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

Get it off the exchange and anonymize it ASAP

that's right, I've never heard of any theft at coinbase. I think it's completely safe. Storing them in a cold wallet is the best option. Don't forget to keep the key on paper or otherwise so that it is not easily lost and stolen.

Coinbase is one of the biggest exchange in crypto and is very secured, it's hasn't had any hack incidents ever since it came in existence. Like people say prevention is better than cure, holding a coin in an exchange for a long period of time could be risky because no one knows hackers are getting stronger and building thier knowledge which stands as a threat to most exchanges. 2FA only secures your funds from someone else getting rid of it without ur information , if eventually an exchange is hacked 2FA is useless it can't stop hackers from moving funds, so it's better to save you coins in a cold or hard wallet where your seed and private keys protect your asset.

I would say that security is a relative concept. Of course, Coinbase probably has good protection, but as far as I've heard, it's best to have your own cold wallet and the fact that you ordered yourself Trezor speaks about it. It's best to keep your crypto in the safest place, and remember that there are other ways to lose your crypto. For example, the loss of data to enter the wallet, or the loss of a Trezor device. There is also a chance of getting a virus, but this can only depend on your actions. The most important thing is that you yourself understand the importance of storing your crypto and do everything for its safety.

Coinbase wallet is very secure, when you follow the rules that guide the wallet day and night. It is well secure when you keep your personal details concerning the wallet to your self. It is good for short term investment, if you want to achieve something reliable from your transaction.

I agree with some seniors that this is not the right place to Express your wallet as a beginner. At initial, you can gather more information and knowledge and practice then you want to know something you need but indirectly means not your way. I hope for your bright future in crypto but be cognizant and be suspicious.

Congratulations mate. Now you have peace of mind and feeling secured. Big asset should be stored in the safe storage which what you did. Priority first, save the instant loss while you can anticipate.

Always my dream, that one day I will have even one Ethereum and even just 0.03Bitcoin. I will continue to pursue my dream to have it in the future.

You should not posted this here and instead wait for your trezor wallet to arrive and Safely transfer your funds for Keeping long.

Because as you have posted here , now you are one of the  target of scammers and hackers here in crypto.

But week had passed , meaning your Hardware wallet is already there? update us please for what is you rtatus now.

There is nothing safe in wallets, except hardware wallets, they are the most reliable, everything else can be hacked, even two-step authentication, although it will be difficult, but it is possible, read on sites on the Internet there are already cases where you have lost your money.

The right choice, when you decide to invest a lot of money, you are choosing a hardware wallet that is secure enough to withstand various attacks on the internet.
Well, as many other members have explained, storing a lot of assets in the long term in a wallet exchange is very risky. Even though Coinbase has performed well so far, we also have to be careful. Look at some of these hack cases, even large and well-known safe exchanges have been hacked.

https://t.me/ico_analytic/1385

I thought his question is whether it was a good decision to buy BTC and ETH right this moment while the price had already gone up. Well it's still good. The stock market is about to fall down and then people from Wallstreet seem to be looking for alternatives and cryptocurrency trading is where they are going.

But then your question is whether coinbase is a safe place to store your coins. Its not. Most if not all, will always keep in mind that anything that can happen in crypto and exchange could one day be hacked.

Actually, hacking incident to the exchange is really rarely happen. And event, if something bad happen in case to coinbase your fund is not necessarily lost in your wallet. Like me, I use binance exchange and this exchange was hacked a few years ago and some user funds were lost but my funds are still intact in my wallet.

It means, you don't need to worry if your fund are on an exchange. As long as you keep some securities that can access to your wallet you will be fine. Because, the exchange hacked is not about hacker hacking to the exchange system but there are some possibilities that hacker watch your movements and look for the carelessness you made.

No exchange is hack-proof and thus secure.

Coinbase is a respectable exchange with good security for their wallets but that's not to say that these wallets have not been hacked before. You're not safe unless you're the only one that holds the private key, so a cold storage wallet is highly recommended specially if you're going to hold your BTC and ETH.

