Topic: Is coinbase really a bad website to make a wallet on? (Read 3163 times)

Coinbase is a wallet that I like best, features a simple, fast and free delivery cost, in addition coinbase is very secure wallet, if I had a lot of balance then I move into vault, so that when the transfer of the vault then took a few steps.

That's why you need to research first before using any web wallet if you can't follow the terms and conditions then do not use it. Find other wallet that you have fully control and use t web wallet like coinbase for exchange porpuses only. Frozen account is not only happen in coinbase it's happen In other  web wallet too.

In simple users I mean people which want to use bitcoin for gambling, buy something and for etc many things without silly limits. Why coinbase cares about bitcoins from gambling website? I can't understand. Also yes, it's something similar of paypal but don't forget that paypal isn't lovely thing for many people, it's good for shopping, not for other reasons because silly freeze of accounts and etc

This thing actually happens on most new users out there on coinbase wallet and as you said most of them are newbies or those people dont even bother to read their terms  which is clearly stated that its not suitable or advisable to use it on gambling activities because they will surely block your account.

I might be supported this terns and rules. Basically, coinbase known as exchange site, but most of the people like beginner uses this wallet service. Most of them don't aware their rule before using so ultimately affected and create bad imputation against their service.

No, I didn't say like that.

I never say Coinbase have bad and horrible security, yet they are very strict regarding the funds.

Honestly, you still have an access to store your bitcoin even you're a newbie until you know you shouldn't store all your money to exchanges and if you're going to buy Bitcoin through Coinbase they will ask you to upload the ID (I'm not sure). If you won't, then don't try to upload.

If you're concerned with anonymity, don't use Coinbase.

i feel like you are saying it in reverse!
coinbase is best for "simple users" aka newbies who want to start with bitcoin but prefer something similar to paypal where they create an account and put all their trust in a third party (many average Joes are like this!)
but it is not good for others such as those who want the decentralization of bitcoin or those who are traders. for trading other exchanges are better and cost less.

Eh, don't say that coinbase is unuseful wallet, they are us based exchangers and they have good security, it's not like that. I agree you that they are very strict and that makes sense that coinbase isn't for simple users, it's mostly for serious people in trading and for them, which are using bitcoin for serious actions, coinbase is different and their main goal isn't anonimity of users.

Coinbase is very strict in terms about where the transaction comes for. If from gambling sites highly chances, Coinbase would froze your account and lock your funds because illegal things. Coinbase is an exchanges, so it not safe to store your money to exchanges and especially for large balances.

As far as I am aware the most popular online bitcoin wallet is Blockchain.info with almost 13 million wallets created.
Detailed Stats: https://blockchain.info/charts/my-wallet-n-users Meanwhile Coinbase users - 2,800,000  (data from November 2015)
And I expect that now, when Coinbase is no longer paying for transaction fees they won't be having waves of new wallet users anyway.

Most popular wallet? Maybe before when people dont have to give their personal information to coinbase and as what said above post, its an exchange and they are not safe to store with. And there's so many issues faced by coinbase users not just from gambling issue but also when there users want to exchange their bitcoin to cash. I read it on bitcoin discussion posted by someone from reddit and coinbase's forum.

Just because a wallet is popular doesn't mean its safe and trustable, The best way to determine is by reading peoples reviews or if possible experincing the said wallet yourself . And from what I have read it doesn't have a good reputation because they are very strict in terms of their KYC . The most common problem is locking or frozing an account that is used for gambling . Coinbase is not really for storing cause it is an exchange .

I think no because coinbase is one of the top and most popular wallet aside from blockchain.info. Sometimes there are really errors could happen but the important is they can fix it immediately, we don't know if it is fault of the system or the user. You can trust them because they verify your Identification.

if you ready to give your id then use coinbase or bitpay.. but i only use blockchain.info cause i have when a website ask me my id..

