I am new to Bitcoin and have been using Coinbase only.

LimLims

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Quote from: JustinFields on October 10, 2021, 03:01:53 AM

I am new to crypto and everything I have done has been strictly through Coinbase. I don't have a key or anything like that.

Is my crypto safe?

What can I do to make it safer?

Everyone talks about keys, what exactly is a key. Where can I purchase one and how does it work.

Thanks and good luck to everyone. I am already up about 22 percent on my investment and extremely happy. I do feel that BTC will go to the moon.

If you are not a hardcore trader, then coinbase is enough for your knowledge.
Though i always say to people to have extra security in each and every where.
Coinbase is a trusted company but it doesn’t give you complete access to your funds.
Whereas you should use offline wallet with private key like electreum. It gives you full control to your funds.

Rajamuda

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Basically it's worth it, but this is more inclined to investment thing and lucky you seem to be in the green light and have received a profit signal from your investment related to price movements that are currently in an uptrend, even would be more.
For security, you can learn many things in it, of course the site already provides good security features in it and depends on you in using it.
Sometimes careless or forgetting like the private key, email, email password, it can be the initial cause of your crypto insecurity on the wallet site.
The scope of Bitcoin is wide, and recognizing its many aspects encourages our insightful side, it's just that we have to keep an eye on the steps and efforts against less trusted sites.
Alright.. actually not only Coinbase, many other trusted sites to do investing, trading and etc.

add1ct3dd

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Well, Coinbase is not bad, I also make use of Coinbase but not all my cryptocurrencies are stored in my Coinbase wallet. At least you need a wallet where you’re sure of hundred percent control of the wallet, it can be a hardware wallet that stores your coins offline and you also have it backed up with private keys, or you can as well make use of decentralized wallets such as Coinomi, Exodus, and Trust wallet.

The private keys you’re talking about has to do with twelve word phrase that they will tell you to use in backing up your wallet. Once you create these wallets the first thing they will tell you to do is to backup your wallet. Coinbase is a good wallet, but you’re not in control, since it’s a centralized platform so they are holding it for you. All you need for Coinbase is just your email and password.

TopT3ns

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I think Coinbase is good exchange but depend which kind you are, maybe if you are an investing better use coinbase because this exchange is very good service with safety, but for trading on coinbase not many option what altcoin can we buy, just few altcoin listing on Coinbase and I think Binance is worth and many choose for altcoin to buy.

michellee

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Quote from: Cling18 on October 14, 2021, 10:38:58 AM

I also have the same hesitation when I was a beginner. I used to store my funds on a top exchange but I was still doubtful about it so I decided to purchase a hard wallet to keep my funds safer. I'm not saying that Coinbase isn't safe but it's better to keep your earnings in a safer place especially if it's for a long-term basis.

That will prevent us from getting scams from any exchanges and we can store the coins in the safety wallet. Yes, I know how it pains to lose the funds in the exchanges because of not sending the profit into other wallets instead of just storing it in there. Maybe he needs to consider buying a hardware wallet like you so he does not have to worry if he will get into trouble in the future as no one will know what will happen to us.

lelahenderson

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Yes, your crypto is safe. You can take steps to make it safer, but the crypto is not at risk of being hacked or stolen. You can also purchase keys, which are essentially like a digital safe.

Swapzone_pr

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Quote from: JustinFields on October 10, 2021, 03:01:53 AM

I am new to crypto and everything I have done has been strictly through Coinbase. I don't have a key or anything like that.

Is my crypto safe?

What can I do to make it safer?

Everyone talks about keys, what exactly is a key. Where can I purchase one and how does it work.

Thanks and good luck to everyone. I am already up about 22 percent on my investment and extremely happy. I do feel that BTC will go to the moon.

I have two life hacks: spread assets across more than one digital wallet and use cold wallets

Cling18

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I also have the same hesitation when I was a beginner. I used to store my funds on a top exchange but I was still doubtful about it so I decided to purchase a hard wallet to keep my funds safer. I'm not saying that Coinbase isn't safe but it's better to keep your earnings in a safer place especially if it's for a long-term basis.

