Topic: I went big into Bitcoin and Ethereum... - page 4. (Read 835 times)

No matter how secure Coinbase or any exchange that claims they are very secure cannot guarantee that they are completely safe.

If indeed we use these coins to carry out daily trading activities, this is necessary to exchange. However, if our goal is only to buy and then hold on to it, it's better to immediately move it to a hardware wallet. Hopefully, the hardware wallet you ordered will arrive soon. Make sure you save various important data related to access to the hardware wallet and store it carefully, not to lose it.
I salute you, you are new, but have dared to invest that much in crypto. And the decision to invest in the two cryptos is solid (Bitcoin and Ethereum).

You should in order to fully secure your asset. Well, I appreciate your openness here and that listening to the people around you is the best way to acquire knowledge about crypto.

What I wanted you to do is to spend time visiting the forum just to have some additional knowledge about crypto and to get familiar with the community.

Well, if you don't mind, I would like to ask you what are you gonna do with your asset? Will you just hold it or have a plan to trade? Anyway, holding is better since you are new to the crypto world and you have the right choice of Bitcoin.

Not just coinbase but no exchange or online wallet is safe when it comes to holding your crypto.
Since you have already ordered Trezor, move your coins on to it as soon as it is delivered to you.
Till then you can keep your coins where it is but don't leave them there forever.

You shouldn't have any problems using coinbase to store your coins especially having the 2fa activated. Just make sure you have your details save where you can easily get it. However having the funds within your custody is the best, do it as soon as possible.

Personally i don't like coinbase. I don't recommend anyone using coinbase. Because there are so many victim i saw that they hold Bitcoin and other coin in coinbase and after that they can't transfer their coin. I don't know why that happened. I also don't know that if the coinbase team fix this problem or not. As soon as possible transfer your coin, this will be better for you.

Don't stress out if you plan to hold it on coinbase for few days. But, if you are planning to hold for long term, it is not a good idea. 2FA will protect you from others trying to get into your account, but it's not going to protect coinbase from hacks. I mean, if coinsbase loses all their coins to a hacker, your coins are lost too. Again, you never know when coinbase might go down. Happens a lot when there is a sudden increase in trade volumes. Just move your coins to your Trezor wallet as soon as it arrives.

If you are looking for long term usage then I suggest you move your investment from an online wallet despite the fact that coinbase support 2FA its not a guarantee.

Wow!
Thank you all for this information... glad I signed up here.
You're right, I shouldn't have announced how much I have.. but it's not the exact amount so hopefully I'm good there.

As soon as my Trezor gets here, I'm going to get all all up and running.
Then I'll transfer like $5 dollars just to make sure I'm doing this right.
Maybe wait a day or so and then do most of it but like you say, keep some in Coinbase.

Thanks again everyone!

You really did hit the market big and its a good one picking out the 2 coins that has been able to stand and are experiencing significant growth phase in recent time. One thing, I hope you did your careful study of the market before coming in and you've got an investment plan in place for your investment.

Well, on the questions as to if its entirely safe to use coinbase in storing your coins, inwoupd say fairly. Having a 2 FA verification in place is a nice step but, storing coins on exchange is always discouraged as most exchanges uses custodian wallets and as such, your funds aren't entirely yours but that of the exchange because, your not in total control. Its always advisable you store your coins in non custodial wallets, wallets that comes with a private key or seed phrase. Its of a better security than that of an exchange.

No site is perfectly secure with end to end right security, there are flaws which can be easily hacked at some point in time, do not trust an exchange, it's not a good idea to store your asset in coinbase till your trezor wallet arrive, it's best to create a non-custodial wallets you own the private key, where you transfer out that amount of btc to the wallet for tight security, such wallet is the electrum wallet,. That's the best option to store you coin mate.

It is really an impressive amount of Bitcoin and Ethereum you have purchased but that must be up into you to keep in private specially you were just new in the industry and you might be vulnerable to be a target of those hackers and scammers out there. Better keep into yourself any information related to your stuffs specially talking about it online. If you wish to just hold those for a long time, better get rid of storing it into exchange instead put it into a hard wallet for safety purposes although Coinbase have high security but still there are cases before thar even well-known exchanges got into trouble because of those hackers.