It does make sense that one possible cause is account that had been used for gambling but does all account accompanied with gambling is affected or just the one that is suspected for illegal means? Because if yes then for example If I try to play on gambling site once and earn bitcoins then my account will be automatically lock? I am just wondering.

It doesnt have a bad reputation but only minor issues which normally happens in the past and its not a web wallet but an exchange wallet.I do make use of it until now and i didnt experience any problem with them as long you dont violate their ToS then theres no problem at all.They are known to lock accounts which been used on gambling.

How they charge against you if you real users and use their service to follow up all requirements? Obviously it never make sense charge against you do without nothing. Like a user never faced little bit issue.

The only reason for one to use them now is the usage of their eth to btc exchange for free between their wallets.
Other than this, there is no reason for anyone to take the risk of their bitcoins to be locked in those accounts and not being able to make a withdrawal due to whatever reason they wish to charge against you.

I don't personally use coinbase as a means storing bitcoins yet but I read in other thread that it does have bad reputation. I'm not in position to talk but with what the feedback the users says then it really makes a point or will dealt a great impact on the site.

What? You're using coinbase (sometimes) but you don't have any transactions through it? How is that called using?. Coinabse is a really popular web wallet especially when you're new to bitcoin.

Then what happened to others who complained? Sorry to say but in this kind of industry, You don't easily trust someone. Right now, I am 99.9% of not usingg coinbase. There are many web wallets out there. I won't stick to the one who has a 50-50 Positive and negative feedback.

I used coinbase sometime but I didn't had to have any transactions from it but most of the people are using it and trusting it.

I had read somewhere here on forum that someone got problem with his account and it was disabled by coinbase.

But upon reaching their support and giving few questions to the owner, the owner answered correctly and promptly.

Coinbase did retrieved and gave his account.

Yes true, coinbase is second wallet after XAPO, I using more than 10 months and I never found the problems. For best secure I use VAULT, so when we send from VAULT, need more than 3 steps and more than 48 hours to finish.

Thats the reason why i dont use coinbase wallet after all because of its ToS which really restrict us on some other things and why would bother if there are good alternatives on having a web wallet?Just like on blockchain which you can use anytime you want and anything you want to do from it.Theres no restrictions which i do really love.

YES, that is the point- If your account are connected of any illegal activity like gambling attempt or don't follow their tos, then must be ready accept any reaction from that site, that you have been using earlier. Of course, it is very important to secure and maintain rules of any bitcoin wallet, not only coinbase.

Coinbase is very safe and a good wallet if you are us cititzen.

Coinbase is inherently unstable - when you hold coins with Coinbase they are not your coins and you know that, like Mt. Gox your exchange wallet, which is basically their promise to let you use Bitcoins, could go down at any time.  What makes this all the more terrifying is their slow support and the fact that they often suspend accounts for any illegal activity or even minor things like gambling.

Coinbase is good website,secured and easy to use but it is not advisable to store your bitcoins for a long time much better to use tested desktop wallet, its more secured compared to online wallets you have no full control of your bitcoins using these online wallets/exchange because of private key issues, I used only one online wallet for now, blockchain.info

I've expereinced this also that's when I start with bitcoin because coinbase is one service that I used, but that was before, from authy authenticator and even on the sms verification nothing works. That's why that's one of the reasons why left coinbase and now they even get worse, and I will not wonder if some coinbase users here will panic because of this charging fees they applied.

They lock accounts and refuse their customers to withdraw bitcoin from their wallets.
So what is not to like about them as a wallet?
Sound familiar? They are doing just like what Chinese exchanges are doing to their customers.

I am not able to recover my wallet since 2 weeks now. Everytime they keep asking me for a code from my Authy app which doesn't work. Their support also doesn't reply. Now the latest news is that they are charging fees too for transactions: http://www.coindesk.com/coinbase-charge-fees-blockchain-transactions/

 I don't have any reason to start using them again. They have gone down the drain.

