Bitcoin Forum

I'm thinking of using coinbase(multisig vault) for long term storage as a viable alternative as opposed to holding the keys because of fear of EMPs, losing the neccessary items or simply forgetting.

So how safe is it? I read this https://www.reddit.com/r/Bitcoin/comments/2kr1qk/coinbase_multisig_vault_not_as_secure_as_you_think/ but is it still valid?

Bump

Ask Coinbase? You might get some spin or they might have addressed all the stuff in that post. That's if it's true. I dunno.

Do you control the private keys?, if you don't then it is not secure.

Not secure like not secure as in a bank? Because I'm kinda looking for a bitcoin bank that can store the coins for me.

With multisig vault you control the private key though, it's 2 out of 3 needed and coinbase only carries one.

Its better you keep coin in a paper wallet. Share the private keys for that address to all parties including you and ask them to keep it in a bank vault. Never trust any online wallet for longer term and with big amount.

If you can guarantee them not having the other 2 keys, then it would be secure, if coinbase fails one day and the site goes off line or coins get seized they don't have access to that wallet (make sure the keys are bitcoin private keys not just a "vault private key"), as long as you have the two private keys you can then go make your own transaction to clear the wallet. If the private keys are generated on their servers, which I think they are then they could have access to them which then makes it insecure.


While this is partially true, remember a site or program needs to create these keys for you, if its connected to the internet someone else can always have the key. Generating the private key / address on a computer not connected to the internet and that won't ever be is the safest way to make sure the keys are truly private.