Do I need a Coinbase Wallet, as well as the Coinbase account? - page 2.

nakamura12

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Bitcoin Casino Est. 2013

Quote from: Mark228 on November 27, 2021, 04:36:05 PM

EXCELLENT, Jerome,... you apparently understood my questions, and you answered very clearly and completely.
Thanks Very Much.
SO... I see "Merit" under our names... I assume that's like a "reputation"? How do I add to yours?

And another question:
If that 12-word-seed-phrase COMES FROM Coinbase, then How can they say that they don't KNOW that phrase?
THEY Created it !
I'm just playing devil's advocate here, thinking of Possibilities.

They do not create the wallet but generated using their software and the question is where it will be store?. I have a custodial wallet and i don't know where it is stored so, I made another wallet like electrum, trust wallet and imtoken which those that I mentioned id you keep the mnemonic phrase safely. What I mean is the 12 words. Do a research what is the advantages and disadvantages of custodial wallet and non custodial wallet.

hosseinimr93

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Merit: 5213

Quote from: sheenshane on November 27, 2021, 06:46:57 PM

There's no way to know because you are using a custodial wallet which they only know about your seed,

There are two different coinbase wallets. One of them is custodial and the other one is non-custodial.
In the case of using coinbase custodial wallet, you are right. You won't have any seed phrase. But in the case you use their non-custodial wallet, it gives you the seed phrase.

sheenshane

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Quote from: Mark228 on November 27, 2021, 04:36:05 PM

And another question:
If that 12-word-seed-phrase COMES FROM Coinbase, then How can they say that they don't KNOW that phrase?
THEY Created it !
I'm just playing devil's advocate here, thinking of Possibilities.

Understand the noncustodial and custodial wallets first before asking this question. There's no way to know because you are using a custodial wallet which they only know about your seed, the best thing is Coinbase generates different addresses after making a transaction.

If you will ask the private to them they may be refuse it to give because they are a;

Quote

"Coinbase is a hosted wallet service, which means we manage your private keys for you, securing your funds with a password, device confirmation and 2-factor authentication. We take security very seriously at Coinbase and utilize our secure cold-storage technology to protect our customer's funds".

Source

hosseinimr93

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Activity: 2380

Merit: 5213

Quote from: Mark228 on November 27, 2021, 04:36:05 PM

SO... I see "Merit" under our names... I assume that's like a "reputation"? How do I add to yours?

You can't send any merit. Because you don't have any smerit.
For more information, visit the link below.
Merit & new rank requirements

Quote from: Mark228 on November 27, 2021, 04:36:05 PM

If that 12-word-seed-phrase COMES FROM Coinbase, then How can they say that they don't KNOW that phrase?

Since the wallet in question is close-source, there is no way to know whether the seed phrase is stored on their server or not.
For more security, you need to use an open-source wallet.

Mark228

newbie

Activity: 15

Merit: 6

EXCELLENT, Jerome,... you apparently understood my questions, and you answered very clearly and completely.
Thanks Very Much.
SO... I see "Merit" under our names... I assume that's like a "reputation"? How do I add to yours?

And another question:
If that 12-word-seed-phrase COMES FROM Coinbase, then How can they say that they don't KNOW that phrase?
THEY Created it !
I'm just playing devil's advocate here, thinking of Possibilities.

JeromeTash

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Activity: 2338

Merit: 1261

Heisenberg

Quote from: Mark228 on November 27, 2021, 03:41:05 PM

I have a Coinbase.com account which needs only an Email and Password to sign in, but I haven't used it in over three years.
Back then, I bought $20 worth of ETH (which I traded for Privatix -PRIX- which went to $0),
so I do now still have the 42-character ETH wallet ID, but that's the only "secret" number that I have.
(Coinbase does show me the Value of that ETH ID number, at $0.)
I do not have any 12-word-seed-phrase for that.
Did I ever have a 12-word-seed-phrase for that (that I've now lost)? Is That my Wallet?

Coinbase.com is a custodial wallet, which means you don't own the private keys. They only way of accessing it is through email address and password
The 12-word-seed-phrase is not available for this type of wallet

Quote from: Mark228 on November 27, 2021, 03:41:05 PM

OR does that 12-word-seed-phrase Only come with a Wallet, which is a different thing?

Coinbase has 2 products that can act as a wallet
coinbase.com, which is custodial
and coinbase wallet (https://wallet.coinbase.com) which is noncustodial. The latter lets you back up the 12 word seed phrase, but I am pretty sure the type of the account you have is from the custodial coinbase wallet.

Quote from: Mark228 on November 27, 2021, 03:41:05 PM

Now, to get back into crypto trading, do I need to also get a Coinbase Wallet, in addition to the Coinbase account?

I would suggest you to use a noncustodial wallet to keep your coins like coinbase wallet, though you can still store them in the coinbase account alone, but it's not safe since you don't own the private keys.

Not your keys, not your money

Mark228

newbie

Activity: 15

Merit: 6

I have a Coinbase.com account which needs only an Email and Password to sign in, but I haven't used it in over three years.
Back then, I bought $20 worth of ETH (which I traded for Privatix -PRIX- which went to $0),
so I do now still have the 42-character ETH wallet ID, but that's the only "secret" number that I have.
(Coinbase does show me the Value of that ETH ID number, at $0.)
I do not have any 12-word-seed-phrase for that.
Did I ever have a 12-word-seed-phrase for that (that I've now lost)? Is That my Wallet?

OR does that 12-word-seed-phrase Only come with a Wallet, which is a different thing?

Gee, I hope that's not too confusing.

Now, to get back into crypto trading, do I need to also get a Coinbase Wallet, in addition to the Coinbase account?

Thanks very much, people.
Mark228

Topic: Do I need a Coinbase Wallet, as well as the Coinbase account? - page 2. (Read 274 times)