When I first started using Bitcoin, I decided to try using Coinbase as my primary wallet. While they've got quite the snazy website that appears secure, I don't really trust my Bitcoins with them anymore.

First and foremost, the number one reason I do not trust Coinbase is the fact that your Bitcoins are not really stored on a cold storage source. It's actually quite a hot storage source. They don't even give you your private keys (which, if they were OUR wallets, then they'd give us OUR keys). Other sites like Blockchain give your private keys, plus they offer a lot more security.

Coinbase's form of security is email, phone and password. Not too advanced.
But Blockchain offers 2FA, account ID, password, phone, email, and a lot more. I feel super secure using them.

However, it shouldn't matter what site you're using (even if they're super big and famous): ALL online wallets are not safe but rather dangerous. At any time could the sites be hacked or become corrupt and no longer work. All your money could be gone in an instant.

That's why it is so recommended that you store the MAJORITY of your savings on a cold storage source (such as computer or even paper wallet but be careful with both) and, if you'd really like, store a little bit of BTC on your hot wallets online.

But online wallets, including Coinbase, are absolutely not recommended.

It is not.

However, it is not the best either.

If you look at coinbase, you won't get much functionality without having to verify your identity, attaching a bank account or a credit card to the account, which is something that bitcoin is against in the first place.

The only thing you can do without being ID verified, which could take days to complete, is to receive and send bitcoin or ethereum.

Coinbase is known for locking accounts that are associated dark markets and gambling and they have seized funds and provided information to the government. When you can just hold your own coins in a private key that you own, why not just do that?

Coinbase is okay as an online wallet, if you are using it to store a lot of bitcoins this would be a bad move, they could freeze your account to investigate whether the coins are in violation of their terms such as gambling.

As suggested using your own wallet is safest.

Coinbase is not so bad as the negative comments about it let's make you think. The problem comes from people not reading theirs TOS, and violate them. Or when they want to buy and or sell with Coinbase, Since Coinbase is very stricts with regualtions and laws, It's lead to some problems for some people,

Yeah right, we have to be realistic. No wallet is perfect, but when some people complain of course the best way is she/he contact with coinbase official, If all the rules we obey, surely we will not find the problem.

If you like being subject of extensive KYC/AML policies, ridiculous ToS (don't try to touch any gambling service with Coinbase, your account will be suspended).
Coinbase is one of the most restrictive online wallet services I know, but if you are fine with that - and if you like their feature of fee-less transactions, be my guest and use their service.
Just use any serious SPV wallet instead: Electrum or Multibit HD.

Everything does not guarantee, I use a coinbase 2 years and never experienced any problems. I'm sure coinbase is one good wallet because the recommended site: https://bitcoin.org/. Surely they have a compelling reason to recommend coinbase.

Yes don't use it, they have control of your money, use blockchain.info instead.

Delayed paymeny meaning the transaction confirmation? If Coinbase gives the tx id right away, then it's not there fault if the transaction is low or delayed. Bitcoin network is congested already.

Just noticed that my multiple today's transaction in Coinbase was done in a smooth process unlike in the past days where confirmation really takes time even at 1 although same fees are being used at all of my inputs.

Coinbase right now still alive and i think they are still good choice if we are need to receive and send small amount of payment for daily use.coinbase is a good choice. but these few days ago that experience some  of my pc or laptop in delay sending paymentand they are fix the issue of every coinbase member about their bitcoin.

Blockchain.info will not steal your coins because they have no acces to your funds. A lot of people recomend this one, have a lot of security measures.

The thoughts about Coinbase are lately very divided amou the users. Some are still satisfied with their service, some are seriously complaining because of bad customer service, account blocking and similar. To my opinion Coinbase is still reliable and legitimate service but due to some regulations they have changed some rules and their policy and that affects their users too.

Coinbase is my main wallet. I've never experienced the my account blocked, until now I have been using coinbase for about 2 years, all of them no problem. I think if you are blocked, of course their have compelling reasons, if you are sure there are problematic could contact their servicing contacts.

