

Activity: 2702

Merit: 704

Bitcoin is GOD

Quote from: jman0war on January 08, 2017, 04:49:06 PM

Plenty of mis-information in this thread.
Firstly, Coinbase is insured.

Digital Currency

All digital currency that Coinbase holds online is fully insured. This means that if Coinbase were to suffer a breach of its online storage, the insurance policy would pay out to cover any customer funds lost as a result.

The insurance policy covers any losses resulting from a breach of Coinbase’s physical security, cyber security, or by employee theft. The policy is provided by a syndicate of insurers through Lloyd’s of London.

Coinbase holds less than 2% of customer funds online. The rest is held in offline storage.

This insurance policy does not cover any losses resulting from the compromise of your individual Coinbase account. It is your responsibility to use a strong password and maintain control of all login credentials you use to access Coinbase and GDAX.
https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-

There are also dangers to keeping your own bitcoins on your computer.
How safe is your computer?
What happens to your bitcoins if the hard drive crashes and burns?

Don’t get me wrong but those insurances are nothing but hot air, when the time comes a big hack happens, they will just wash their hands and use some legal trick to get out of those compromises they have done or they will just run away and not pay.

ibuddy122505

sr. member

Activity: 1057

Merit: 261

Quote from: thebatletbet on January 09, 2017, 02:47:46 AM

Quote from: Devboy on January 09, 2017, 01:29:17 AM

As far as i thought you are talking about private keys that most free quiently you want to hold your boitcoin with safety.So surely i'm not recommened you using coinbase like wallet not only there any private keys but also many more unfair reason it's not insured.

if you want safe in big bitcoin, much bitcoin
you must choose wallet addres is support private key and 100% full control
you can use eleterum or bitcoin core, is the best wallet if you hold big bitcoin

coinbase not recomended hold big bitcoin because not support private key

Of course,A bitcoin owner who hold big amount than naturally came a Q how can he control it.So simply the safety and security of his bitcoins is his first priority.At least he choose a secure bitcoin wallet.As you know ultimately it is a good practice to keep your bitcoins safe.
So far coinbase not be recomended.Eleterum must be best one.

thebatletbet

hero member

Activity: 588

Merit: 500

Quote from: Devboy on January 09, 2017, 01:29:17 AM

As far as i thought you are talking about private keys that most free quiently you want to hold your boitcoin with safety.So surely i'm not recommened you using coinbase like wallet not only there any private keys but also many more unfair reason it's not insured.

if you want safe in big bitcoin, much bitcoin
you must choose wallet addres is support private key and 100% full control
you can use eleterum or bitcoin core, is the best wallet if you hold big bitcoin

coinbase not recomended hold big bitcoin because not support private key

Devboy

sr. member

Activity: 247

Merit: 250

As far as i thought you are talking about private keys that most free quiently you want to hold your boitcoin with safety.So surely i'm not recommened you using coinbase like wallet not only there any private keys but also many more unfair reason it's not insured.

jman0war

member

Activity: 78

Merit: 10

Plenty of mis-information in this thread.
Firstly, Coinbase is insured.

Digital Currency

All digital currency that Coinbase holds online is fully insured. This means that if Coinbase were to suffer a breach of its online storage, the insurance policy would pay out to cover any customer funds lost as a result.

The insurance policy covers any losses resulting from a breach of Coinbase’s physical security, cyber security, or by employee theft. The policy is provided by a syndicate of insurers through Lloyd’s of London.

Coinbase holds less than 2% of customer funds online. The rest is held in offline storage.

This insurance policy does not cover any losses resulting from the compromise of your individual Coinbase account. It is your responsibility to use a strong password and maintain control of all login credentials you use to access Coinbase and GDAX.
https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-

There are also dangers to keeping your own bitcoins on your computer.
How safe is your computer?
What happens to your bitcoins if the hard drive crashes and burns?

Digitalbitcoin

hero member

Activity: 1568

Merit: 502

Quote from: nelson4lov on January 07, 2017, 07:53:07 PM

Hello guys. I've been using Coinbase for quite a while and I've heard a lot about how owning Private keys to Wallets (either Online /offline wallets) enhances security.

