Bitcoin Forum

TDIL Coinbase insures money lost from physical security, cyber attacks, and employee theft. they keep 98% of their funds offline. So back to my original point, is it really that important to keep your money off exchanges if they offer insurance and you personally make sure that your account isnt vulnerable to phone attacks? https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-

They can be hacked.

We have seen this before many times. If they are hacked they will first disable all withdrawals, and a few time later say they have no money left. You will lose many forks, Airdrop etc too.

It's much safer and secure just to buy a hardwallet and secure your funds by yourself.

Get a hardware wallet bro. It's cheap compared to how much you can lose. Ian Ballina just lost $2M because he wasn't using a hardware wallet.

I am not saying that coinbase is bad, but of course it can still be targeted by hackers and you could also lost your bitcoin in there. But it is not only coinbase but all exchanges out there are prone to hacking if they are not careful. I remember bitfinex the largest bitcoin trading site with the highest  volume of bitcoin was hacked and it took them a long time to refund the losses. Many conspiracy arose and they said that everything was an inside job but it was not proven. So my point is that do not keep your bitcoin in one exchange.

Besides hackers, theoretically Coinbase can lock up your account if they want to. Sure, they probably wont, but it's better to not take that risk instead. PayPal users had this very common problem of PayPal locking up their accounts for some reason with no chance of appeal. Will the same happen with Coinbase? Maybe, maybe not. But like I said, it's better not to take the risk.

I will not recommend people to store their bitcoins on online exchanges as there are more chances for losing of bitcoins when stored on online exchanges and are prone to hacking, when getting involved with bitcoins and other crypto currencies it is better to secure your crypto currencies in a secure and safe wallet. Currently there are many types of wallets available in the crypto market then why saving bitcoins on online exchanges. You can store your bitcoins on online exchanges only at the users risk, as many have lost their crypto coins by storing them in online exchanges. Hardware wallets , USB wallets and paper wallets are secure in storing bitcoins.

Even if you have insurance, you can pretty much lose your balance when coinbase becomes fucked up(closed, and many more scenarios like what others points out). In fact, making sure your account is vulnerable or not is just one way to keep your funds safe from other users, but not to coinbase owners. It is still better to store big funds on a software wallet generated offline or a hardware wallet(like what others suggest) but in my case anything will do so long as you own and control your private key.

If you just want to hold your bitcoin then hard ware wallet is the best wallet for you .
The best way to keep your bitcoin safe is by storing them in an offline wallet .

Any exchange can be hacked, it has happened multiple times in the past. However, personally I think coinbase is one of the most secure exchanges available currently.

Its really not bad until you wake up one morning and decide to check your balance on their website only to realize that its not going. The you decide to search all over the internet to know if you are the only one facing the same problem but nothing is coming up before you decide to visit the forum to realize that something terrible has happen and you begin to console yourself about the hope of whatever is going to happen next and the worst of all, is that the office of the site is not somewhere you can just enter the bus, train or plane to land the next day for you to see things yourself.

The above is the exact scenario of every one time all secured site have been without anything happening. If you are thinking they keep 98% offline is a lie because doing that would mean there would be liquidity issue and again, even when insurance is certain, there is no way you get the full amount because of the proration that would be done couple with the time you will have to wait for all the verification to be completed before disbursements. The best is to keep your funds yourself.

Keeping your money into any online wallet like Coinbase or Blockchain is risky. These online wallets are more prone to hacker attacks. I am not saying that your offline wallets are also safe. But offline or hardware wallets are safer than online wallets. However, coinbase always keeps your money into cold storage. Once you receive a transfer of bitcoins to your coinbase account, you will always see that the bitcoins are further transferred to another account which is their cold storage. This is an extra layer of security they provide along with the insurance cover. I have using their service since long time now, and I have never faced any issue till date.

not bad, i think coinbase is one of the safe wallet, coinbase excess is easy verification, easy process, free transaction cost, and have app for online merchant.

but the lack of coinbase is often error, so have to reload or wait a few minutes.

Coinbase is supposedly insured for lower amounts so It's not really an issue if the amount is under 200k or so.

If you keep your Bitcoins in Coinbase, You're aren't really in full control of your Bitcoins. You'd be better off buying a hardware wallet or create a paper wallet and keep it there. The problem with Coinbase could be..
Unavailability due to DDoS or some server issues in case of emergency and can also be hacked.
You can't sign a message to proof something.
You can't claim any new or all fork coin.

