[ ELI5 ] Binance vs Coinbase | Bitcointalksearch.org

timerland

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Quote from: Passionate on June 25, 2019, 05:06:33 AM

I wanna share my story how I got my BTC. I run a small private game server and last April, a player optimistically suggested that I create a BTC wallet so that he can donate to the game server I run. I decided to make an account on Coinbase initially but when I asked this specific player, he recommended Binance.

In my thoughts, Binance and Coinbase both have the feature of creating a wallet. Believe it or not, I've already browsed and saw differences between Binance and Coinbase, interface-wise I love how Coinbase looks because of its visual appearance.

So my question is, based on user experience, where is the safest and stablest wallet I can use so that my BTC won't magically disappear like what have happened historically.

Thanks for reading my really newbie question and soon I'll write about how this specific player who got me into bitcoin helped my private game server grow (its an old game, but runescape is still older)

Binance certainly does not have the feature of creating a wallet.

Unless you use your exchange balances as a hot wallet, which is completely stupid in my opinion. If you look at what happened in the past with people blindly trusting exchanges as a wallet, I think that you will agree with me as well.

Coinbase is not that much better. Even though they specialize as a "wallet provider", they still do not allow you control over your private keys. They even removed the option of signing messages with your previous addresses, which further takes away your control.

I strongly recommend, as others have stated, investing in a hardware wallet.

gospelzm

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Quote

Use a non-custodial wallet, a wallet that pretty much only YOU has control over.

That's correct, using custodial (centralized) wallets is too risky as they have control over your private data. 2-of-3 multisig is a minimum security level you should have in a cold wallet.

jademaxsuy

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Quote from: mk4 on June 25, 2019, 05:09:45 AM

Use a non-custodial wallet, a wallet that pretty much only YOU has control over. As long as you don't download a fraudulent wallet and your device stays clean of malware, no one can take your bitcoin. Exchanges, by the name itself, should be used as an exchange.

Some reading material for you to know the difference between the types of wallets(don't be lazy, it's for your own good):

None of the choices are wallets that are non-custodial and instead it is being held both exchages can reset password on the wallet exchanges.

So, it is advisable to buy hardware wallet but it is somehow better also to create online wallet where it will be safety for an investors.

joniboini

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On a side note, I was surprised to hear that your player recommended you to use an exchange wallet instead of a non-custodial wallet. If he didn't have any evil intentions then it's likely that he also use Binance as his wallet. You should also remind that guy if he did use Binance as his wallet to move his funds asap.

Nobody knows what will happen to those exchanges in the future. If they got wrecked like Cryptopia or any other exchange did, your funds will likely be lost forever.

harizen

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Quote from: Passionate on June 25, 2019, 05:06:33 AM

~snipped~

As far as most responses here are concerned, it's should be clear to you now what "WALLET" should be considered in terms of "safest".

Binance and Coinbase do have an exchange wallet, a wallet that belongs to you and "to them".

But it doesn't mean they should be disregard. Just always used their "SERVICE" e.g buying coins, selling coins, withdrawing to fiat etc. and not to act as your primary wallet.

P.S If your game is currently on development stage, much better if you will create a thread in Development Section rather than here. A bit of off-topic if you will just tell us your story alone. While explaining the future development of your game (if you have a plan), you can also include the story of how that specific player got you in bitcoin.

magneto

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Quote from: Passionate on June 25, 2019, 05:06:33 AM

I wanna share my story how I got my BTC. I run a small private game server and last April, a player optimistically suggested that I create a BTC wallet so that he can donate to the game server I run. I decided to make an account on Coinbase initially but when I asked this specific player, he recommended Binance.

In my thoughts, Binance and Coinbase both have the feature of creating a wallet. Believe it or not, I've already browsed and saw differences between Binance and Coinbase, interface-wise I love how Coinbase looks because of its visual appearance.

So my question is, based on user experience, where is the safest and stablest wallet I can use so that my BTC won't magically disappear like what have happened historically.

If historical cautions are any good, then you should be using neither as a wallet.

Sure, they both have functionalities of a wallet. Sure, coinbase's UI is good. But that's not the point here.