Thanks again everyone!
I did buy my Trezor from the manufacturer.
I transferred everything over the day I got it.

I'm keeping some money in Coinbase  ( I'm on auto purchase of BTC and ETH ) but nothing more than $1000
I am a long time holder.. no day trading.

I've got my Trezor and seed safe and sound.
One thing I noticed though.. I have to plug the Trezor into my computer and go to the Trezor site to see my investments.
I only do this and don't go to any other sites.
Do you feel that this is safe to do?

Thanks again for all the advice and suggestions!

Part of me agrees with you, but I'm pretty sure OP is safe as long as he doesn't give out his address or do something stupid like that.  There are members here who must have tons of bitcoin, and I've never heard any stories of any of them being targeted in real life.  It's something that sounds like it could happen but hasn't....yet.

Anyway, moving your purchases off of Coinbase and onto your Trezor is a smart move, OP.  Just make sure you keep the seed phrase safe, and there are many different ways you can do that--keep reading threads here and you'll pick up a lot of good stuff.  It's definitely better than keeping coins on an exchange, even one as reputable as Coinbase.

This is a mantra here, and for good reason.  Lots of exchanges have either been hacked out of existence or have run away with their customers' coins.  You'll never have to worry about that if you're the only one who has access to your private keys.  And best of luck with your investment.

It gonna be natural, can't stop issues and complaints like that. Well, not all traders are in comfort using Coinbase, so they talk negative about them.

We are prone to any hacking attacks and for that huge amount, fund security is a must. Since OP had it already, maybe he could worry no more.
Now, the challenge for him is to test how firm he is about holding and how to control his emotions. If that he can still hold no matter what will happen to the prices in the next days or got be in a panic when seeing huge price corrections.

Coinbase provides good service for people to hold their coin and holders can even sell their coin for other cryptocurrency/fiat. However, some people say that coinase has the worst customer services because they tend to ignore customers' issues if they live outside of the USA

But I suggest you should transfer all of your money to your newly-ordered Trezos. Hardware wallet gives you full control of your money and therefore, you are not centralized by any third party. Coinbase, on the other hands, control your money and somehow, your information can be sold or leaked. And if coinbase get hacked, your money might be infiltrated. Thus, Trezos give you the ability to shut down the internet and disconnect your bitcoin from the server so that no one can steal your coin with phising attack or computer hacking.

If you do go for long term then Trezor would be the best option you could take.

Remember;
"Not your keys Not your coins"

Never ever consider on storing up your coins on a centralized platform or simply those custodial wallets because no matter how
reputable or known they are, you wouldnt know on when they would be hacked or experienced problems which would
cause some locked up funds.

Coinbase has been here for a long time now but make sure you don't hold large amount in it for a long time.
Exchanges are a bad place to hold large amount of cryptocurrencies. It's good that you order a hardware wallet but makesure you keep it safe.
Transfer all your coins to the hardware wallet as soon as you get it and take the necessary precautions in it securing it.
Also, do not tell anybody about it as you get more prone to getting hacked or robbed when you tell people about your holdings.

It good to that you went big into Bitcoin and Ethereum investment though all altcoin are consider to be shitcoin but the problem is not you invested so big on this coins, the problem is
1) Did you bought your trezor wallet from the genuine store or retailer store?
2) Have you developed knowledge in using the hardware wallet or other desktop wallet safely?
3) Have developed the knowledge to invest in crypto profitably?
Cause if you don't have all this knowledge you can easily lose your investment just like that.

Nice to know, it is understandable that you were nervous but you have done the right thing, exchanges get hacked all the time, or they could disappear overnight, I know this may seem difficult to believe but it has happened in the past, your hardware wallet is going to keep working even if the developers of the Trezor hardware wallet stopped supporting it so you do not have anything to worry about, just make sure that you know how to use your hardware wallet as you can still lose your money if you are not careful.