Well I check my Coinbase bitcoin wallet & didn't find anything referencing it. Is there anything I'm missing? or coinbase don't give users their private keys?

Coinsbase dont offer private keys for your wallet address. Coinsbase is only third part wallet services provider which offer buying and selling or sending and receiving Bitcoin service.

But if you think for safety of your coins then user must have own wallets private keys, to keep their bitcoins safe and secure.

jaceefrost

hero member

Activity: 826

Merit: 1001

Quote from: cengsuwuei on January 08, 2017, 08:17:22 AM

coinbase not open service private key
you can't import/export addres and balance in coinbase,
because coinbase not open service

is good section discuss about wallet, you can find in web wallet section

Simpliest explanation for coinbase not having an access to it's privatekey because coinbase is an exchange wallet afaik. I don't think not an open access is the right term to describe coinbase.

20kevin20

legendary

Activity: 1134

Merit: 1598

Quote from: franky1 on January 07, 2017, 08:08:08 PM

coinbase does not give users private keys.

just like all other exchanges
when you put funds in. they all belong to coinbase/other exchanges.
you are just given a mySQL database "balance" and that is it.

should they shutdown you lose.
should they get hacked. they will try to convince you that you lost funds (even though they lost funds)

its like a bank where you need to ask them when you want some funds and they can authorise a withdrawal to you, which is more of a moral contract.

this is why its best you store funds in a wallet that gives you private keys so that you are in sole control of the funds and not having to rely on third parties morals/ethics

I never liked Coinbase. I find their website design unfriendly and I hate the fact that you have to put your real identification data in your account - I thought Bitcoin should be ANONYMOUS and it shouldn't request your real data.. I think the pro tip here is that you should use a web wallet like Coinbase or Blockchain for small funds and an offline wallet for big funds. I guess all of us prefer owning the money we go, not letting it in others' responsibility.

cengsuwuei

hero member

Activity: 714

Merit: 516

#SWGT PRE-SALE IS LIVE

coinbase not open service private key
you can't import/export addres and balance in coinbase,
because coinbase not open service

is good section discuss about wallet, you can find in web wallet section

craked5

hero member

Activity: 840

Merit: 529

Quote from: Mometaskers on January 07, 2017, 10:05:13 PM

Quote from: craked5 on January 07, 2017, 08:36:16 PM

Quote from: nelson4lov on January 07, 2017, 08:20:31 PM

Quote from: franky1 on January 07, 2017, 08:08:08 PM

coinbase does not give users private keys.

just like all other exchanges
when you put funds in. they all belong to coinbase/other exchanges.
you are just given a mySQL database "balance" and that is it.

should they shutdown you lose.
should they get hacked. they will try to convince you that you lost funds (even though they lost funds)

its like a bank where you need to ask them when you want some funds and they can authorise a withdrawal to you, which is more of a moral contract.

this is why its best you store funds in a wallet that gives you private keys so that you are in sole control of the funds and not having to rely on third parties morals/ethics

That sounds really bad and Very much unsafe If I understand You correctly. So If Coinbase doesn't let users fully own their wallets , Is there any Web Wallet with such functionality?

I just enjoy using Web Wallets. I don't like waiting for the blockchain to download.

I appreciate You & dukeneptun's Response on this. Thank you for the heads up.

I might be wrong but I don't believe any Web wallets have this functionality.

That's the main difference between hardwallet and web wallets. Hard wallet (like Electrum) are software that you install on your computer and that give you complete control on your wallet, it's an interface but the creator of the software doesn't own anything.
While webwallet are in fact just a website. It is owned by the creator of the website and they provide you a service. It's exactly like a bank! You don't have the money, you give it to the bank (or webwallet) and it gives you a credit on the bank (or here web wallet).

I've only used web wallets so far since I'm just introduced to bitcoin but my, that does sound quite unsafe. At least with banks there is a minimum insurance for your deposit. I just have a few bits, not even a full coin so I don't think I'm in any danger but when I got to the point where I have substantial funds, I'd definitely don't want anyone stealing it.

