Topic: Is keeping your money on Coinbase really that bad? (Read 635 times)
you should really get a hardware wallet, man.
There's always a risk that an exchange could make off with your coins, could be hacked, or could shut down due to poor management, making it possible that you'll never be able to get to your cryptocurrencies again. So that Coinbase is not absolutely safe as any other exchanges to leave your cryptocurrencies.
People with cryptocurrency should use 2 step verification to better protect their private keys. Regarding server security, we can only rely on risk controls for exchanges.
For maximum security you should leave your cryptocurrencies in a wallet in cold storage. But it requires you have technical background which is not an option for everyone.
People with cryptocurrency should use 2 step verification to better protect their private keys. Regarding server security, we can only rely on risk controls for exchanges.
For maximum security you should leave your cryptocurrencies in a wallet in cold storage. But it requires you have technical background which is not an option for everyone.
There are more wallet in online where you can store your Btc or other valuable coins.Coinbase is the most popular and easiest wallet for storing Bitcoin.But I think Blockchain wallet is more secure than Coinbase wallet.Those are preferable for me.But some of my friends are banned from Coinbase and they lost their money as well. Personally,I suggest you to use Blockchain wallet.
With transaction backlog increasing, if you leave ethereum in Coinbase, you will be able, to trade without waiting for confirmations. This is the good part. The bad part, is that if Coinbase is hacked, then you’ll find it difficult to get your coins back. If you move them to your wallet, they will be safe, but then you’ll need increased transaction fees, to move them to coinbase to trade.
You can find out, what is suited better for you.
You can find out, what is suited better for you.
Hacking is the main concern, its always best to keep your funds in hard or cold storage, that way you have full control over them and they're not prone to hacks or security breaches. I personally keep a small amount in coinbase but the majority of my funds are stored using the Ledger Nano S
If you want to save you safely, save it on hardware, such as Trezor and Ledger.
If you save your money in exchange it is dangerous, because hacking often occurs.
Please think back to everything you will want to do.
If you save your money in exchange it is dangerous, because hacking often occurs.
Please think back to everything you will want to do.
Hardware wallet is a must if you are trading big amounts already. What is a hundred dollar plus hardware wallet when its secured and protected. If you have many crypto assets, its time to have one really. For me, I leave some crypto assets on exchanges if I am actively trading but for long term hold, i withdraw it on my hardware wallet.
I would recommend diversifying your BTC or money holdings as much as possible. What if something happens to your wallet? That wouldn't necessary be better than coinbase. You could keep some in a personal wallet, some on several exchanges. Ideally, by diversifying your capital, you can somewhat mitigate the commonality of the risk. This prevents the possibility of a single devastating loss.
Coinbase doesn`t respect the rules of anonymity. It stores private keys from wallets on its unprotected servers. It is in fact nothing like standard banks. Coinbase users are used to the fact that support doesn`t meet for months, so if you are being ignored, you get the problem on Reddit, where they notice it and try to solve. In my opinion, you shouldn`t keep savings in Coinbase.
If you want to save you safely, save it on hardware, such as Trezor and Ledger.
If you save your money in exchange it is dangerous, because hacking often occurs.
Please think back to everything you will want to do.
If you save your money in exchange it is dangerous, because hacking often occurs.
Please think back to everything you will want to do.
TDIL Coinbase insures money lost from physical security, cyber attacks, and employee theft. they keep 98% of their funds offline. So back to my original point, is it really that important to keep your money off exchanges if they offer insurance and you personally make sure that your account isnt vulnerable to phone attacks? https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-
It is not just with coinbase but will every other exchange. Do not leave your tokens on exchange incase it gets hacked.Even if they are insured, it may take a long while before you get your claims- if you ever get them. Besides hackers, theoretically Coinbase can lock up your account if they want to. Sure, they probably wont, but it's better to not take that risk instead. PayPal users had this very common problem of PayPal locking up their accounts for some reason with no chance of appeal. Will the same happen with Coinbase? Maybe, maybe not. But like I said, it's better not to take the risk.
That's a good point. As they hold your funds, if government put some pressure they can lock your funds or charge taxes, things like that.
One more reason to avoid exchanges. You only own the funds when they are in your wallet
Any of the exchanges can be hacked. So, no, exchange is not a safe place to store your cryptoassets.
a lot of interesting opinions on this score! I'm not a trader, for this I need only the exchange, only to buy! I agree with the guys, I think it's better to keep your crypto coins in your wallets! so safer! and even if there is insurance, it's a waste of time - to someone to prove something!
I believe that you need to store your money only in the place where only you alone have access to it! bitcoin wallet is the safest place to store! you can not keep your money on stock exchanges, they are constantly hacked!
First rule of cryptocurrency, don't hold your crypto funds where you don't own the wallet's private keys.
I don't recommend using coinable because I had a problem with them and it took almost 8 months to recover my funds. Also it is too risky since you don't own your coins, I mean you don't have control over the private keys, a lot of things can happen. It is better to hold your coins in a wallet of yours where you can control your private keys. Also think that Bitcoin (and crypto in general) is created to have a decentralized method of payment, that you can control and where you can be your own bank. What coinbase does is the same as banks, they own your money. Be safe. thank you for reading me.
For me i want my money/coin on an exchange so i can buy or sell whenever i want
These centralizex exchanges are all boasting 100% security until they eventually get hacked. And then the close, they declare bancrupts and you lose everything. You can dare leaving yuor fund for a while there if you have no alternative, but the more you let them there, the more you are risking....
Is never a good ideal to keep your money on coinbase or any exchange if they are hack sorry you will lost all your money and there is nothing you can do about it.
Just go and buy a hardware wallet is the safest, hardware wallet is secured and recommended way to keep all your money.
Just go and buy a hardware wallet is the safest, hardware wallet is secured and recommended way to keep all your money.
From my experience in this game the best place to keep bulk of your money is offline, in a hard ware wallet. Exchanges are centralized and are easy targets for hackers. They always preach they have the best security but get hacked in the end. If you have millions why not get a hardware Wallet it'd better that way than be sorry.
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