Is coinbase account safe for transaction? - page 2.

neochiny

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Quote from: juemonju on November 30, 2016, 06:13:32 AM

I use coinbase as a personal wallet.It cost nothing for transactions. Is it safe? someone told me to use blockchain instead of coinbase.but it cut a fee for every transaction.

That's where most people go wrong. Online wallets are great for day-to-day transactions(small amounts), especially one where they pay for your transaction fees, but actually using it as your main wallet/storing all your coins in it is a big No. That would be like handing control/ownership of all your coins to a third-party.
I personally use a desktop wallet(Electrum) and mobile wallet(Mycelium) for storing most of my coins. I do use Coinbase as well since the "free" thing is great but only for small amounts, and the only funds I put there are ones I could somehow afford to loose. (Just in case since one never knows.)

fiscorcle

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Quote from: chaser15 on November 30, 2016, 06:41:21 PM

Quote from: jtipt on November 30, 2016, 06:20:07 AM

Quote from: juemonju on November 30, 2016, 06:13:32 AM

I use coinbase as a personal wallet.It cost nothing for transactions. Is it safe? someone told me to use blockchain instead of coinbase.but it cut a fee for every transaction.

It's not really the safest wallet neither is blockchain. Since coinbase is a exchange and all the bitcoin is stored on their servers any problem or hack of the servers you will lose your bitcoin there have been some previous incidents with coinbase and I wouldn't recommend it. For small transactions like <0.001 it's fine using coinbase but wouldn't recommend it to store high amounts. Best is using a desktop wallet for everyday use, I usually use Electrum it's easy to understand and has good security.

OP is just talking with the transactions and not as a safe wallet so obviously the answer is yes, Coinbase is safe for doing transactions. Some replies are pointing to the characteristic of Coinbase itself lol.

For storing coins purposes or people will use this as main wallet then that is not a wise thing to do and the answer is obvious. Im using this exchange wallet for services or transactions only but not to the point that I will make this as my primary wallet. As of now I didn't have a problem using this exchange when doing transactions.

Coinbase wallets are attached to an exchange so they are one in the same; if that exchange goes down then the wallet that has your coins in it does as well..
As far as I see it.

chaser15

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Quote from: jtipt on November 30, 2016, 06:20:07 AM

Quote from: juemonju on November 30, 2016, 06:13:32 AM

I use coinbase as a personal wallet.It cost nothing for transactions. Is it safe? someone told me to use blockchain instead of coinbase.but it cut a fee for every transaction.

It's not really the safest wallet neither is blockchain. Since coinbase is a exchange and all the bitcoin is stored on their servers any problem or hack of the servers you will lose your bitcoin there have been some previous incidents with coinbase and I wouldn't recommend it. For small transactions like <0.001 it's fine using coinbase but wouldn't recommend it to store high amounts. Best is using a desktop wallet for everyday use, I usually use Electrum it's easy to understand and has good security.

OP is just talking with the transactions and not as a safe wallet so obviously the answer is yes, Coinbase is safe for doing transactions. Some replies are pointing to the characteristic of Coinbase itself lol.

For storing coins purposes or people will use this as main wallet then that is not a wise thing to do and the answer is obvious. Im using this exchange wallet for services or transactions only but not to the point that I will make this as my primary wallet. As of now I didn't have a problem using this exchange when doing transactions.

fiscorcle

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It is after all an exchange first.
So would you really rely on them as a wallet for your whole bitcoin collection.
I think not.
Do not trust exchanges. Hasn't anyone learned from Cryptsy/Bitfinex? Roll Eyes

LTU_btc

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Coinbase is safe wallet if you don't use it on gambling or casino sites.
Coinbase don't gives you private keys, so you don't have full control of your coins. This is why blokchain.info is better wallet.
But I think you can use coinbase for your daily needs to save transaction fees. But don't keep big amounts there. It's better to use desktop wallet as main place to keep coins.

ibuddy122505

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Quote from: juemonju on November 30, 2016, 06:13:32 AM

I use coinbase as a personal wallet.It cost nothing for transactions. Is it safe? someone told me to use blockchain instead of coinbase.but it cut a fee for every transaction.