I though hardware wallets come with an actual hardware made for the purpose. Is it possible to just use a laptop? I just have one which is what I also use to go online.

Ahah yeah there is nothing less safe than a web wallet! Apart from ponzi scheme sites and also the cloud mining services.
I used web wallet too when I had only a few dollars in btc. But now I only use electrum, it's true that there are fees which is not the best thing ever, but the fees aren't more than 0.2$ per transaction, which is not THAT MUCH compared to the security provided.

craked5

hero member

Activity: 840

Merit: 529

Quote from: btc-buzz on January 07, 2017, 08:42:24 PM

Quote from: craked5 on January 07, 2017, 08:38:56 PM

Quote from: nelson4lov on January 07, 2017, 08:32:14 PM

Quote from: dukeneptun on January 07, 2017, 08:22:12 PM

you don't need to download the entire blockchain with a light wallet like electrum, try downloading electrum and you'll be set up within a couple minutes at tops

Okay Will give it a trial. Just one quick question, How much does the trans fee transaction fee range ? I'm concerned about cost of transaction fee too

You can put 0 if you want but you won't see your tx go through easily xD

Currently the transaction fee is around 0.2mbtc if I remember well. But it all depends on the number of transactions and the average fee so it changes all the time.
It all depends on your use of the wallet. Webwallet are great for numerous small transactions! But wallets like Electrum are for more security and the cost is around 0.2 mbtc each time you want to send something. Which means you mustn't do 50 tx everyday ^^

Are you kidding? If you put 0 your transaciton will never go through and it will just drop out of mempool. Why give him tx fee with a confusing denomination like mbtc and just say tx fee normally is 0.0002 for 2017.

Yeah sorry I took him for an intelligent being able to to a division by 1000...
And I did it simply because Electrum wallet gives wallet balance and amount of fees are stated in mBTC

And a free transaction would just be processed last no? No reason that it is wasted. It would just go through only once everything is done no? (Which means it will never really go through). I never said you should put a 0 fee. Just that it was possible.

agustina2

legendary

Activity: 2436

Merit: 1008

Quote from: nelson4lov on January 07, 2017, 07:53:07 PM

Hello guys. I've been using Coinbase for quite a while and I've heard a lot about how owning Private keys to Wallets (either Online /offline wallets) enhances security.

Well I check my Coinbase bitcoin wallet & didn't find anything referencing it. Is there anything I'm missing? or coinbase don't give users their private keys?

Basically no and will not I guess even in the future. You don't missed it.

They are purely on exchanges business purposes and will not go deep technically in bitcoin matters. So for a safety precautions or a wise use of the site, just use their exchange for buying and selling coins (if applicable) or any else service that will exclude storing your bitcoins there for a long period of time.

Mometaskers

hero member

Activity: 1764

Merit: 584

Quote from: craked5 on January 07, 2017, 08:36:16 PM

Quote from: nelson4lov on January 07, 2017, 08:20:31 PM

Quote from: franky1 on January 07, 2017, 08:08:08 PM

coinbase does not give users private keys.

just like all other exchanges
when you put funds in. they all belong to coinbase/other exchanges.
you are just given a mySQL database "balance" and that is it.

should they shutdown you lose.
should they get hacked. they will try to convince you that you lost funds (even though they lost funds)

its like a bank where you need to ask them when you want some funds and they can authorise a withdrawal to you, which is more of a moral contract.

this is why its best you store funds in a wallet that gives you private keys so that you are in sole control of the funds and not having to rely on third parties morals/ethics

That sounds really bad and Very much unsafe If I understand You correctly. So If Coinbase doesn't let users fully own their wallets , Is there any Web Wallet with such functionality?

I just enjoy using Web Wallets. I don't like waiting for the blockchain to download.

I appreciate You & dukeneptun's Response on this. Thank you for the heads up.

I might be wrong but I don't believe any Web wallets have this functionality.

That's the main difference between hardwallet and web wallets. Hard wallet (like Electrum) are software that you install on your computer and that give you complete control on your wallet, it's an interface but the creator of the software doesn't own anything.
While webwallet are in fact just a website. It is owned by the creator of the website and they provide you a service. It's exactly like a bank! You don't have the money, you give it to the bank (or webwallet) and it gives you a credit on the bank (or here web wallet).