AakZaki

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If you're new and just using Coinbase it shouldn't be a problem. it even becomes your first step to find out Bitcoin and some other altcoins.
If you have assets you can start trading or you can look for other, more popular and widely used exchanges like Binance. You have to explore further so that you experience more, so you don't just stay on Coinbase. Cryptocurrencies have a wide ecosystem.

Rengga Jati

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Quote from: JustinFields on October 10, 2021, 03:01:53 AM

Is my crypto safe?

No guarantee about this, moreover it is related to online activities.
If the asset is stored in the exchange, it may have less safe, or risky. But I personally also use exchanges to save my assets because I am still trading them.
Key means the private keys or other phrases where we can use them to access our wallets. Commonly it is for online wallets, offline, and other types of wallets.
But for exchanges, we may not have the keyphrase, but we have some passwords/pins and other types of security modes.

If we want to store our assets for the long term, I will suggest you use a hardware wallet. But it will also depend on what assets do you have

And never try to tell others about the key, passwords, or even other secret information about accessing your exchanges or wallets. Learn by doing and you can make it

NicNacCoin

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Quote from: JustinFields on October 10, 2021, 03:01:53 AM

I am new to crypto and everything I have done has been strictly through Coinbase. I don't have a key or anything like that.

Is my crypto safe?

What can I do to make it safer?

Everyone talks about keys, what exactly is a key. Where can I purchase one and how does it work.

Thanks and good luck to everyone. I am already up about 22 percent on my investment and extremely happy. I do feel that BTC will go to the moon.

Now people don't use Coinbase very much to keep Bitcoin. Most of them use all the wallets that are completely secure. Coinbase is full of many secrets yet people Now using some more updates. We use Trust Wallet, Blockchain Wallet and many more good wallets to hold Bitcoin.

CryptoGoody

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Like everyone has already said you don't actually house and control your own money. Coinbase does. This is OK for smalltime stuff while you are getting to know the ropes. It is kinda like going to the casino and handing them a $20. You walk around trading that 20 in and out of various slots getting a piece of paper each time telling you what you have value wise. Some point you need to go to a cashier and cash it out and put that money in your WALLET. (If you have any left LOL) ... I would really suggest getting an Exodus wallet myself. It is a NON KYC (know your customer) . They have great customer support and videos. That is a great wallet to HODL (hold for long term). You can search most of this stuff and learn about. Just be sure when sending from CB to the receive address in your wallet whichever you choose , make damn sure everything is correct before sending because you can loose it all if the address is incorrect. READ UP ON THAT WELL!! It's a little scary honestly but I'm only a few months into crypto and I have come a LONG way already i think. It's amazing ... especially BIT[Suspicious link removed]D LUCK and enjoy!

Blawpaw

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Quote from: JustinFields on October 10, 2021, 03:01:53 AM

I am new to crypto and everything I have done has been strictly through Coinbase. I don't have a key or anything like that.

Is my crypto safe?

What can I do to make it safer?

Everyone talks about keys, what exactly is a key. Where can I purchase one and how does it work.

Thanks and good luck to everyone. I am already up about 22 percent on my investment and extremely happy. I do feel that BTC will go to the moon.

Coinbase was one of the first exchanges I have used but I rapidly stepped away from it because it did not offer any trading with other currencies. This was back in 2013, Now I'm using it again. As for security, can't say it's bad but Last week reports were made saying Coinbase got hacked. As for the keys, you should always safeguard your private keys as they are the ones who will allow you to access your coins. However, this is only in case you have your coins in a personal wallet and not on an exchange. If you have your coins stored on an exchange then technically they are not yours because you do not control the private keys.

"Not your Keys, not your coins"

You can learn more about keys here

TheGreatPython

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Quote from: JustinFields on October 10, 2021, 03:01:53 AM

Everyone talks about keys, what exactly is a key. Where can I purchase one and how does it work.

Thanks and good luck to everyone. I am already up about 22 percent on my investment and extremely happy. I do feel that BTC will go to the moon.

