Is Coinbase safe to store currency? | Bitcointalksearch.org

BitHodler

legendary

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Quote from: Tahsin Kabir Kollol on December 30, 2018, 06:02:22 AM

I also think so that Coinbase is safe to store currency. Many people use Coinbase to store their currency. The security system is very hard and the transaction fee is very suitable for store currency. So you can store your currency and investment in Coinbase.

The very reason people think Coinbase is safe makes them a massive single point of failure for the ecosystem. They hold over 800k BTC in their reserves, which is beyond insane if you ask me.

People keep talking about what happens when institutions accumulate a lot of BTC through an ETF, but this is just as bad, maybe even worse. Their security is meaningless when governments step in and start sniffing around.

No way even 5% of these coins are being used for trading purposes. It's all there because people are too lazy and ignorant when it comes to self storage. People learn only when things go wrong it seems...

Tahsin Kabir Kollol

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I also think so that Coinbase is safe to store currency. Many people use Coinbase to store their currency. The security system is very hard and the transaction fee is very suitable for store currency. So you can store your currency and investment in Coinbase.

1Referee

legendary

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Quote from: ?? on ??

While I store some coins in them, I still have the majority in my desktop wallet which is Electrum.

What do you mean with 'store the majority in my desktop wallet'? It is always recommended to not have anything on your PC, regardless of what desktop client you are using. Your private keys/seeds should be stored offline, preferably in form of a paper wallet. I'm personally not keen on hardware wallets, but it might provide a decent form of security as well.

Quote from: ?? on ??

I don't think that these online wallets would provide you Segwit-address that could lessen fees as you send funds to other addresses which is a plus for you somehow.

Coinbase is using Segwit, which is cool, but most of them still use legacy format addresses which is a shame. Blockchain stated to roll out support for Segwit earlier this year, but it's clear they are ignoring every user regardless of what their input is. Not surprising at all with Roger and Jihan having a say in how they operate their business. Roll Eyes

o_e_l_e_o

legendary

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Quote from: gentlemand on December 29, 2018, 02:55:52 PM

If there's one thing life has taught me it's to never grant someone else power over you.

The whole point of bitcoin in the first place is to be trustless and not rely on a third party. The second sentence in Satoshi's whitepaper includes the words "the main benefits are lost if a trusted third party is still required". Given that the entire point of bitcoin is to avoid using a "trusted third party" for transactions, why would anyone willingly use a "trusted third party" to store your coins on your behalf, especially given how easy it is to set up your own wallet.

Coins stored on an exchange do not belong to you. It's as simple as that.

gentlemand

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Welt Am Draht

While Coinbase themselves have never been hacked, no shortage of their customers have and there'll be no protection from them if it happens.

If you have phone based 2FA a determined thief can hijack your sim card. If you have Authenticator based 2FA that's possible to bypass if you're on a phishing site or if you leave your 2FA key lying around.

And ultimately access to whatever you have on there is down to Coinbase's good will. If there's one thing life has taught me it's to never grant someone else power over you.

mk4

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Quote from: gesdan on December 29, 2018, 08:27:03 AM

until right now I think coinbase is the safe platform, many people use coinbase for saving them investment on coinbase. and as i know that it is save when you have your inevstment and your asset on coinbase

Quote from: smartbitcoininvestor on December 29, 2018, 09:23:05 AM

Coinbase is an excellent platform and offers a Vault for those who want to partake in cold wallet security.

Quote from: ?? on ??

personally, I really like coinbase over other services, they are good.

Guess what ladies and gentlemen? People in the past also thought that leaving their funds on the MtGox exchange in the past is safe enough. Guess what happened? Tongue

https://blockonomi.com/mt-gox-hack/

sarul

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Quote from: tungaqhd on December 29, 2018, 12:49:51 PM

Quote from: nade0895 on December 29, 2018, 04:25:51 AM

This might sound like a basic question but bare with me I’m a beginner. I’ve been reading about some nightmares people have had losing their money. Is Coinbase safe? And besides having a secure password and pin is there anything else I should be doing? Would appreciate the help.

Cheers

Coinbase is an old and trusted online wallet for storing cryptocurrency, but the fee was so high so i left it. I prefer online wallet which let me control the private keys.

Yeah, it's safe and it's already a lot of positive feedback is given by people. However, it is highly recommended to store it in your own personal wallet, such as paper, desktop and hardware wallets. Because I feel safer if I myself take care of my wallet.

tungaqhd

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Quote from: nade0895 on December 29, 2018, 04:25:51 AM

This might sound like a basic question but bare with me I’m a beginner. I’ve been reading about some nightmares people have had losing their money. Is Coinbase safe? And besides having a secure password and pin is there anything else I should be doing? Would appreciate the help.

Cheers

Coinbase is an old and trusted online wallet for storing cryptocurrency, but the fee was so high so i left it. I prefer online wallet which let me control the private keys.

