Coinbase Wallet - page 2. | Bitcointalksearch.org

DaveF

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Quote from: BlackHatCoiner on April 24, 2022, 07:24:10 AM

Quote from: PrinceVisser on April 22, 2022, 08:44:34 PM

and I don't want to get asked for KYC or some stupid sh*t blocking my money in app.

Then, whatever you do, don't go with Coinbase. They're the ones who started and supported this KYC claptrap. It is known that they censor transactions, treat bitcoin as non-fungible, sell all of your data to chain analysis companies etc. Obviously, they don't go well with transparency and that's why their wallet is closed-source. It won't surprise me if it contains spyware to maximize their traceability.

Consider using any of the recommended non-custodial wallets from bitcoin.org instead.

As others have said, all in all there are better choices.
But, I will add that if there is some feature you need or coin that only they support I would not worry about using it.
Off the top of my head I can't think of a reason, but you might.

-Dave

BlackHatCoiner

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Farewell, Leo

Quote from: PrinceVisser on April 22, 2022, 08:44:34 PM

and I don't want to get asked for KYC or some stupid sh*t blocking my money in app.

Then, whatever you do, don't go with Coinbase. They're the ones who started and supported this KYC claptrap. It is known that they censor transactions, treat bitcoin as non-fungible, sell all of your data to chain analysis companies etc. Obviously, they don't go well with transparency and that's why their wallet is closed-source. It won't surprise me if it contains spyware to maximize their traceability.

Consider using any of the recommended non-custodial wallets from bitcoin.org instead.

khaled0111

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I have used the coinbase wallet for small amounts of money in the past and I didn't face any problem with it. But I would never use it to store huge amounts of money as long as it's closed source and its code hasn't been reviewed and audited by independent parties. Actually, I would never suggest any online wallet for large amounts of money.
The safest option is to use cold storage. Since you are planning to "deposit some large sums of money" then investing few bucks to buy a hardware wallet shouldn't be a problem for you. Otherwise, you can use free apps such as Electrum to create offline wallets. They are supposed to be secure as long as you know how to properly set it up.

Pmalek

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Farewell, Leo. You will be missed!

Quote from: pooya87 on April 22, 2022, 10:24:16 PM

Is it open source because I couldn't find any source code (although I only looked a little). If you can't see the source code and can not compile it yourself then you should avoid such wallets and stick to other wallets that are open source such as Electrum.

The wallet is non-custodial but closed-source. Neither their iOS app nor the one for Android can be compiled and verified. This should be their GitHub page. The team from Wallet Scrutiny wasn't able to rebuild the app from source. Some code snippets are apparently provided, but it's incomplete.

mk4

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Personally haven't used it yet, but what's wrong with just using MetaMask for Ethereum and Phantom for Solana? Just a heads up that Coinbase Wallet doesn't support Bitcoin outside the likes of wrapped bitcoin(WBTC).

nc50lc

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Quote from: PrinceVisser on April 22, 2022, 08:44:34 PM

-snip- I will deposit some large sums of money and I don't want to get asked for KYC or some stupid sh*t blocking my money in app. How is/was your experience with this wallet? Thank you!

For that goal, it is indeed non-custodial and your coins wont be locked-up since the 12-word-backup can be recovered with any other BIP39 supported wallet.
I've only tested Bitcoin asset and since it's BIP39 seed I assume it's same for the altcoins as well.

But you've mentioned "large amount of money", I don't think it's a good idea to use a smartphone app to store that.
If it's ease-of-use and safety you're looking for, opt-in for a "hardware wallet" instead.

pooya87

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Quote from: PrinceVisser on April 22, 2022, 10:10:48 PM

I mentioned twice that I’m not talking about the coinbase.com wallet. I’m talking about their new wallet called Coinbase Wallet which it gives you the 12 seed phrase.

Is it open source because I couldn't find any source code (although I only looked a little). If you can't see the source code and can not compile it yourself then you should avoid such wallets and stick to other wallets that are open source such as Electrum.

PrinceVisser

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Quote from: Charles-Tim on April 22, 2022, 09:30:51 PM

Is it Coinbase.com which is custodial wallet or Coinbase wallet which is noncustododial wallet that generates you seed phrase, keys and your own addresses?

Coinbase.com
It is custodial wallet, not you keys and not your coins on blockchain. Coinbase has the full control over your own coin and they can decide to freeze your Coinbase account as they pleases.

Coinbase wallet
The wallet will generate you seed phrase (12 words seed phrase), keys and addresses.
Not also recommendabke as it supports cloud seed phrase backup, although you can decide not to backup your seed phrase on online cloud but many people can do this which is highly not secure and safe at all.

Backing up on online cloud is not safe. Backup offline is recommendable but replicate it and have it backup in (like 2 or 3) different locations.

To hold large sum of coins, use cold wallet like paper wallet, Electrum cold storage, or for convenience and altcoin support, use open source hardware wallet.

I mentioned twice that I’m not talking about the coinbase.com wallet. I’m talking about their new wallet called Coinbase Wallet which it gives you the 12 seed phrase.

Charles-Tim

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Is it Coinbase.com which is custodial wallet or Coinbase wallet which is noncustododial wallet that generates you seed phrase, keys and your own addresses?

Coinbase.com
It is custodial wallet, not you keys and not your coins on blockchain. Coinbase has the full control over your own coin and they can decide to freeze your Coinbase account as they pleases.

Coinbase wallet
The wallet will generate you seed phrase (12 words seed phrase), keys and addresses.
Not also recommendabke as it supports cloud seed phrase backup, although you can decide not to backup your seed phrase on online cloud but many people can do this which is highly not secure and safe at all.

Backing up on online cloud is not safe. Backup offline is recommendable but replicate it and have it backup in (like 2 or 3) different locations.

To hold large sum of coins, use cold wallet like paper wallet, Electrum cold storage, or for convenience and altcoin support, use open source hardware wallet.

PrinceVisser

jr. member

Activity: 47

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Hey, I was thinking to switch to Coinbase Wallet. Have you got any problem with this app? I'm not talking about the Coinbase Exchange wallet. I will deposit some large sums of money and I don't want to get asked for KYC or some stupid sh*t blocking my money in app. How is/was your experience with this wallet? Thank you!

Topic: Coinbase Wallet - page 2. (Read 571 times)