Key is not something you buy. The Key that you hear people talking about is the Private Key, which gives you full access and control over your cryptocurrency from anywhere around the world. And you only get to have a private key for your wallet when you’re making use of a decentralized wallet, and not centralized wallet like Coinbase.com.

Coinbase is a good wallet to use, and so far I think it’s a safe platform, except that they are the ones keeping your cryptocurrency for you, and you only have your email and password, but as always a lot of people are going to prefer to hold their private keys, because they know that private keys gives them the complete control over their wallet.

Ararbermas

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Quote from: JustinFields on October 10, 2021, 03:01:53 AM

I am new to crypto and everything I have done has been strictly through Coinbase. I don't have a key or anything like that.

Is my crypto safe?

What can I do to make it safer?

Everyone talks about keys, what exactly is a key. Where can I purchase one and how does it work.

Thanks and good luck to everyone. I am already up about 22 percent on my investment and extremely happy. I do feel that BTC will go to the moon.

key is the most important to keep your money secured.. So don't rely on that platform if you don't have such important things, it seems useless to be honest, because how you can recover your money especially if you forgot something in order to have an access? Change wallet ASAP mate i suggest. there's a meta mask, trustwallet and mew wallet they required seeds and its very secured.

hannahB4

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Since you are new to bitcoin is good to do some important findings, I think you should get yourself a good wallet that can safeguard your funds. At some percentage your fund is safe but like you know life is a risk.

wahyu wida

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Quote from: glendall on October 13, 2021, 08:37:58 AM

try to create a private wallet instead of storing your assets in coinbase, it is very insecure if you store your assets in public services such as coinbase, hacking and closing your account will definitely happen someday
For a good wallet, I think friends have already suggested it to you

it is most convenient for us to store assets in a personal wallet, so that we ourselves are responsible for the security of the assets we have, and even then it should be divided into several wallets to make it even more secure. it is indeed risky if we store assets on the exchange, which we still bear the risk of hacking on the exchange

glendall

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try to create a private wallet instead of storing your assets in coinbase, it is very insecure if you store your assets in public services such as coinbase, hacking and closing your account will definitely happen someday
For a good wallet, I think friends have already suggested it to you

takuma sato

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Coinbase (and thus the IRS) already knows you have X amount of bitcoins. Even if you move them away from the exchange you are a target for them if you try to hides these coins from them in the future. So assume no privacy of the money you buy through centralized websites.

QuickAccount

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Quote from: o_e_l_e_o on October 10, 2021, 03:29:32 AM

Quote from: JustinFields on October 10, 2021, 03:24:33 AM

Interesting, is there a wallet you recommend?

For newbies such as yourself, generally the best trade off between security and ease of use is a reputable hardware wallet such as Ledger or Trezor. Unfortunately you will need to purchase one of these devices for around $50, but if you wait for Black Friday in a few weeks they have previously had some very good deals on (up to 50% off).

Quote from: JustinFields on October 10, 2021, 03:24:33 AM

Also, would I buy my bitcoin through coinbase and move it to the wallet right away.

This is a fairly standard way of buying and then holding bitcoin. You don't have to do it right away, and some people might prefer to build up a little bit of bitcoin on their exchange account over time before withdrawing it all at once to save on the exchange's withdrawal fees. But the less time your bitcoin is held on the exchange, the better.

Quote from: JustinFields on October 10, 2021, 03:24:33 AM

Will my coinbase account still show my balance if I got a wallet?

No. You will still be able to see your purchase history and withdrawal history, but it will not show your balance. Your wallet will show your balance instead.

I agree with this, a hardware wallet is your best bet, buying them used might be a risk so I would do what this quote says and buy it new during black Friday or something. But there are a few things to do when you have a hardware wallet like that.

I wouldn't tell people that you have a hardware wallet, because then you become a target for a $5 wrench attack:

Along with that, do not tell people your private key, no matter what service you use, if you're new, do not give anyone or anything your key, that is the worst thing you can do.

Good luck! Cheesy

Topic: I am new to Bitcoin and have been using Coinbase only. (Read 491 times)