BayAreaCoins

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You should store keys where only you know the secret and have reasonable control how the secret moves along when you die.

coinnumber

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Quote from: nade0895 on December 29, 2018, 04:25:51 AM

This might sound like a basic question but bare with me I’m a beginner. I’ve been reading about some nightmares people have had losing their money. Is Coinbase safe? And besides having a secure password and pin is there anything else I should be doing? Would appreciate the help.

Cheers

I believed Coinbase is one of the best crypto exchange on blockchain but that does to guaranteed you to store your digital assets since you are not in full control of the keys, it will be advisable as a beginner to have a wallet either BTC or ETH for storing your digital currencies. But the best way to save crypto coins is to use external storage device like ledger 📒 if you have the funds go for it but if you don't have for now use online wallet BTC or ETH and save you keys with care good luck!

Hannahanto

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Sure coinbase is one of the safest exchange to store currency. Many users use this exchange to store and sell their coins. The transaction fees is also normal in this exchange and it supports most of the coins in the coin market cap. Iam using this exchange for long time its very user friendly and easy to use. There are so many exchanges available but some of them are very safe to use among those coinbase is one of the good exchange to store the currency.

Johnzky

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Quote from: OmegaStarScream on December 29, 2018, 05:17:58 AM

It's a reputable service yes, you can use for buying and selling your bitcoins but never use an online platform for storing your bitcoins because you're not in full control of your funds.

If you have a decent amount, I suggest investing in a hardware wallet like Trezor or Ledger otherwise go with something like Electrum.

Absolutely correct,although yes those exchangers has a high security system but we also know that hackers are more geniuses than anyone of us,and exchangers are very vulnerable in this issue of hacking as what had happen for so many cases in past,though sometimes it crosses my mind that theres a inside job but theres no proof regarding this

Better use them as a trading platform and material to gain profit, But not for storages

izanagi narukami

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Yes, it's safe.
I can share alternate wallet that I've been used about 4 years without any problem.

Online = blockchain
Offline = electrum
You can also store on your local exchange but not too much

It's easy to learn how to use it and it's not require long time, IMO

Dexion

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I can't make you believe that Coinbase is safe for storing crypto. even every soft wallet can be hacked. and storing crypto assets in an exchange wallet is not a good idea. but at least Coinbase's popularity is very good. You can save crypto assets offline. and the crypto stored in the coinbase server is protected by policy insurance.

adzino

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Quote from: nade0895 on December 29, 2018, 04:25:51 AM

This might sound like a basic question but bare with me I’m a beginner. I’ve been reading about some nightmares people have had losing their money. Is Coinbase safe? And besides having a secure password and pin is there anything else I should be doing? Would appreciate the help.

Cheers

Why would you want to use coinbase to store your coins? If you do not have access to your own wallets private key, then it means that you do not actually own the coins stored at that wallet. They can lock down your account anytime and you make lose access to your funds for indefinite amount of time. No matter how much they secure they claim to be, they will always be vulnerable to hacks in one way or other.

TimtheYoutuber

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Their vault might be a good option if you don't have a trezor or ledger. I wouldn't store cryptocurrency where you don't own the private key though.

playboy654

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Quote from: nade0895 on December 29, 2018, 04:25:51 AM

This might sound like a basic question but bare with me I’m a beginner. I’ve been reading about some nightmares people have had losing their money. Is Coinbase safe? And besides having a secure password and pin is there anything else I should be doing? Would appreciate the help.

Cheers

Yes coinbase is one of the best wallet to store our cryptocurrency more safer for all type of people class because there are lot of more security wallet are here to store our investment but this wallet is very easy and useful for all kind of people.

Pab

legendary

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In a case of online wallets i prefer Blockchain.info and .myetherwallet.com
I use both from long time and i feel secure
There is good to add security code to Blockchain.info

Blockchain.info is now adding more coins ETH and Stellar until now
There is also possible to swap between currencies and participate in giveaways
I don't trust Coinbase wallet because it is USA based service

cizatext

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Coinbase is a reputable exchange site and has been in business for a very long time now but despite that no site is 100% safe as hackers have Launce attacks on such sites but have not hard of that of coinbase being hacked into and the safety of tour crypto assets lays in tour own hand also you need to protect your password and all others details in other to be self protected.

michellee

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Quote from: nade0895 on December 29, 2018, 04:25:51 AM

This might sound like a basic question but bare with me I’m a beginner. I’ve been reading about some nightmares people have had losing their money. Is Coinbase safe? And besides having a secure password and pin is there anything else I should be doing? Would appreciate the help.

Cheers

I don't know since I don't use Coinbase, it's better to save at the offline wallet. I think you need to buy Ledger S Nano if you want to be safe to keep your coins, and you can keep various coins at that wallet because it supports multi coins. But if you insist on saving your coins in the Coinbase, you must activate 2FA for protection.

Topic: Is Coinbase safe to store currency? (Read 528 times)