Topic: Is Coinbase a safe wallet ? (Read 9995 times)

I am not comparing anything here,I just said the facts of wallet like coinbase can be used by complete beginner until they know how many sats per byte need to setup for the transactions to be confirmed on next blocks.

But bitcoin core or the wallets which gives private keys are the best still might have complications for the new users.

Why comparing Bitcoin Core wallet to Coinbase? Its just like comparing apple to oranges (desktop wallet vs exchange wallet).
Its clear that which one is better hence, coinbase is an exchange and majority does know that if you store up funds on an exchange wallet which
you dont own the keys then you simply dont own those coins completely when you store it up there.

But they also have some security to restrict this like for hacking they have 2fa and login shield when the access happening from unknown device which may save lot of hacks.

Limiting account means don't have control over funds right,but this is good thing for the newbie who don't know what fee need to use for transacting so they get end up setting default fee from coinbase but newbies need to learn quickly about crypto wallets rather than trusting online wallets for long time.

Not at all, online wallet are the most risky because of various reasons like-
1. Hacking
2. Limiting Account
Unlike bitcoin core, you don't have any control over coinbase or the same types of wallet. Coinbase, in general, is an exchange and a wallet for the newbie who get trapped by them by google.

Just like when you're actually trading "Safety first" is your #1 rule & should be applied to your exchanges as well.
3 things to look for on a new exchange (Make sure you take point #2 seriously!)

#1 What Are The Specs? (History, Location, Size)
Coinbase.. Relatively Old, Located In USA, And It's BIG)
Grade: A

#2 Safety Features
Everything is there for an secure account and the vault feature is cool. One thing I would like to see is multi-level account access. This would be nice if I wanted to give someone access to the account but disable the right to trade or make withdrawals.
Grade: A

#3 Support
Many people complain here and I've also had my share of bad experiences. There's much room for improvement here for Coinbase.
Grade: C
Conclusion In Total I think it's fair to give Coinbase is a B+

They are def better than most exchanges out there and I do like to use them on a daily basis and they offer tuns of tools to help you protect your account. Ontop of that they are very established and have a solid track record.

However, if you do need anything from them that requires additional support or more institutional-like features I believe you'll be disappointed and you'd find alternatives else where. So there's much more Coinbase can do to approve in that regard and is why they were not a full A for me.

Here’s the full video
https://youtu.be/CyqvJ_U2chM

Coinbase has a good reputation and is convincing, the thing I like about coinbase is a layered security system that has a very low transfer fee that makes me happy to use coinbase.

if we see the fact that coinbase is a exchange service with huge values !
then it becomes a good target for hackers ! Until now nothing happens but other "smaler" wallet provider are much safer i guess !


kind regards

In my opinion coinbase is a good and safe wallet, I have used coinbase for more than 2 years and have verified with the original ID, the most important thing is to activate all the security features or 2FA provided, and for the large amount we store in the vault.

However it is exchange wallet only right. One positive thing that we can believe coinbase, they have added them on enrolling the exchange on European regulations law on using funds.
It is really a good thing for having fund apart from that still they are the exchange users.

They are secured because they are a registered business but we can't still be sure of it whenever something happens if funds were robbed through their cold wallet. Getting a hardware wallet is still recommended though they are a business registry and is trusted by many people still don't be too comfortable with them. I wouldn't use them as my personal vault and long term hold.

We all know since they have volume support using the exchanges but real fact we will not able to believe the web or exchange wallets as like other most trustworthy wallets that is the problem here mate.

I also using this coinbase wallet to exchange and hold some funds, since I started I did not find any problem on using this wallets.

Using online wallet has a big possibility to lost our fund, we do not hold their system they can easily shutdown their data base and we do not access our account anymore, but if there is local bitcoin wallet in your country and you are holding your private key i think that is much better to used to hold your bitcoin. Also blockchain is one of the best wallet for me i do not experience any trouble using their services but i think also coinbase is one of trusted bitcoin wallet even i do not using it but the feedback by other users was a proof that this wallet is very legit.

Coinbase is one of the safest options out there right now, I think if a theft occurred, because of them they would return you the lost funds.

They also have a "vault" which stores your crypto offline afaik

I would invest in a hardware wallet though if you are planning to store larger amounts

Yes, because using a wallet we can at least have a private key to make it safer, in coinbase we don't have no access to owning a private key, so I don't think coinbase is a recommended wallet, but if you can feel comfortable there, then I don't think it will it becomes a problem as long as you feel comfortable and fine using coinbase.

coinbase is legit since it is one of the oldest wallets out there . though what i dont like from coinbase is that they are now requiring their users to verify their identity in the means of uploading some important documents .  you cant withdrew your funds if you dont do this gimmicks . i  already deleted my coinbase because of it , now im only using easy wallets such as blockchain.com and myetherwallet.com

@reflector , youd better use coinomi wallet , since coinomi do have the ability to edit fees before sending or recieving any payments .

many wallets are safe and reliable, but it all depends on what you want to choose. I can recommend the luno wallet, although this wallet is fairly new, but this wallet has shown a sense of security and comfort for its users. luno has four very unique features in my opinion like, the first is deep freeze deposit, this feature is used by traders for most bitcoin they have in luno wallet. If you use it, you will get two benefits because of the nature of the multi-signature wallet offered. This wallet is also equipped with a private key (private key) stored in several different bank vaults. the second is hot wallet, this feature provides services with facilities owned hot wallet multi signature. So, there are 2 keys that apply, one key held by luno.
third is password in luno wallet stored in hash form. that is, only you are the only person who can access the password you have created before. luno also guarantees the power of passwords created when you first register in your wallet or luno account.
and the last one is the two factor authentication, 2-factor authentication is a feature that is provided specifically to be an additional security system.

but still yes a hard wallet the safest one , it just sometimes not as easy as what people said , i mean it cost quite huge amount of money when you only want to store a couple bucks only it won't worth.

I don't doubt their security capabilities. They are big companies and that is the biggest guarantee but I do not like using coinbase now because I like to control my privatekey.

I am also doing the same with the mining on Nicehash on perfectmine.io but I did not find any issue on receiving the payment on Nice Hash wallet to Coinbase wallet.

So far usage wise also having the good experience on Coinbase wallet.
But I am unable to edit the fee value while tranferring the cheap or big amount from Coinbase.

I'm using Coinbase sometimes because I'm mining with nicehash with profit switching(awesome miner) and until now, I haven't experienced any issues using their wallet except for delayed transaction before but still, coinbase is fine as an alternative but not good for holding bitcoins for a long time.

Since, the company was established for a long time It's still trusted web wallet as an alternative.

This is definitely true and even when im still a newbie i do consider exchange wallets and web wallets/pc wallet/hardware wallets is just the same, they might have a same purpose but they do have different
system on how you would store up your money and with their security, coinbase is a famous exchange but wont really be sufficient enough to convince me to make it as a storage of my holdings.