I've only used web wallets so far since I'm just introduced to bitcoin but my, that does sound quite unsafe. At least with banks there is a minimum insurance for your deposit. I just have a few bits, not even a full coin so I don't think I'm in any danger but when I got to the point where I have substantial funds, I'd definitely don't want anyone stealing it.

I though hardware wallets come with an actual hardware made for the purpose. Is it possible to just use a laptop? I just have one which is what I also use to go online.

Johensen

newbie

Activity: 14

Merit: 0

Quote from: nelson4lov on January 07, 2017, 07:53:07 PM

Hello guys. I've been using Coinbase for quite a while and I've heard a lot about how owning Private keys to Wallets (either Online /offline wallets) enhances security.

Well I check my Coinbase bitcoin wallet & didn't find anything referencing it. Is there anything I'm missing? or coinbase don't give users their private keys?

I like using blockchain because it provides private key for users and blockchain Users can use your private key to add you bitcoin address to blockchain or backwards . it is like a private wallet on your computer.

franky1

legendary

Activity: 4270

Merit: 4534

Quote from: nelson4lov on January 07, 2017, 08:45:16 PM

To say the least, I'm shocked and disappointed as well . In as much as I want to argue this, I now know Web wallets are not truly decentralized as they're supposed to be. Well, I was expecting you to mention blockchain.info Coz I've heard It has that functionality.

i would say blockchain.info is a service that does do what you want. but just be sure to back up all the keys/seed you use, incase the website goes down
and use a REALLY LONG password/phrase(avoids hackers getting at your keys/seed).

but back up the keys/seed in several locations. as the funds are linked to the keys/seed not the services password. so the private keys/seed is the most important thing to keep safe

centralised webwallets(where they hold the funds on THEIR keys) are usually best only for daily spend amounts. like what you would spend on a few days groceries or a fun night out amount.

own use private key/seed webwallets are more like a few weeks/months wages.
home PC downloaded litewallets for larger amounts
hardware wallets for life changing amounts

but always backup the key/seed

the more you hold the more cautious you should get.

wxa7115

hero member

Activity: 2702

Merit: 704

Bitcoin is GOD

Quote from: nelson4lov on January 07, 2017, 08:32:14 PM

Quote from: dukeneptun on January 07, 2017, 08:22:12 PM

you don't need to download the entire blockchain with a light wallet like electrum, try downloading electrum and you'll be set up within a couple minutes at tops

Okay Will give it a trial. Just one quick question, How much does the trans fee transaction fee range ? I'm concerned about cost of transaction fee too

The electrum wallet auto adjust the fee depending on how busy the network is, the last time I sent a transaction it marked a 0.0005 mBTC/byte but you can adjust it manually depending on what you want you can send with a low fee of 0.0001 mBTC/byte but it would take a lot of time to confirm or you could send a bigger fee and get confirmation in minutes.

nelson4lov

hero member

Activity: 2212

Merit: 805

Top Crypto Casino

Quote from: btc-buzz on January 07, 2017, 08:42:24 PM

Quote from: craked5 on January 07, 2017, 08:38:56 PM

Quote from: nelson4lov on January 07, 2017, 08:32:14 PM

Quote from: dukeneptun on January 07, 2017, 08:22:12 PM

you don't need to download the entire blockchain with a light wallet like electrum, try downloading electrum and you'll be set up within a couple minutes at tops

Okay Will give it a trial. Just one quick question, How much does the trans fee transaction fee range ? I'm concerned about cost of transaction fee too

You can put 0 if you want but you won't see your tx go through easily xD

Currently the transaction fee is around 0.2mbtc if I remember well. But it all depends on the number of transactions and the average fee so it changes all the time.
It all depends on your use of the wallet. Webwallet are great for numerous small transactions! But wallets like Electrum are for more security and the cost is around 0.2 mbtc each time you want to send something. Which means you mustn't do 50 tx everyday ^^

Are you kidding? If you put 0 your transaciton will never go through and it will just drop out of mempool. Why give him tx fee with a confusing denomination like mbtc and just say tx fee normally is 0.0002 for 2017.