The point is that both of them hold your private keys that you have no control over, which means that essentially you're dealing with an IOU with the both of them when you deposit any funds with them. You're wasting the trustlessness of the bitcoin network and putting an unnecessary risk upon yourself.

Furthermore, hacks, insolvency, and KYC threats in exchanges and hosted wallets are extremely common, and you don't want to be affected by that, trust me. Even downloading electrum will be better, since it's trustless, though its UI may not be that aesthetic. But if you can afford one, buy a hardware wallet.

bitmover

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Quote from: Passionate on June 25, 2019, 05:06:33 AM

So my question is, based on user experience, where is the safest and stablest wallet I can use so that my BTC won't magically disappear like what have happened historically.

Thanks for reading my really newbie question and soon I'll write about how this specific player who got me into bitcoin helped my private game server grow (its an old game, but runescape is still older)

The best wallet is a hardware wallet auch as trezor and ledger. Neither binance or coinbase are wallets. How many times people ask this here every day?

If you don't wanna invest in a hardware wallet just download Electrum from electrum.org. your BTC will be safer there than on coinbase

safelycrypto

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Get a wallet apart from these two or any associated with these kinds of exchanges. The more distant from the internet your assets are, the safer you are.

crairezx20

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Coinbase and Binance are both exchanges I don't treat them as a wallet If I have some coins there but after I exchange them to other altcoins I transfer them after exchange because I don't like to stay my coins long in these exchange for my safety because I don't have control of my private keys.

If you are planning to have a donation from your games I suggest you choose a wallet which you can backup private keys so that you can recover them once your wallet is gone.

Lucius

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Passionate, we have the saying : "Not your private keys, not your coins", and exchange should be used as mjglqw say, only as exchange. Perhaps the most important difference between Coinbase and Binance is that you not need to do KYC (know your customer) on Binance for withdraws up to 2 BTC, and on Coinbase this is mandatory.

It also depends on what you want to do with coins you get, keep them for some time, or just sold for fiat and withdraw to your bank account. Binance is currently closed for USA citizens, and they have also Prohibition of Use (read Terms), so their services is unavailable in some other countries.

DdmrDdmr

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Quote from: Passionate on June 25, 2019, 05:06:33 AM

<…> So my question is, based on user experience, where is the safest and stablest wallet I can use so that my BTC won't magically disappear like what have happened historically.

Hardware wallets such as Ledger Nano S, Ledger Nano X or Trezor wallets are my preference when it comes to storing BTC in a safe manner. There is the question (do not unveil here) of how much BTC you intend to safeguard, and if you are going to hold it or trade frequently with it. A hardware device does have some cost to consider, so if the BTC you intend to hold is small, then it may not pay off that well. Nevertheless, it is the safest I find to date.

That does not leave you exempt from the responsibility to safeguard the device properly, as well as the computers you access the device from (you are your own bank from there on after all, so security will now be your responsibility, even if a hardware device eases the task).

mk4

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Use a non-custodial wallet, a wallet that pretty much only YOU has control over. As long as you don't download a fraudulent wallet and your device stays clean of malware, no one can take your bitcoin. Exchanges, by the name itself, should be used as an exchange.

Some reading material for you to know the difference between the types of wallets(don't be lazy, it's for your own good):

Passionate

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I wanna share my story how I got my BTC. I run a small private game server and last April, a player optimistically suggested that I create a BTC wallet so that he can donate to the game server I run. I decided to make an account on Coinbase initially but when I asked this specific player, he recommended Binance.

In my thoughts, Binance and Coinbase both have the feature of creating a wallet. Believe it or not, I've already browsed and saw differences between Binance and Coinbase, interface-wise I love how Coinbase looks because of its visual appearance.

So my question is, based on user experience, where is the safest and stablest wallet I can use so that my BTC won't magically disappear like what have happened historically.

Thanks for reading my really newbie question and soon I'll write about how this specific player who got me into bitcoin helped my private game server grow (its an old game, but runescape is still older)

Topic: [ ELI5 ] Binance vs Coinbase (Read 258 times)