You're right, it may be secure but attacks can happen, good thing that OP has already bought a hardware wallet because online wallet as a long-term storage is not a viable option, there is a reason why veteran users of this forum are advocating the phrase "Not your keys, not your bitcoin", not to mention that with you yourself being responsible for your own bitcoins makes you the only one responsible if ever it was stolen.

It is natural for you to be nervous because for the first time using Trezor, I was also nervous when I first used a hardware wallet. There is nothing
wrong with that, because it is perfectly normal for anyone. It's a good idea to try to send a small amount of BTC and ETH first, just to make sure
things go well. Also, when I first used a hardware wallet, I didn't send all my coins on exchanges at once. I did it gradually, it turns out that we have
the same thoughts. Because everything you do I've done. But I am sure that as long as you do it right, there should be no problem with
the transfer process from Coinbase to the Trezor wallet.

I think it's depend, if you want to keep your asset for the short term i think coinbase is good for you. But if you want to invested for a very very long term maybe your own wallet is safer than exchange.

Well, during the 2 years of crypto exposure of me, coinbase had a huge reputation and was favored for using a soft wallet that stores bitcoin, Ethereum.  Also, for 2-3 years period I haven't heard any news about coinbase being hacked.  Even today's favorite exchange, Binance, was hacked by hackers in May 2019.  And to protect your accounts and assets securely and carefully, use a hardware wallet.  That is my advice.  because no one knows whether coinbase will continue to ensure future safety or not.

The site (exchange) is secure but if you want to hold it for a long time, I prefer you withdraw it out of exchange. I only keep assets that I don't want to keep for a long period.
When your order arrive, withdraw it to there. Thank is my take on this.

Update Everyone,
I received my Trezor in the mail today.
I took my time and got it all set up correctly.
Not going to lie.. I was nervous about that even, hahaha

Then I sent over from my Coinbase account some small amounts of ETH and BTC
just to make sure everything was working right and I was doing it right.
I was even more nervous about that!

Soon after, I got the confirmations that these couple small transactions went smoothly and were in my Trezor wallet.

I then transferred everything from Coinbase to the Trezor wallet.
I am looking at my wallet and everything is there!

This is a big sigh of relief.
Thank you all for replying to my topic and the words of encouragement.
Now I just sit and hold what I have and keep investing into more crypto!





 

From the information I got, Trezor is pretty safe...

agree with you, storing everything in one wallet is very dangerous, we don't know what will happen to the surrounding, maybe bad luck befalls us. splitting these assets across multiple wallets will be much more convenient.

We all know that most of the exchanges do have a history of getting hacked, and even if they troubleshoot or fixed it, their reputation about security will not be the same. I know that some of us are only relying on what is already there. It is not that hard to buy a hardware wallet if you really want to achieve the maximum security of your bitcoins that you want.


Just like a cliche saying, "Don't put all your eggs in one basket", that says it all.

Just remember that having a Trezor is not an automatic perfect defense against scammers, you still need to know how to use it to avoid losing your coins, one scam that we see a lot with hardware wallets is that if you get one that has been used before you will get a Trezor with the 24 seed words already filled, then people use that same wallet only for their coins to be stolen as the scammer still has access to those seed words and steals your money in that way.

Whatever you heard about safety of exchange market wallets it’s better not to use them for long holding of your cryptocoins. There have been precedents when hackers hacked in Coinbase user account and stole all assets. Here you can read more how even scammer hacked in Coinbase user account: https://www.reddit.com/r/CoinBase/comments/gdcgd9/coinbase_account_hacked/ . You’ve made a good choice with Trezor 1 hardware wallet. That is one of the most trusted cold storage. So it’s better to move your coins there as soon as you’ll get your Trezor wallet.

Going in bitcoin and ethereum right now is not really ideal considering how the prices of both at the moment. I would suggest that you buy bitcoin and eth during its pump wherein it is a smart move to buy during those times. You'll see as time passes by that the amount of btc and eth you bought goes up as they experience bull run or sudden pump. The wallet you've mention was said to be well secured but still do not be too confident cause hackers are getting more and more better these days. I hope the amount you bought would still grow regardless of the timing since btc and eth are both great coins that are leading the game.