Wow dude I understand him though I had to do a little calculation Wink

. Either way, I do know that a low tx fee delays transactions or in some cases, It'll not go through.

nelson4lov

hero member

Activity: 2212

Merit: 805

Top Crypto Casino

Quote from: craked5 on January 07, 2017, 08:36:16 PM

Quote from: nelson4lov on January 07, 2017, 08:20:31 PM

Quote from: franky1 on January 07, 2017, 08:08:08 PM

coinbase does not give users private keys.

just like all other exchanges
when you put funds in. they all belong to coinbase/other exchanges.
you are just given a mySQL database "balance" and that is it.

should they shutdown you lose.
should they get hacked. they will try to convince you that you lost funds (even though they lost funds)

its like a bank where you need to ask them when you want some funds and they can authorise a withdrawal to you, which is more of a moral contract.

this is why its best you store funds in a wallet that gives you private keys so that you are in sole control of the funds and not having to rely on third parties morals/ethics

That sounds really bad and Very much unsafe If I understand You correctly. So If Coinbase doesn't let users fully own their wallets , Is there any Web Wallet with such functionality?

I just enjoy using Web Wallets. I don't like waiting for the blockchain to download.

I appreciate You & dukeneptun's Response on this. Thank you for the heads up.

I might be wrong but I don't believe any Web wallets have this functionality.

That's the main difference between hardwallet and web wallets. Hard wallet (like Electrum) are software that you install on your computer and that give you complete control on your wallet, it's an interface but the creator of the software doesn't own anything.
While webwallet are in fact just a website. It is owned by the creator of the website and they provide you a service. It's exactly like a bank! You don't have the money, you give it to the bank (or webwallet) and it gives you a credit on the bank (or here web wallet).

To say the least, I'm shocked and disappointed as well . In as much as I want to argue this, I now know Web wallets are not truly decentralized as they're supposed to be. Well, I was expecting you to mention blockchain.info Coz I've heard It has that functionality.

btc-buzz

newbie

Activity: 15

Merit: 0

Quote from: craked5 on January 07, 2017, 08:38:56 PM

Quote from: nelson4lov on January 07, 2017, 08:32:14 PM

Quote from: dukeneptun on January 07, 2017, 08:22:12 PM

you don't need to download the entire blockchain with a light wallet like electrum, try downloading electrum and you'll be set up within a couple minutes at tops

Okay Will give it a trial. Just one quick question, How much does the trans fee transaction fee range ? I'm concerned about cost of transaction fee too

You can put 0 if you want but you won't see your tx go through easily xD

Currently the transaction fee is around 0.2mbtc if I remember well. But it all depends on the number of transactions and the average fee so it changes all the time.
It all depends on your use of the wallet. Webwallet are great for numerous small transactions! But wallets like Electrum are for more security and the cost is around 0.2 mbtc each time you want to send something. Which means you mustn't do 50 tx everyday ^^

Are you kidding? If you put 0 your transaciton will never go through and it will just drop out of mempool. Why give him tx fee with a confusing denomination like mbtc and just say tx fee normally is 0.0002 for 2017.

craked5

hero member

Activity: 840

Merit: 529

Quote from: nelson4lov on January 07, 2017, 08:32:14 PM

Quote from: dukeneptun on January 07, 2017, 08:22:12 PM

you don't need to download the entire blockchain with a light wallet like electrum, try downloading electrum and you'll be set up within a couple minutes at tops

Okay Will give it a trial. Just one quick question, How much does the trans fee transaction fee range ? I'm concerned about cost of transaction fee too

You can put 0 if you want but you won't see your tx go through easily xD

Currently the transaction fee is around 0.2mbtc if I remember well. But it all depends on the number of transactions and the average fee so it changes all the time.
It all depends on your use of the wallet. Webwallet are great for numerous small transactions! But wallets like Electrum are for more security and the cost is around 0.2 mbtc each time you want to send something. Which means you mustn't do 50 tx everyday ^^

Topic: Coinbase users have private keys? (Read 1453 times)