Yes,Transaction of currencies into your Coinbase account is FREE.Mainly Coinbase is a digital asset exchange company but most of people using it as a wallet so there might be some restrictions as Coinbase is not only used as of transferring,storing digital currency but also secure online platform for buying, selling.You should bear in mind that you may ban at any time if coinbase suspect you as a gambling attempt or such as many issue.

I suggest you create another bitcoin wallet as soon as you can.There are a number of bitcoin software that will process your transactions and create new bitcoin accounts for you.Surely a little bit fee may be cut off for every transaction.Blockchain should be better.

iram3130

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The bottom-line is, use Coinbase if you are new and doing less amount of transactions. Find a better one when you have a big amount and do many transactions in small time.

Kprawn

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Coinbase will close/block your account for stupid reasons... if they even suspect that you using it against something that are stipulated in their

ToS. They are a centralized service and you have to adhere to strict KYC/AML regulations to use it. Blockchain.info has no such requirements..

you just signup and use it. Yes, Blockchain.info had some issues before, but they were sorted out quickly. Grin

Your safest bet.. buy a Trezor

hardware wallet.

bL4nkcode

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As what others said already, coinbase is not safe if you are storing huge amount of funds there, its an exchanger site and also have wallet address service that don't have any fee in any transaction you've made and that was a very questionable one there, a business will run and become succesfull only if there users are paying there fee to them and this company is different from them. And coinbase have so many incidents that many complaning because of locking of there accounts there with a huge amount in it. So if I were you dude, blockchain is much better than coinbase if you are referring to web wallets only but much better if you're using desktop wallets to secure your funds.

equator

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Quote from: juemonju on November 30, 2016, 06:13:32 AM

I use coinbase as a personal wallet.It cost nothing for transactions. Is it safe? someone told me to use blockchain instead of coinbase.but it cut a fee for every transaction.

using coinbase is not problem until you dont use it for gambling as they dont allow gamblers to use coinbase account and if found they will ban the account. But it is recommended to use desktop wallet like electrum which will give you full security and hold of address with private key and you dont have any risk of using to gambling or any other place.

bitbunnny

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It's online wallet so it's not the safest in the world but for smaller amounts and smaller transactions it's just fine. You can't avoid the risk completely, it's always there. They are present a long time on the Bitcoin scene and so far there haven't been any mayor issues. Good advice is to have another wallet, not online, as a back up.

davis196

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Quote from: juemonju on November 30, 2016, 06:13:32 AM

I use coinbase as a personal wallet.It cost nothing for transactions. Is it safe? someone told me to use blockchain instead of coinbase.but it cut a fee for every transaction.

It`s safe,unless you use it for gambling or some illegal activities.

Coinbase sometimes blocks accounts used for gambling purposes.

QuestionAuthority

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Quote from: BitcoinHodler on November 30, 2016, 08:01:06 AM

coinbase has been around for quite some time now that makes it trusted enough for small amounts and if you are really so desperate about a couple of cents of transaction fees then yeah go for it.

but i don't really like it because it lacks security and doesn't matter how much they say it is safe, they will never guarantee you if you are hacked or their system is completely hacked.

Your right about any online wallet service. I would add that hacks are not the real problem. Employee theft is responsible for most of the exchange/wallet service losses. The lure of easy money has a very strong appeal.

Mainstreaming Bitcoin use is a trap. Wallet services are necessary for average users to make Bitcoin easy to use. Wallet services are inherently dangerous because they have no government fraud protection, insurance and are subject to employee "hacking". So what do we tell people? Online wallets are ok because we want more users or online wallets are awful because they're risky?

