Bitcoin Forum

Hello everyone,

I have been using blockchain as wallet for a few years now, never had any problems but I want to continue now and start buying bitcoins to trade.

I have seen Coinbase, and it very easy to use & the app is great aswell.

Does anyone have experience with Coinbase, and shall I transfer all my bitcoins to Coinbase?

Let me know!

Coinbase is a centralized service, so if they were to shut down or be hacked your balance would be in jeopardy. The recommended course of action would be to set up wallet software on your computer (such as Electrum), possibly using a hardware wallet device such as Trezor if you're dealing with large amounts of BTC, and keep only enough for your trading activity in coinbase.

Okay, but im only dealing with around 1 bitcoin haha. Would it be a good idea to buy the bitcoins on coinbase and then send them to my wallet on blockchain.info?

I would stay away from blockchain.info's wallet, even for "only" 1 BTC. It's encountered some security issues in the past, as well as reliability and fee problems more recently. It comes down to your personal preference of risk vs. convenience. If you use wallet software on your own computer you'll need to keep backups and keep it secure using a password/common sense (not running untrusted software, keeping your OS updated, etc), but you'll be in full control. Whether that's a benefit for you over 1 BTC is up to you.

ye I have had some problems with the fees on blockchain lately, thats a reason to change wallet aswell.

Are there any online wallets that have good security aswell?

Totally agree with this. Try to avoid using online wallet. Better to have your private wallet on your own device. As i know, you can't import your private key from Coinbase. It's really bad if anything happen. :'(

Just a piece of advice dont store your bitcoins at coinbase for a long time as you dont control your private keys much better using desktop wallet or android like mycelium..

I'm using Coinbase and never had any problems, but I don't recommend to use it as your main wallet. Better to use one of desktop wallets where you have full control of your coins. And majority of online wallets don't give your private keys, so it's not safest place to keep big amount of bitcoins (1 bitcoin is already high amount due to it's price)

It is a great idea to buy bitcoins from coinbase but I think you should still use blockchain.info as your bitcoin storage, not coinbase even if many have no problems with it for now. Coinbase is an exchange mainly and can somewhat shut down without you ever recovering your bitcoins stored in their site like what happened on Mt. Gox years ago. Because of that I recommend you to keep using blockchain.info for bitcoin storing purposes and just use coinbase to buy bitcoin.

How does this add anything substantiative to what was already mentioned in this thread? Currently your post is useless, except for boosting your post count for your signature campaign.

Blockchain wallet is better than any other wallet service, because of the increased security as well ease of accessing that even a newbie can use it. Recently heard that coinbase has some restrictions in transactions made from it. So better is to stick to blockchain wallet.

You're joking, right? How is it better than Bitcoin Core or Electrum in terms of security?

I will never suggest you to use coinbase because coinbase not much trusted as we have trust with the blockchain .
Once 0.3 btc of my firend got hacked in the coinbase  with linked account with the btcjam with same account .
So here you can easily understand that how much the coinbase is trusted .
Here is will.suggest you to make trade at the xapo wallet or use  trading site LBC , because they have escrow system  and there is no risk .
Here I would like to tell you that in the past the transaction from.the coinbase was the transaction fee free  , so was profitable to use but currently they are not paying transaction fee of the users , also recently some bad news  came against the coinbase  .
So here I will suggest you to use official wallet that is blockchain.info .
Another third party wallet that I can prefer to use it mysellium wallet .

You're replacing your online wallet to another wallet. I don't think theres a difference on that. Online wallets like blockchain and coinbase are not ideal wallets at all. They are not reliable. Some users of their wallets gets a bad experience on them. Some of them were selectively scammed. Also theres a chance they could lock your account and you will never recover your money. Better use SPV wallets. Electrum and Mycelium.

Only newbies or people who are not that educated about bitcoin security in general will tell you to move from one online web wallet to another. In fact coinbase is even worse because they don't let you have your private keys. If you don't own the private keys, you don't own any bitcoin. Blockchain.info lets you have your private keys but still you are relying on third party to transact your bitcoins, send or receive them.

It would be better if you switched to Electrum wallet and read all documentation. Your bitcoins will be safer with Electrum

Downloadwww.electrum.org (http://www.electrum.org)

Thanks for the answers guys. This question also bothered me for some time. Now I know what to do.