Coinbase usually block accounts, to me this is a no way to trade there sign, for our privacy and fund security, I would never use their services.

Same as yours I don't have any problem on using coinbase since I do use two web wallets at the same time for my online transaction and I didn't encounter such stolen bitcoin from coinbase. Price of bitcoin does fluctuates or inflates which really affects the total amount on your wallet.

I haven't had any bad experience from them as I haven't tried to put any amount on my coinbase wallets but there are some rumors and issues about coinbase especially the same thing that you mentioned which is stealing bitcoins but I don't know if they are actually doing it, try to find more reviews about them outside this as well as the further information regarding to "stealing bitcoin" issue . so far, I usually see them as a recommended wallet to use for aside from blockchain wallet so probably they are not be a bad web wallet I guess .

They are worst wallet that i use because i been experience bad like pending issue and not responds in my any reports.. it takes nearly month before they resolve the issue.. so much better to do not use coinbase for large amount of transaction just use it for small amount of transaction if you want still use it..

I think not, because coinbase is listed and recommended the site bitcoin.org, many people are satisfied with the coinbase, the thing that I like is this wallet free of charge delivery and acceptance even with small nominal.

Actually, Any online wallets are not good when it comes to storing large amounts of bitcoins cause they don't give private keys so its technically not yours and Coinbase is a online wallet or to be exact its an exchange site so if you're planning to store a small amount of coins pick a much better online wallet that is highly reputable and doesn't have any strict rules like coinbase .

And to be cleared coinbase is not really stealing coins, They just have this rules that is more strict than others thats why if you happen to broke it they might freeze your account .

In the first place, use only web wallets e.g Coinbase for such a service that isn't present in your current wallet provider. Any Web Wallets "are not" designed to be your primary storage for your precious bitcoins. Those issues that Coinbase is handling right now isn't just an instant issue that they created.  They are a registered exchange and facing legal terms so if ever there will be a fraud, they will face the teeth of the law.

Like I said, about your last question, never use online wallet for storage purposes. Just use their services like buying, selling, using it to a merchant etc. as it was more convenient and less hassle way.

Its not a "bad" wallet, its just an exchange wallet which doesn't give you your private keys so its very risky and not recommend to keep large amount of bitcoin on it, they do not steal bitcoin but if they get hacked there is a chance that you lose your bitcoin. Mostly all the negative comment that your see about coinbase is because they don't give private key.

There is a confusion in regard of Coinbase's online wallet. They are not stealing coins from anybody, they are fully licensed big cryptocurrency company.
The problem with their service is that because they are so "legally stiff" your account is subject to spying and invigilation.
They basically monitor thousands of known bitcoin addresses and check if you are not using any of gambling, dark market's or other BTC addresses suspected of taking part in illegal activities.

Im really glad already that blockchain already have the feature on getting your private keys which is not available in the past but now it is already implemented which is really great because it give me more assurance and security in my bitcoin.Coinbase is just fine for me since I also used it in the past but I do also heard about some issues I don't know if its true or not that's why I don't store too big amounts of bitcoin on an exchange or web wallet.

Same like to you man.At beggining in bitcoin industry I was created my first wallet on Coinbase.I have also well much known that they are stealing bitcoins,they freezing your account if you participate in gambling.But I can't remember have I faced this issue?In my opinion,Coinbase should only be used to buy or sell bitcoin, and not to store funds.However,I like to prefer you use blockchain/mycelium instead of coinbase.As long as Online wallet is not safe there electrum could be best choice.

Online wallet is never a good option. Always use a desktop wallet where you have full control of your coins and keys. Try Bitcoin core wallet or you can try electrum wallet. Both are good and way safer options than web wallets.

Well coinbase is not bad, there are many people who use it especially the peoples from USA, if coinbase is bad this service will be closed due to there are no costumers that use it.
If you are looking for wallets of bitcoins offline wallets is best choice for you because you have control on your bitcoins and coinbase is more good be considered as markets than wallets of bitcoins.