That's a good point. As they hold your funds, if government put some pressure they can lock your funds or charge taxes, things like that.
One more reason to avoid exchanges. You only own the funds when they are in your wallet

Of  course there will always be risk in storing your money in an online platform. But risk is always there. We cannot avoid it. We can just be careful. I think it would be advisable for small amount of money.Atleast it is useful and convenient to use.

You can avoid it, by simply not leaving funds on exchanges like Coinbase. They lock up your account? Too bad, but at least you didn't lose any money right? You could easily switch to another fiat-crypto exchange like Gemini for instance.

exchanger always risky.Many people claimed that their balance stolen from coinbase. I also use coinbase.But when I make a big Transactions i use desktop wallet.Everyone should use desktop wallet that provide private key.If you don't have own private key then your money is not secured

If you are a trader and doing trading on daily basis then keep money out of exchange is not possible because you have to do buy and sell all the time but if you are long term holder like me then its better to have hardware wallet and keep your coins in that wallet they will be more secure there.

With included insurance or not, still it isn't the best practice to keep your funds in an exchange, or use them for the sole purpose of safekeeping. The tendency of these services being hack is high, and they are under constant attacks from malicious users. Good thing their defense against hacks are pretty secure but that doesn't mean they are invulnerable. Also, they can change their ToS anytime if they want, so if you don't want to be dragged into a shitty situation, don't keep your money on an exchange unless you need to.

Most of the previous hacks on exchanges was quite huge, and there are no 100% guarantee that these insurance companies

will pay out the claims. We have all dealt with insurance companies before and if there are the smallest opportunity for them

to decline the claim, then they will do that. Then you are stuck with percentage pay-back token schemes.  ::) < If they even

worry about doing that.>  ::)

The other problem is that when bitcoin forks you don't get the benefit of that although when bitcoin cash forked from bitcoin coinbase customers eventually got bch.

It is better be safe than sorry. Nowadays a lot of evil people are lurking around and in the web ready to devour those easy targets. It is best that we buy hardware no matter how expensive it is, its way lesser than getting scammed or hacked.

First thing no matter how good a exchange is never keep your funds on it as they are prone to get hacked any time. And they insure your money up to a certain point after which you are liable. Also coinbase locks accounts from time to time for no apparent reasons and than don't reply for weeks/months.

I wouldn't recommend keeping a lot of money on exchanges, It wouldn't be safe at all. Hackers can attack exchanges any time. But there is nothing wrong in keeping a small amount of money. I have also got some money in Coinbase for some time without having any problem. To keep a lot of money, it would be better to use hardware wallet.

no, coinbase is a good wallet, coinbase has security features like xapo, but coinbase is more interesting, because it provides more fiture. in coinbase, all altcoins can be stored.

but between all the wallets, I prefer to use TRIV, because has the complete feature, I am a trader, and I think TRIV is suitable for me.

I know coinbase offers insurance, although I never really tried to see how that works, and how much of my money would be covered with their insurance. I doubt they would offer 100% insurance, but I didn't check their terms so I don't know. I do think that keeping money on exchanges kind of goes against the point of holding crypto, since an exchange would take the place of banks as a middle man, and with crypto would shouldn't need that.

I do keep a very small amount on coinbase, but just because I want to start trading. I do think they are safe, but I don't use them as a wallet.

Just search for trading exchanges being hacked in the past and make your own conclusion. Of course its not safe to put all your funds not just in Coinbase but in any exchanges because if the hackers were able to get in, I'm sure that all you money will be lost forever.

Besides they can even lock your account without an appeal or in worst case scenario, authorities seize the servers and the hard drive of a exchange for suspicious activities, resulting in your funds being held for a long time. If you are holding a lot of money, its not really recommended to put it in a exchange, but in a hardware wallet where you can have total control.

I have never been fond with the idea of keeping funds in an exchange. Who knows when a site might get attacked and runs away with all your money? Same happened with a reputable Indian exchange called coinsecure. The best way to keep your funds in a hardware wallet or ledger because even wallets like MEW were attacked recently in a fresh case of cyber incident.

Best place to store your coins will still be in hardwallets,exchanges disagree to store big amount of bitcoins to their platform as anything can happen because hackers will find their ways to get those coins from these exchanges thats why we shouldnt be putting all of our money to exchanges thats why exchanges would never be a safe place to store your coins.