Sir Alpha_goy

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If you are interested in meticulously accounting then yes.

https://bitcointalksearch.org/topic/two-things-are-certain-bitcoin-and-taxes-1590009

BitcoinHodler

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coinbase has been around for quite some time now that makes it trusted enough for small amounts and if you are really so desperate about a couple of cents of transaction fees then yeah go for it.

but i don't really like it because it lacks security and doesn't matter how much they say it is safe, they will never guarantee you if you are hacked or their system is completely hacked.

Wandering Soul~

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All online wallets are not very recommendable as they don't give you the private keys . If you don't have the private keys, it means the wallet is not yours as you have no full control of it . They can freeze/terminate your account , The hackers might hack their site or even run away with your money .

The miners fee is a very low fee that you won't even notice . Its better to pay that little amount just to be sure that your money is safe right?

ranochigo

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Quote from: juemonju on November 30, 2016, 07:24:06 AM

Quote from: eternalgloom on November 30, 2016, 07:09:29 AM

Quote from: juemonju on November 30, 2016, 06:55:26 AM

I am from such a country where online wallet not regulated.Coinbase is free of cost and confirm the transaction within a minute.I am happy to use it. If any other problem have let me know.

It could get regulated in the future, doesn't matter which country you are from. They will have everything on record if you continue to use Coinbase.
Plus, I've read multiple stories of them freezing or terminating accounts of people, so I personally wouldn't trust them.

The fees you pay when using other wallets are just part of Bitcoin and it's not that much, I'd rather pay them than trusting Coinbase (or any other online wallet) with my coins.

any suggestion which site i can be used for it?

Anything that is not gambling or anything illegal. Even so, they reserve the rights to edit their terms of service and can suspend your account even if nothing is wrong with it.

Blockchain.info is no better than Coinbase and is actually a lot worse.

Coinbase does have a significantly better track record as compared to Blockchain.info and that is the reason why you should ABSOLUTELY avoid using Blockchain.info AT ALL. They are not competent enough to test their software for any bugs before releasing it to the public.

That being said, Coinbase controls your private keys and thus controls and records EVERY of your transaction. Your privacy is now compromised. Sure, they are trustable. But the fact that they can track all your transactions defeats the purpose of Bitcoin. Try using a desktop wallet like Electrum. I am sure they can provide equal or even more security as compared to coinbase.

Do you care about having your account blocked, privacy compromised or paying a small fee (eg. 0.0004BTC) for every transactions?

juemonju

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Quote from: xuan87 on November 30, 2016, 07:21:04 AM

I think it is safe, coinbase is the first wallet i had, and up until now i got no issue of using it, so for me it is a pretty safe wallet and it got a good security, there were few times that the user claims coinbase hold their withdrawal and recently there was a rumour said that coinbase is going to be inspected by IRS, so coinbase reputation is a bit tainted due to the rumour but i still believe in coinbase

me too bro.

juemonju

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Quote from: eternalgloom on November 30, 2016, 07:09:29 AM

Quote from: juemonju on November 30, 2016, 06:55:26 AM

I am from such a country where online wallet not regulated.Coinbase is free of cost and confirm the transaction within a minute.I am happy to use it. If any other problem have let me know.

It could get regulated in the future, doesn't matter which country you are from. They will have everything on record if you continue to use Coinbase.
Plus, I've read multiple stories of them freezing or terminating accounts of people, so I personally wouldn't trust them.

The fees you pay when using other wallets are just part of Bitcoin and it's not that much, I'd rather pay them than trusting Coinbase (or any other online wallet) with my coins.

any suggestion which site i can be used for it?

xuan87

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I think it is safe, coinbase is the first wallet i had, and up until now i got no issue of using it, so for me it is a pretty safe wallet and it got a good security, there were few times that the user claims coinbase hold their withdrawal and recently there was a rumour said that coinbase is going to be inspected by IRS, so coinbase reputation is a bit tainted due to the rumour but i still believe in coinbase

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