Mycellium vs CoinBase?Whats the difference? - page 2.

mk4

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Quote from: ranochigo on April 02, 2021, 10:12:49 AM

Coinbase also does not offer any sort of discounts for on chain transactions as well.

Yes, but I think OP is referring to Coinbase <-> Coinbase off-chain transactions which are free.

But either way, while it sounds so attractive @OP (who doesn't like free transactions?), it's downsides heavily outweighs the upsides. Do you know? Coinbase can lock up your money if they want to? On the other hand, with non-custodial wallets such as Mycelium(though I'm personally more of a BlueWallet[1] guy), no one, I mean literally no one can revoke your access to your funds. That's one of the beauties of Bitcoin!

[1] https://bluewallet.io/

death69

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Quote from: kuronokishi10 on April 02, 2021, 09:52:24 AM

I am currently using Mycellium wallet and all the people around me use Coinbase and boast about how there are no fees,should i consider switching to Coinbase?
What is the difference between the both,which one would you recommend and which one do you use?

Mycellium is your personal, private and somehow pseudo-anonymous while coinbase is an online centralized wallet. On some level, you can even trade on Coinbase for different coins or cash. Each has their own advantages and disadvantages but veteran bitcoin users prefer to use a decentralized wallet because they can become their own bank. Using online wallet has a big risk. They certainly have your data, collect your transaction and if they suddenly disappear, they will go along with your money. That is the most dangerous thing can happen.

To me, I like to use Coinbase. I do not have much money and the Coinbase fee is undoubtedly cheaper than the overall fee

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Quote from: kuronokishi10 on April 02, 2021, 09:52:24 AM

I am currently using Mycellium wallet and all the people around me use Coinbase and boast about how there are no fees,should i consider switching to Coinbase?
What is the difference between the both,which one would you recommend and which one do you use?

If that Coinbase wallet doesn't ask for any fees at certain transfers then those are off-chain, meaning that your friends don't actually own those coins (not your keys, not your coins), instead they have an account at a custodian wallet that holds the money for them, ask for KYC, record all they do and if Coinbase will get bankrupt or hacked your friends may lose their coins. Also if they want to send money to your Mycelium, on chain, most probably they'll have to pay the tx fees like everybody else.

Instead with Mycelium you have your own keys. Even better, Mycelium can work with Hardware Wallets, in case you'll have more coins there and you'll want to protect them better. Of course, you have to make sure you have a proper backup for your wallet/seed, since with your coins you have to be more responsible (no customer support will be able to recover them if you make mistakes).

I recommend Mycelium. But I reckon that there are many kinds of people in this world and both types of wallets have pluses and minuses, so please make your own choice.

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Quote from: Jawhead999 on April 02, 2021, 10:21:30 AM

I don't know what do you mean about no fees, probably they use very cheap network (i.e. Tron).

Maybe they're transferring from each other and that's the off-chain transactions that really have no fee at all. That's Coinbase wallet to Coinbase wallet.

@OP what's your plan with your crypto holdings. Are you planning to hold it long-term? Remember that if you don't own the keys, not your coins.

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Quote from: kuronokishi10 on April 02, 2021, 09:52:24 AM

I am currently using Mycellium wallet and all the people around me use Coinbase and boast about how there are no fees,should i consider switching to Coinbase?
What is the difference between the both,which one would you recommend and which one do you use?

I think what they are talking about no fee when they are sending from coinbase user to another coinbase user.
But if you would send from other platform then it would have a fee,
Just use what you are comfortable with but if you want a higher security on your crypto then buy a hardware wallet.

Jawhead999

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Just to add

Even though you use Coinbase "wallet" it also occur a fee if you made a transaction, you didn't pay to them (coinbase) but you paid to miner to process your transaction on a network.

I don't know what do you mean about no fees, probably they use very cheap network (i.e. Tron).

ranochigo

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MyCelium is a wallet and coinbase is primarily an exchange. Coinbase can and will collect personal data about you, have certain level of control over your coins as well.

Coinbase also does not offer any sort of discounts for on chain transactions as well. MyCelium, though being less polished, still offers far more security as well as privacy.

kuronokishi10

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I am currently using Mycellium wallet and all the people around me use Coinbase and boast about how there are no fees,should i consider switching to Coinbase?
What is the difference between the both,which one would you recommend and which one do you use?

Topic: Mycellium vs CoinBase?Whats the difference? - page 2. (Read 307 times)