The amount of $ 50k is quite large. Buying Bitcoin and ETH is risky now as they have risen close to the nearest ATH.
Buy low and sell high to increase the amount of your Bitcoin and ETH.
I recommend monitoring Bitcoin and ETH's value change signals regularly so that you can change your strategy to suit the market.

I Use coinbase for Years now and i even let sit my bitcoins there for long time as i am waiting for good coins to buy but so far with my 2fa I felt safer with them.
Though That amount of yours is really High and maybe some Hackers likes targeting you.
better that next time Buy Trezor or Ledger nano S before purchasing Bitcoin or crypto to Hold.

Secure in sense of Their exchange security but hackers is always on the track of potential victims and 2fa at some point did not Assured our safeties because there are several cases that even that they had 2fa yet becomes a victim I don't know how the hackers get into them but that happens .

But since you already purchased the coins and has no other option to store your coins ,then lets Hope and pray that no issue will come your way until the trezor comes.
he has only some days to wait before the ordered trezor comes so i think that's enough time to keep safe His coins.

Well, most attacks aren't targeting individuals so I think that more or less, everyone is safe but if it is a specific target, they still have to bypass the individual either via opening a suspicious link or social engineering them. But that still doesn't ignore the fact that we have to take measures like putting our bitcoin in a cold wallet.

All the mistakes that occur with theft are mostly self-made mistakes, and I agree with you friends. computers that we use even though we have protected them with original anti-virus, the possibility of being careless can happen because of our behavior which is quite often doing violations. the possibility of hackers entering into our computers due to a seemingly simple error is clicking on any link that we are not familiar with.

as long as we behave fairly and always maintain good care and are not reckless we can be sure we will be safe from naughty hackers. if the wallet is certain to be very good and very reliable for protection, but once again carelessness can also cause us to have it in the wallet to change hands.

What can OP do though, I mean the cold wallet isn't delivered to OP yet so I think OP just has to hope that there isn't anything funny that is going to happen to Coinbase. The computer security is debatable, if you are a type of person who clicks any suspicious links then you are likely to get your credentials stolen but if not then there isn't anything to worry about.

Hello, OP.
That's quite a huge buy, huh.
I am not even halfway from that amount from my earnings.

In regards to your question since you bought Trezor, you might need to consider moving your funds to it now.
Regardless of how reputated, secured, or even rated an exchange is, don't hold your coins there.

It takes just someone spending all day finding vulnerability to a site before he/she/they get/s access to your account and once that happens, the obvious would happen.

Bitcoin really is into bullrun rightnow but $50k is a good investment. Just keep your account up to date nothing to worry.
The only disadvantage that I am sure of is it's not 100 % secured if you are into trading your crypto on coinbase is good to go. But if you want to HODL better transfer crypto to a Ledger. And Guess what if $50k is not for newbies 😅😅😅

Hold your coins on an exchange is a terrible idea because there are multiple ways to lose your coins. Maybe the site is secure, but your computer is not and if someone gets access to your credentials then you can lose your money. If you don't have your private keys then they are not your coins. Simple as that.

A ledger is a good option, but it had some vulnerabilities in the past, so, there is no a 100% secure way to hold your coins. but some ways are more secure than others.

Thank you all again for great info!
Just waiting for the Trezor to show up to do the transfer.

Coinbase is okay for holding some coins temporarily, though I would not entrust them of my money for extended periods of time. As soon as you receive your Trezor, go on and withdraw all your funds immediately and be done with it. It's better to stay vigilant and keeping one's eyes peeled in these situations wherein a huge amount of money is involved than entrusting it on a third-party that may or may not screw you over in the process. Also, hacks are still a thing in 2021, so might as well be safe with everything.

Better suggestions, as the money that you have should be taking care of yourself, it's not that Coinbase might collapse or something happened along the way, but it's always good to have the full control of your assets. Providing more deeper securities and additional
care in case attempts of hacking happened.