Storing assets in a party's wallet while still having the risk of losing, depends on how strong the security is. Coinbase is quite trustworthy, but the assets you have you cannot control 100%.
but if you use Trezor, the assets you have are your own assets and you have full control.

No matter how secure the system is, it will still be redeemable. The important thing is to stay alert and always update about the security of the wallet you are using.

Your opinion is correct about third party Exchange security. Exchange security can still be penetrated, even at the same level as Binance, it has been hacked by hackers which resulted in many assets being stolen by hackers. It's the same with coinbase. Indeed Coinbase is a popular exchange and many have used it, but if you entrust thousands to hundreds of dollars on an exchange that you cannot control yourself, you will be very worried.

Buying a hardware wallet can be a solution, besides Trezor you can also choose Ledge Nano, Safepal, ImKey etc.

I am also using a coinbase app but I am not using it for storing my asset, yes coinbase is secured because it has the 2FA which makes it invulnerable to external attack or if someone is trying to access it, but it is still vulnerable for the hackers as many exchanges are prone from hacking. If I have that huge amount of money then I prefer using a hardware wallet instead of storing it in an exchange, it is safer and more secured than any exchanges no matter how reputable it is.

Keep learning and leaving that amount in an exchange or online wallet is such a risky thing. Transferring it to wallets that you're holding the key before the arrival of your trezor is going to be a good decision and for you to practice transferring.
But if you're thinking of the fees, it would really be quite of a deal for you but that's better to be safe with that huge amount of purchase. That's what I'll do if I'm on the situation.

If that is true then that is a huge amount of money and you shouldn't include the exact amount you have bought and posted it publicly, for sure there would be someone who may message you privately about this thing, that should what beginners always remember and also it is not advisable to store your asset in exchange there are so many articles that I have read bout hacking an exchange.

Since you've already ordered for an offline/Hardware wallet. It is nice you're safe with Coinbase however please try not to expose your password and keys to a third-party to avoid hacks and been laundered.

If I were you, I'd start learning the technical basics: Getting Started With Bitcoin. I don't know much are $50,000 for you, but I wouldn't put that many if I didn't know how it works.

The hardware wallet is a thousand times better than an online exchange. You own your keys on your hardware device, but your computer can't access them, which means that even with a malware you won't lose your funds.^[1]

For a newbie in Bitcoin, a trezor is the simplest and securest option. Although, it's not used that often for creating cold storages. A hardware wallet is used as a hot wallet, since you don't have to worry about your computer's compromisation. But as a cold storage, I don't see how it'd satisfy you. By saying "cold storage", we usually mean that you'll send some bitcoins on an address that is derived from your seed. Your seed phrase must not be stored somewhere electronically, otherwise it is ruining the whole purpose. If someone steals your trezor, he/she can extract the seed and get access to your money. You can enter a very-hard passphrase which can't be found by the thief since it isn't saved inside the device (AFAIK), but that's just an additional step.

This is a really secure way to create a cold storage:

       1) Format one of your computers (a laptop would be fine) and install an open-source operating system. (such as Ubuntu 18.04/20.04)
       2) Do not connect to the internet through that device.
       3) Download electrum on an internet-connected computer and transfer it to the offline one (e.g via USB).
       4) Verify it.^[2]
       5) Create a new wallet and write down your seed phrase.
       6) Copy all of your receiving addresses to a txt file and transfer them to the online device.
       7) Format again your computer/laptop and erase any data that could bring the wallet file back. (there are softwares that do that)

You can now send any amount of bitcoins to these addresses since you've ensured that no one can touch them. These twelve words that electrum will have given you must be kept secretly. Whoever has them, has access to your money.

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[1] A malware can't access your keys, but it can try to stole them from you maliciously. For example, a trojan could do that by pasting different addresses from those you copy.
[2] This is a relatively advanced procedure for a newbie, but it's required if you want to achieve the maximum security. You can verify it by checking that guide: How to verify Electrum (for Windows, Linux and Mac).

This is a good advise you can go with. You have a huge investment to be left in an exchange or centralized one. You can choose to take it to a more secured wallet that you have absolute control on. Don't joke with your investment, it is your future.

Coinbase has some good info:

https://help.coinbase.com/en/coinbase/privacy-and-security/data-privacy/how-can-i-make-my-account-more-secure

As has been stated cold storage that you're moving to is best but chances are you'll be fine until your hardware wallet arrives.