Yes i keeping my bitcoin and Ethereum on casebase. But i don't worry about bitcoin and Ethereum hacking phenomena. Because coinbase has a extra security apart from hacking.

Personally, I had used coinbase with any security issues and they are very reputed. However, there are still chances of it getting hacked, you should use a physical wallet for coins.

Your bitcoin is risky on the exchange, and I have a bad experience that happened a few months ago. In December last year, I turned my bitcoin into the www.coinsmarkets.com exchange, and in a few days the exchange stopped extracting coins. Then they stole people's bitcoins and altcoin, it's a robber. I'm not saying that Coinbase will also have such a problem. You'd better put bitcoins in your wallet, my friend.

It's worth keeping a small amount there in case you lose the details of your own wallet, but you should really look after your own just in case. Coinbase is an easy way to invest so good for newbies, but eventually they should learn about personal wallets and safeguarding bitcoins.

technically, Coinbase was never been hacked before but it doesn't guaranteed you that it will not happen anymore as there's always a possibility that it may occur in the future so the best move for you to keep your Bitcoin is to create your own Bitcoin wallet to your desktop rather than storing it to an exchange, I once used Coinbase though and its good when it comes to customer support and any other things.

And remember that Bitcoin is decentralized and Bitcoin exchanges is not.

If you will decide to hold or keep your cryptocurrency, why would you choose to trust exchanges and online wallets to secure it for you if you can secure it by your own. I'm not saying that those exchanges like coinbase have poor security, it is just that hackers will always target them because they hold huge amount of cryptocurrencies, there are also some instances that the accounts of users are being suspended by exchanges without doing anything illegal with their accounts. So for me, it is still best to keep your cryptocurrency in a wallet that you also hold the private keys and exchanges should only be used to buy and sell your coins.

The main reason people say holding your money in an online exchange is because you have to be certain that your money is safe with that exchange. This is likely impossible to guarantee 100%. Take for example this situation. Let's say you give $100 to your friend James because he can hold onto it. While he has the 100 dollar bill, you don't know what he's doing with it. You don't know if he's going to get robbed because he has a 100$ bill or if he's going to just turn against you and take your money. That's the danger in putting your trust into other online exchanges -- there are always "if"s.

I am not against any particular exchange or web wallet but as we all know that the core philosophy of Bitcoin and blockchain is all about decentralization and it means that control should be in the hands of the user thus it doesn't make any sense to appoint someone to hold it for you even if the person/company is genuine. I never keep more than 5% funds online, not because I don't trust them but I feel more secure when I hold funds for myself. That's what freedom is all about and we should take the advantage of it.

coinbase is currently not reliable enough and it is extremely unsafe to store your funds with it. Therefore, if you do not want to lose your funds, use other wallets.

 I use exchanges only for the sale or purchase of crypto currency. Also, I recommend storing all your money on hardware wallets such as Ledger and Trezor.

It's never a good idea to store you bitcoins in exchanges especially when they can be hacked, Most hackers target them because they can make a lot of money when their hacks are successful. So to be on the safe side just store your coins in your own personal wallet.

I think if you want hold your bitcoin you need a hardware wallet and need cost too thats way for a hardware wallet to secure your bitcoin
hold or store your bitcoin in market exchange it was have a big risk for your coin

not, I don't really support this because is very bad of  that.. exchange might be hacked some days sometime so I prefer keeping my money offline or I exchange it to my local currencies where I can fully have access to my money, whereas any exchange now is not what one can be trusted with 100% assurity so I don't mid convert it to btc and reserve it to my wallet which is more better.

actually is really bad keep your money on any exchange...
imagine this exchange get hacked, you probably will lose all your funds!
so keep money on exchange only when you need to trade or open margin positions!
be careful.

NO,Coinbase offers its users a variety of features to secure their personal accounts. nothing  is 100% sure on earth.In coinbase you get notified if a new device or IP address attempts to access your account.

if you are afraid to be hacked, do not keep too long. when wallet has done their job well and protect customer from hacker but you still afraid will be hacked, right answer is don't save your money there.

From my experience in this game the best place to keep bulk of your money is offline, in a hard ware wallet. Exchanges are centralized and are easy targets for hackers.  They always preach they have the best security but get hacked in the end. If you have millions why not get a hardware Wallet it'd better that way than be sorry.

