Topic: Is keeping your money on Coinbase really that bad? - page 4. (Read 620 times)
I will not recommend people to store their bitcoins on online exchanges as there are more chances for losing of bitcoins when stored on online exchanges and are prone to hacking, when getting involved with bitcoins and other crypto currencies it is better to secure your crypto currencies in a secure and safe wallet. Currently there are many types of wallets available in the crypto market then why saving bitcoins on online exchanges. You can store your bitcoins on online exchanges only at the users risk, as many have lost their crypto coins by storing them in online exchanges. Hardware wallets , USB wallets and paper wallets are secure in storing bitcoins.
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.
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-
I am not saying that coinbase is bad, but of course it can still be targeted by hackers and you could also lost your bitcoin in there. But it is not only coinbase but all exchanges out there are prone to hacking if they are not careful. I remember bitfinex the largest bitcoin trading site with the highest volume of bitcoin was hacked and it took them a long time to refund the losses. Many conspiracy arose and they said that everything was an inside job but it was not proven. So my point is that do not keep your bitcoin in one exchange.
Get a hardware wallet bro. It's cheap compared to how much you can lose. Ian Ballina just lost $2M because he wasn't using a hardware wallet.
They can be hacked.
We have seen this before many times. If they are hacked they will first disable all withdrawals, and a few time later say they have no money left. You will lose many forks, Airdrop etc too.
It's much safer and secure just to buy a hardwallet and secure your funds by yourself.
We have seen this before many times. If they are hacked they will first disable all withdrawals, and a few time later say they have no money left. You will lose many forks, Airdrop etc too.
It's much safer and secure just to buy a hardwallet and secure your funds by yourself.
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-
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