Never use Coinbase wallet's private key back up feature - page 3.

jseverson

hero member

Activity: 1834

Merit: 759

Well it's going to be encrypted at least, so there's that lol.

Quote from: https://www.coindesk.com/coinbase-wallet-to-feature-private-key-backup-on-google-drive-icloud

The backup feature is encrypted with AES-256-GCM encryption and accessible only by the Coinbase Wallet mobile app, Coinbase said.

Still not the best idea, but I imagine there are a lot of non-technical Coinbase users who might appreciate it. If you absolutely have to use it, at least make sure you use a strong password.

But yeah I'm not going to go with a hard no, because if you're storing large amounts in Coinbase, you're already doing something wrong anyway lol.

Herbert2020

legendary

Activity: 1946

Merit: 1137

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!

eaLiTy

hero member

Activity: 2814

Merit: 911

Have Fun )@@( Stay Safe

Quote from: bbc.reporter on February 13, 2019, 10:24:46 PM

A big no was the first word that entered my mind after reading the first sentence of this article.

It will certainly be a public service for the community to tell everyone not to back up their private keys to any cloud storage platform service. I do not care how safe and secure they are.

Coinbase Wallet users will soon be able to back up their private keys on personal cloud storage platforms Google Drive and Apple’s iCloud. NO.

If anyone is planning to store any sensitive information online if you hear an advertisement about how secure they are, make sure that is leaked or in the hands of another person. What ever secure features it has, the development team will have back end access to all your secure files Cheesy

and as a user there is no way you can monitor all those things or any companies safety practices, so be smart and just take a print out and keep it safe in a locker is the best suggestion rather than risking your investment.

Ozero

full member

Activity: 2142

Merit: 183

Of course, creating backup copies of our private keys in general, and even more so sending them to cloud storage, is extremely dangerous. We should keep private keys only in ourselves, everything else is easy prey for hackers. If possible, we should not even keep secret keys from wallets, even on our personal computers, tablets and smartphones. After my Google account was hacked and some of my coins were stolen, I don’t even copy my secret keys, but I manually rewrite them and also manually insert them to avoid any copying. After that, I don’t have any more problems with private keys.

elda34b

sr. member

Activity: 910

Merit: 351

Yeah, this is surprising and I don't understand why they go that far. Pretty sure only someone who doesn't understand about private key and its security would be using this feature. Hell this mean hacking Google Drive or iCloud would be so profitable, I wonder how many hackers will try to attack them if this feature really got implemented.

This is not making life easier, instead it makes stealing private key too easy.

bbc.reporter

legendary

Activity: 3192

Merit: 1509

A big no was the first word that entered my mind after reading the first sentence of this article.

It will certainly be a public service for the community to tell everyone not to back up their private keys to any cloud storage platform service. I do not care how safe and secure they are.

Coinbase Wallet users will soon be able to back up their private keys on personal cloud storage platforms Google Drive and Apple’s iCloud. NO.

Read in full https://www.coindesk.com/coinbase-wallet-to-feature-private-key-backup-on-google-drive-icloud

Topic: Never use Coinbase wallet's private key back up feature - page 3. (Read 578 times)