Topic: (Newbie) Question about wallets and Coinbase (Read 1150 times)

Account on exchange is always handy. You must sometimes buy more coins so you must do it somewhere.
Whole point of software wallet is that your coins are your and independent from 3rd party , so safe.

Yeah maybe you right dude after I read this article so better understand how sites like Coinbase track https://bitcoin.org/en/protect-your-privacy Thank you btw

Though I do remember reading somewhere that you can trace bitcoin all the way up to its miner... maybe the transactions aren't anonymous, but the public keys of all the hands that touched the bitcoin can be 'anonymous'

I think Coinbase will not know if you wd bitcoin from gambling sites. Because we know that bitcoin transactions are anonymous so unlikely when Coinbase will know the source of your funds. Correct me if im wrong

I started out by buying bitcoins through Coinbase. I have had no problem with them, so it seems to work okay for me. Once I get the bitcoins, I will move some of them to an exchange to trade or to an offline wallet to hold for later. I have kept a little on Coinbase for periods of time and it doesn't seem to pose any problem yet.

how does coinbase know whether it's from gambling site or not?

Firstly i will suggest you learn about private and public key so you will also learn how bitcoin wallets or all the digital wallets works. Your Coins are Stored in Your Private Key And a private key is a 32-words code and you can you a single private key in multiple wallets so you don't have to transfer your coins again and again.

don't delete anything you have..you keep them yourself..because transferring coin fee will be less only..but it is good for you to have more wallets ..so that it leads to security for your money and also safely you can use that money..BTC

Well for me, blockchain.io is the best wallet when it comes to the level of security. There are lots of verifications (though sometimes it irritates me). There is email verification in first, then phone verification as 2FA. Then you can set on the settings that whenever you are going to send transactions there is also a password. Yes there is a fee when transacting but if you are going to put into your mind the security of your BTC. Its worth it right ?

Regarding that, not sure if coinbase was the best. But we have our own preferences right ? Foe me the best wallet is coins.ph. Its because I live in the Philippines and we can widraw in the banks here or any remittances which makes it very convenient for us living in our county. Plus, the transactions are free of charge which make it more user friendly. It also blocks accounts that are involved in gambling. But when it comes to security, I recommend using blockchain but the fees are expensive so I rarely use it.

Coinbase is the best wallet so far. I have used to since I knew bitcoin (almost one year) and I have never experienced any problem. Further, transacting through Coinbase does not attract fees unlike in other wallets. To me it appears to be very safe and they have very strict rules, i.e. they prohibit withdrawing from gambling sites. This tells that they are genuine and like dealing with clean business. Otherwise if you want to be crafty in business, then this will not be your choice.

In regards to Coinbase, I have used them for a year and have had a positive experience and feel their wallet and vault are easy to use and secure.  They are based in San Francisco and have great customer service.

You have to transfer bitcoins between one another as needed.


You are now completely responsible for the safety and security of your bitcoins now.  You must make sure that you safely store proper backups of your wallets to protect you from loss if something happens to your desktop and mobile. You must also protect the private keys on both your desktop and mobile wallets from being stolen by malware and hackers. Your funds are not insured, so you will have to protect them yourself.


People will tell you a lot of things when they don't personally need to be concerned about the losses you might experience if you make a mistake.  You need to make the choice that is best for you.  If you feel that you are capable of protecting your funds from loss and theft, then it may make sense to run your own wallets.  By doing so, you protect yourself from the risks of turning over control of your money to Coinbase (such as the possibility that they could run off with your money or be shut down by the government).

However, Coinbase is insured, and has security experts on staff.  If you are not capable of protecting your funds from loss and theft, then the lessor risk might be to allow them control of your funds so that they can secure them for you.


That depends.

Do you have another source for purchasing bitcoins that you will use instead?

Hi, I'm completely new to Bitcoin. I got started by signing up with Coinbase because that seemed the most popular option. Then I went to Reddit and people started telling me not to use Coinbase because it's centralised. So then I downloaded some of the software wallets they suggested, specifically Electrum on desktop and Copay on mobile.

Now my question is, should I delete my Coinbase account altogether or keep it just to buy bitcoins and then transfer them to a software wallet?

Regarding my software wallets, is there a way to keep them in sync or do I have to transfer bitcoins between one another as needed? What's the most seamless workflow to deal with Bitcoins?