Hardware wallet will keep you more safer as you have everything and guarding your assets is far better as you are holding it in full control.

I think it would be best for you to hold your coins in a hard wallet though instead of letting it sit on Coinbase, although I do feel secure using it. It’s just that it’s a lot of money if someone might get a hold of it, it’s better that you yourself can only access it using a hard wallet. Oh and just make sure pud 2FA on the site/app too while it’s sitting there.

Hello, I think Coinbase are safe enough about the time you will keep your coins in their wallet. In any case, Trezor wallet is a much more secure and good option, but I think that in a few days you will not have any problems with the security of your coins.

Where did you heard it??
From themselves?? Nobody will ever say negative things to their own product you know that
From other people?? They might be not a long term holder of Bitcoin and ETH.

Overall, it isn't that safe even though there is a 2FA on their site/app. Not your keys, not your coins so in short they are the ones holding your coins so you don't own your coins like literally. Buying a hardware wallet like Trezor like you mentioned would be the best choice especially if you are a long term holder of it. Maybe you can keep it on Coinbase only if you are planning to trade it after few days or weeks.

One thing more, don't ever ever state any amount of Bitcoin you bought especially you are a newbie (base on rank) because scammers might target you and they will try to scam you.

Having a Trezor is very secure and knowing that you already got a big chunk of Cryptocurrencies, you should always keep your passwords and any other way of getting your Crypto secured in a place in which you can only access. The reviews speak for Trezor because it has not failed anyone unless that someone has forgotten every security detail Trezor provided. Although having Cryptocurrencies online is also another way to make them grow since we can always find ways to invest it.

They are safe and secured but most of us wants to have our own wallet which we have full control that's why we chose hardware wallet.
If you want to hold for a long term it is better to do it on hardware wallet and if I am not mistaken coinbase have a limit on cash in and cash out so it is better to hold your crypto on your own wallet if it is a huge amount.

Always aim for the best security especially that if there's a money or investment involved.

Never settle only on an exchange when you want to store your coins or to hold it for a long period of time, it is always much better if you have a hardware wallet like a ledger nano or a Trezor one. Safety and security of your assets are always important because it is not that easy to earn it and when you have it, secure it.

Don't put all your coins in a single wallet, look for other safe options like hardware wallet to become confident and comfortable with your coins.

First of all it is not a good idea to tell everyone how much bitcoin and ethereum you bought a few weeks ago, remember there are many ways to protect your coins and one of the easiest is to not tell people you do not know that you hold so many coins to begin with, now about the cold wallet, with that mount of money it makes sense that you acquired one, so as long as you do not plan to leave your coins in Coinbase for long then your coins should be relatively secure until you learn how to use your hardware wallet.

Definitely reading more and more on here to learn from everyone.
I'm a holder for sure. No trading for me.

 

Coinbase is secured even of a lot of exchanges and wallets for example Binance has been breached. Coinbase remains unscathed with their tight security up until these day they never been hacked. Although there are some issues with withdrawal being unavailable for some unknown technical difficulties. Its still one of the best wallets to keep your BTC.

I wouldnt put that much on an exchange if I were you, and just like other said. Electrum is safer if you are waiting for your trezor to arrive. Anyway, you shoulf atleast secure your account first, if needed some requirements for security, comply with them. But anyhow, Coinbase is a good exchange just do not go against their TOS as they are freezing accounts if you do so.

I used coinbase for a bit but their frequent changes to TOS, inquires about my source of funds and problems with accounts that other users reported made me change my mind about them.

There are one of the most popular and most secure exchanges out there but don't expect any privacy if you trade there.

I don't think that OP is at any risk if he's holding coins there for a week or so waiting for the hardware wallet to arrive but as soon as it does he should move everything there.  

Yes, that is true. As the amount is not small, you will be potential target of scammers or hackers. Don't entertain users that will offer you help in securing your online account. Because he will just screw your funds. Don't divulge how much you have, better keep your details to yourself. With so many scammers these days, they will find a way how to deceive users. As a beginner, your choice of putting your money to bitcoin and eth is a smart move. You can't go wrong with these 2.