Is never a good ideal to keep your money on coinbase or any exchange if they are hack sorry you will lost all your money and there is nothing you can do about it.
Just go and buy a  hardware wallet is the safest,  hardware wallet is secured and recommended way to keep all your money.

These centralizex exchanges are all boasting 100% security until they eventually get hacked. And then the close, they declare bancrupts and you lose everything. You can dare leaving yuor fund for a while there if you have no alternative, but the more you let them there, the more you are risking....

For me i want my money/coin on an exchange so i can buy or sell whenever i want

I don't recommend using coinable because I had a problem with them and it took almost 8 months to recover my funds. Also it is too risky since you don't own your coins, I mean you don't have control over the private keys, a lot of things can happen. It is better to hold your coins in a wallet of yours where you can control your private keys. Also think that Bitcoin (and crypto in general) is created to have a decentralized method of payment, that you can control and where you can be your own bank. What coinbase does is the same as banks, they own your money. Be safe. thank you for reading me.

First rule of cryptocurrency, don't hold your crypto funds where you don't own the wallet's private keys.

I believe that you need to store your money only in the place where only you alone have access to it! bitcoin wallet is the safest place to store! you can not keep your money on stock exchanges, they are constantly hacked!

a lot of interesting opinions on this score! I'm not a trader, for this I need only the exchange, only to buy! I agree with the guys, I think it's better to keep your crypto coins in your wallets! so safer! and even if there is insurance, it's a waste of time - to someone to prove something!

Any of the exchanges can be hacked. So, no, exchange is not a safe place to store your cryptoassets.

thats probably the worst part - locking funds and being charged tax.  hopefully coinbase wont follow in the footsteps of coinbase. but you are right its better not to risk it

It is not just with coinbase but will every other exchange. Do not leave your tokens on exchange incase it gets hacked.Even if they are insured, it may take a long while before you get your claims- if you ever get them.

If you want to save you safely, save it on hardware, such as Trezor and Ledger.
If you save your money in exchange it is dangerous, because hacking often occurs.

Please think back to everything you will want to do.

Coinbase doesn`t respect the rules of anonymity. It stores private keys from wallets on its unprotected servers. It is in fact nothing like standard banks. Coinbase users are used to the fact that support doesn`t meet for months, so if you are being ignored, you get the problem on Reddit, where they notice it and try to solve. In my opinion, you shouldn`t keep savings in Coinbase.

I would recommend diversifying your BTC or money holdings as much as possible. What if something happens to your wallet? That wouldn't necessary be better than coinbase (https://coinpedia.org/news/coinbase-increase-crypto-buying-limit/). You could keep some in a personal wallet, some on several exchanges. Ideally, by diversifying your capital, you can somewhat mitigate the commonality of the risk. This prevents the possibility of a single devastating loss.

Hardware wallet is a must if you are trading big amounts already. What is a hundred dollar plus hardware wallet when its secured and protected. If you have many crypto assets, its time to  have one really. For me, I leave some crypto assets on exchanges if I am actively trading but for long term hold, i withdraw it on my hardware wallet.

Hacking is the main concern, its always best to keep your funds in hard or cold storage, that way you have full control over them and they're not prone to hacks or security breaches. I personally keep a small amount in coinbase but the majority of my funds are stored using the Ledger Nano S

 With transaction backlog increasing, if you leave ethereum in Coinbase, you will be able, to trade without waiting for confirmations. This is the good part. The bad part, is that if Coinbase is hacked, then you’ll find it difficult to get your coins back. If you move them to your wallet, they will be safe, but then you’ll need increased transaction fees, to move them to coinbase to trade.
 You can find out, what is suited better for you.

There are more wallet in online where you can store your Btc or other valuable coins.Coinbase is the most popular and easiest wallet for storing Bitcoin.But I think Blockchain wallet is more secure than Coinbase wallet.Those are preferable for me.But some of my friends are banned from Coinbase and they lost their money as well. Personally,I suggest you to use Blockchain wallet.

There's always a risk that an exchange could make off with your coins, could be hacked, or could shut down due to poor management, making it possible that you'll never be able to get to your cryptocurrencies again. So that Coinbase is not absolutely safe as any other exchanges to leave your cryptocurrencies.
People with cryptocurrency should use 2 step verification to better protect their private keys. Regarding server security, we can only rely on risk controls for exchanges.
For maximum security you should leave your cryptocurrencies in a wallet in cold storage. But it requires you have technical background which is not an option for everyone.

you should really get a hardware wallet, man.