I did the same when I came to use bitcoin. Just needed a wallet quick and no fees for doing transactions for sending so it was right at the time.
But now you hear so many people having problems with it and these are from users of this service who have used them for a year or more.
So it is ill advised to use them for any long term or even if you have bitcoins coming from multiple different sources cause there is a chance they will find a way to lock your account for not knowing if the sends are to their code of conduct.

if you say discuss about online wallet
you must choose online wallet service is support private key

but if you say online wallet support use credit card is nothing, is online wallet support funding use credit card

I know that some websites may have multiple security holes, and this is certainly a problem. But I would like to know if there are online wallets with tolerable risk levels. I see that many users use blockchain.info without major problems. For this online wallet specifically, are there also high risks?

Coinbase wallet is safe to use if you follow their rules and never break it. But Coinbase wallet don't give your private keys, and it's not best idea to use it as main wallet. I recommend to use it for daily needs and don't keep big ballance on Coinbase.

Because of halving several times like pending stealing my bitcoin and heard about the credit card issue i do not trust them anymore..
Much better to in trusted wallet bitcoin core or bitcoin-qt but it needs to download the who blockchain.. if you want the lite version try electrum and you can use it lite weight version of bitcoin core.. and i am using it never experience any issue.. and you can backup your private keys and wallet.dat once your wallet is gone and you have private key you can install it in other wallet.. and get your bitcoin..     

I created my first wallet on Coinbase when I started, but I don't recommend that you hold a huge amount of bitcoin on it. The better is to create one on your smartphone because you have access to it and you control the bitcoin. But in the case of Coinbase, you don't have control of what the owner will do with it.

Installing a wallet on phone is not recommanded either

Yes, it's safe. Now, if you have to store thousands of dollars I'd invest in some hardware and create your own wallets for offline storage.

coinbase still is an online wallet which isn't safe the fact that anyone with the intention to hack, can probably get into their site and withdraw your coins leaving you nothing. this is somehow like what the rest of the people here in the forum advises, don't trust and exchange for the are like online wallets.

Installing a wallet on your phone or computer is the best option. It is important to remember that you don't have a wallet at Coinbase, you have an account.  I recommend Airbitz, Mycelium, or Electrum. If you really must have an online wallet, use blockchain.info. At least you still maintain control of your bitcoins.

Coinbase is certainly not known for stealing bitcoins.

If you do not have sole and complete control over the private keys, you do not have any bitcoin. Having the private key versus having a web wallet account is like having physical gold versus having worthless gold certificates backed by a shady company that can collapse at any moment. We humans have the ability to learn from past mistakes, there was once an exchange called mtgox, that collapsed after about 700kBTC were stolen by hackers. Many people around the world thought they had bitcoin, but they only had mtgox credit, when mtgox collapsed, poof!, it was gone.
The lesson:
Keep your bitcoins in paper wallets, desktop wallets, mobile wallets, hardware wallets or brain wallets (tricky to use safely, not advised for newbies), not in web wallets!

I have no real experience with coinbase but people say the IRS gets full access and when you make gains they want a significant amount of it.
If this is true then it is weird because Bitcoin was created to avoid this.

It's not that bad but since t's not a wallet but an exchange wallet, they are more prone to issues like the current they are facing now. Imo people should avoid using an exchange walle in storung in their bitcoins an just use it when they are buyjng or selling coins. If you are hesitant to use coinbase, choose blockchain.info instead or better yet use one where you fully control your privatekeys like in desktop wallet, electrum, and for mobile , mycelium.

I have a sincere advance that  if you have many bitcoins, Do not use online wallet to store it. Please use private wallet such as bitcoin core wallet for cold storage. it's safer than online wallet.

Well, is it? From what I heard they have a credit card issue or something, I can't really remember what. And they're known for stealing bitcoins. If so, what other online wallet should I head into?