You have chosen the 2 most secure projects in the crypto space as of today which is a good move for any beginners. As others have said, you should desist from announcing your worth of investment so that you will not be a target for scammer. If anybody sends a private message to you as regards coinbase or Trezor, just ignore or block, that is how they will get started before they get you.

It may not be really a strength of security, but at least, 2FA becomes the first security system to protect your account to be accessed by others. But it may be different if the hackers do it. However, better to use 2FA than no more security system again.

Really good point for this. I saw so many new people are coming into cryptocurrency and they a :(re investing in a new project that is hype and also FOMO. BUt you choose BTC and ETH, I think this is the right option.

I am quite amazed by the opening post, dare to invest in large amounts even though he still a newbie. Because the $ 50k capital for me is huge,
I remember the first time I bought Bitcoin for only about $ 30. Regarding Coinbase, it is an exchange that does have a good security system,
but all exchanges are actually very vulnerable to being hacked. Therefore what you do by buying a hardware wallet is very precise, hopefully
it will arrive soon to the hardware wallet you have purchased. And all Bitcoin and Ethereum that you have on Coinbase can be immediately
transferred to your hardware wallet. You can leave Bitcoin or Ethereum on Coinbase, maybe around 10% only if you want to trade.
If you do not intend to trade, you can store everything in a hardware wallet.

You did the right decision in purchasing cold wallet, take it out your funds right away from coinbase it is safe for now but centralised exchanges shouldn’t be trusted. Welcome to crypto and in Bitcointalk, you’ll learn a lot from this platform.

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.

i've got a couple of advice for you.
for starters you shouldn't announce how much bitcoin you own publicly. there is some anonymity online but you are never sure. as bitcoin price keeps going up you could become a target.
also you shouldn't go "big" in bitcoin as the first thing you do specially when you still are unfamiliar with bitcoin and don't even have a wallet yet.
and you should definitely not go in an altcoin at the beginning, let alone "go big"! they are all risky and have many vulnerabilities that don't exist in bitcoin. not to mention their prices being much more volatile than bitcoin and so weak.

My go to would have been Electrum if i were you because personal i find Trezor confusing at times but their open-source with their huge amounts of community and customer support is quite good.

Also, no exchange is completely secure even with 2FA. So far it's online there is always a constant attack towards. So move it fast when your Trezor arrives.

In general, holding for long term in an exchange is not safe, you should put it in hard wallet.

But of course you can still hold some, just make sure you are aware of the changes so you can still get access on your account and you were able to comply all the necessary requirement. Coinbased is centralized, they are regulated by law, so KYC is must and probably other information that they might request as they might be mandated to impose it by their regulators.

so if you don't want any problem, put it in hard wallet, secure it different location..

Thank you for that info...
Still new to the terms and lingo of crypto world.
Basically I'm waiting to get the Trezor here to load it up from Coinbase.

Thanks again!

Not really. 2FA only serves to protect the user from external threats and assuming that the site doesn't have any loopholes in terms of social engineering and other vulnerabilities.

Coinbase may seem secure but so did most of the exchanges before they got hacked. They are known to have outrageous policies which allows them to freeze your coins and track your transactions whenever they want. You won't know how secure it is until something happens. Trezor is a hardware wallet which mainly defeats the threats through malware and to an extent physical attacks as well. They are not a cold wallet. I consider hardware wallets to be mostly more secure than web wallets; 2FA can only protect you so much and it doesn't always fare that well against malware in the first place.

Hello Gang,
New guy here.
About 2 weeks ago I purchased $50,000 of Bitcoin and Ethereum thru Coinbase.
It's all sitting in the Coinbase wallet with a 2 step verification to get access.

I just ordered a Trezor 1 cold wallet. Might take a few days to get here.
How safe is the Coinbase wallet for holding my stuff?
I've read that their site is actually very secure.

Thanks for any info!