well I hope this is common knowledge to never back up your private keys anywhere that can be accessed by other people
it being your pc and notepad file or a cloud storage, doesn't matter
you are just asking to get your money stolen , but Coinbase should not have offered such a service first place
never used their services , especially since they do not like their wallets to be used to transfer funds to gambling sites
but this gives me even more reasons not to start to
Topic: Never use Coinbase wallet's private key back up feature (Read 578 times)
I will never store my private key on any cloud storage, history has proven they are not a safe place to hide your wealth, you can store it if you think your coins is not a store of value, better keep in a hard wallet or a good usb and do not login to often in web wallet.
a while back i said Coinbase is a bitcoin bank to one of those silly topics asking whether banks will ever adopt bitcoin. now you can see how they are turning more and more into a bank every day. basically you are giving up control over your money and no longer use bitcoin, instead you use a bank called Coinbase and pay them fees to use your own money. then they not only report your ass to IRS and NSA for every single transaction but also can block your money if they decided to have some fun with you!
Exactly.
https://blog.coinbase.com/xrp-is-now-available-on-coinbase-d884e33fa8b7
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XRP is now available on Coinbase
The funny thing is, they violated their own terms and it looks like XRP has paid them huge sum of money, very shady indeed.
https://www.chepicap.com/en/news/7765/did-ripple-pay-coinbase-to-get-xrp-listed-.html
My answer is also no when it comes to private key I will not even post here on how I secure it, someone, who knows me spied on me and get to know the location on where I kept my private key, it's a personal matter and all those who will inherit your wealth should know and have access to your private key.
Coinbase is anti-Bitcoin.
To follow on from this, Coinbase have just admitted the reason they bought Neutrino was because their previous provider was caught selling client data to third parties (skip to 1:53 in the video). They don't say what data was compromised, or how long they've known for, or why they didn't inform their customers at the time.They are anti-bitcoin, anti-privacy, anti-customer. They only thing they are pro is greed.
They have always provided a centralized service so backing your keys to google doesn't make things so much worse, at least until they have to refund everything that could be hacked.
I prefer to backup data and private keys manually on paper, save them on a CD or backup on my personal computer. backing up on cloud storage is no guarantee of data leakage. because even if it's connected to the internet I'm worried about my cloud storage data accessing. and there is no guarantee of security. if users prefer to back up on cloud storage I think the thieves or hacker will be easier where they will find it first.
Coinbase is anti-Bitcoin.
To follow on from this, Coinbase have just admitted the reason they bought Neutrino was because their previous provider was caught selling client data to third parties (skip to 1:53 in the video). They don't say what data was compromised, or how long they've known for, or why they didn't inform their customers at the time.They are anti-bitcoin, anti-privacy, anti-customer. They only thing they are pro is greed.
Lots of people are beginning to boycott Coinbase, I think it’s a good idea. Much of what they’re about goes against what Satoshi intended bitcoin to be.
not really!
Satoshi meant bitcoin to be a decentralized permissionless currency and that means anybody can use it, and Coinbase is among those "anybody"s. they are offering certain type of services that can have their own usages and as long as people don't have any illusions about what they really are (a centralized account that controls your bitcoin and tracks you and reports your every move) i don't see any problem with their services.
Although Coinbase did support Segwit2x, and supports Bitcoin Cash, which are two of the many socio-political attacks on Bitcoin.
Coinbase is anti-Bitcoin.
Lots of people are beginning to boycott Coinbase, I think it’s a good idea. Much of what they’re about goes against what Satoshi intended bitcoin to be.
not really!
Satoshi meant bitcoin to be a decentralized permissionless currency and that means anybody can use it, and Coinbase is among those "anybody"s. they are offering certain type of services that can have their own usages and as long as people don't have any illusions about what they really are (a centralized account that controls your bitcoin and tracks you and reports your every move) i don't see any problem with their services.
Yep, Sounds like the securest way to back up and store a private key. Just use a third-party app backup tool and store it on the cloud storage. Hardware wallet s would be useless compared to those kinds of invention. lol
every service has its usages and people really need to start learning these real use cases and stop using them for things they are not designed for. for example Coinbase is a great tool for beginners who have spent their whole lives using banks and online web wallets like Paypal and things like that and at the same time they don't want to learn about bitcoin right off the bat. so using Coinbase for these people is best to get the started and give them a way to both store and buy in the same place in a safe and moderately trusted way.
but then if you spent more time that you could no longer call yourself a "beginner" then you should not continue using Coinbase for anything anymore.
but then if you spent more time that you could no longer call yourself a "beginner" then you should not continue using Coinbase for anything anymore.
coinbase is having tough time due to twitter hashtag delete coinbase account is on the market we can expect coin base security bugs issues are coming out
Lots of people are beginning to boycott Coinbase, I think it’s a good idea. Much of what they’re about goes against what Satoshi intended bitcoin to be.
It’s risky I never do such extra precaution nuddy and secondly never store your private keys or back up phrase keys on your iCloud if it’s compromised your investments ain’t save...Always think of security
Glad that I never agreed to clicked that private key backup feature of coinbase. Usually, all my private keys and passwords are saved in my notepad in my phone and i also made it a hard copy for security purposes. There are tons of suspicious features in some exchanges. We have to be well informed about this.
I don't want to save my private information in the cloud or any online storing data because it's too risky. I heard and read many people lost their private data because they save it in the cloud. I prefer to use an offline wallet to save my bitcoin, so I don't have to always connect with the internet if the connection is not secure or if I am in the public area. Besides that, I never use Coinbase wallet, and I still prefer blockchain.com than another online wallet.
A good thing by the OP to notify other members about this. I myself won't support storing private keys for bitcoin wallets to be stored in any sort of online cloud service because if during an event of a cloud service getting hacked it would risk all the private keys and the bitcoins as well. According to me, notepads on personal phones and Macs are a way better way to store away private keys.
Are you trolling hehehe? It might only be a better way to store your private keys and seed words if your phone and Mac is offline all of the time and will never be connected to the internet.
Also, there are many guides in the internet on how to safely store them. The people might be lazy to do it, however.
We will be get coinbase private key back up feature right but besides they said it is optional feature so don't worry that coming update you can going to check out from tweet https://twitter.com/CoinbaseWallet/status/1095386639105384448
Back Up Phrase in google drive/Cloud back up whatever this make me confused and i think it's something risky so definitely personally i don't do it.
Back Up Phrase in google drive/Cloud back up whatever this make me confused and i think it's something risky so definitely personally i don't do it.
If you’re not the sole owner/keeper of your private keys then they are not your bitcoin’s.
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as i know that cloud is the safe place
I think no safe public cloud. But if you dont have any variants, use crypto containers with strong long password.Good solution for this VeraCrypt. But download only from original site.
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