thoughts on coin base wallet

[menoiazei]

 just made a wallet with coin base, would like thoughts of people for this wallet also about wallets in general..
Thanks!

[1715622022]

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[1715622022]

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[jacktheking]

I would suggest you not to use Coinbase as your primary wallet. Blockchain.info will be a better choice for browser-based wallet.

However, the best choice is Bitcoin Core if you have the resources to run. Check out Mycelium too if you have Android smartphone.

[hexafraction]

I would suggest you not to use Coinbase as your primary wallet. Blockchain.info will be a better choice for browser-based wallet.

However, the best choice is Bitcoin Core if you have the resources to run. Check out Mycelium too if you have Android smartphone.

Electrum is a very good choice if you do not have the resources to run Core.

[OmegaStarScream]

just made a wallet with coin base, would like thoughts of people for this wallet also about wallets in general..
Thanks!

I assume that Coinbase.com don't have Two Factor authentifcation ? If not then you should switch to Blockchain.info and use 2FA (SMS is the most secure probably) just don't give your phone to random people and use strong password , that if you really want an online wallet .
Otherwise you should go with somethinglike Electrum (Desktop wallet) and it's available for various Operating systems (Windows , Mac, Linux) (not sure about phone) , you could also recover your wallet from 13 words in case of computer failure or something

[hexafraction]

just made a wallet with coin base, would like thoughts of people for this wallet also about wallets in general..
Thanks!

I assume that Coinbase.com don't have Two Factor authentifcation ? If not then you should switch to Blockchain.info and use 2FA (SMS is the most secure probably) just don't give your phone to random people and use strong password , that if you really want an online wallet .
Otherwise you should go with somethinglike Electrum (Desktop wallet) and it's available for various Operating systems (Windows , Mac, Linux) (not sure about phone) , you could also recover your wallet from 13 words in case of computer failure or something

Coinbase does have two factor, using Authy OTP, email, or SMS. It might also support Google authenticator, but I'm not sure.

Electrum does have a marginally working phone version for Android but it's practically unusable.

[ralle14]

alot of saying its bad because you do not handle your money there
i think they're also right imo
just use blockchain or electrum its good

[RGBKey]

Coinbase is good for buying and selling bitcoins, but not really for being a wallet. Check out bitcoin.org for actual wallets.

[Dissonance]

For a new user of bitcoin or someone who is not super technically savvy coinbase if fine as your wallet. A lot of people prefer to have control over their coins but its probabaly safe for a new user to store it through a 3rd party then attempt to do it themselves without the proper security in place.

[ranochigo]

Coinbase does not provide private key to users when using their wallet (Not vault). This can be insecure as there is an central point of failure. If they happen to have an extended unplanned downtime, you would be having problems trying to access it.

I would suggest you not to use Coinbase as your primary wallet. Blockchain.info will be a better choice for browser-based wallet.

However, the best choice is Bitcoin Core if you have the resources to run. Check out Mycelium too if you have Android smartphone.

For a browser based wallet, Blockchain.info isn't a good choice at all. Blockchain.info have a long history [1][2][3] for being inconsistent with their security. Even though they supposedly don't store unencrypted private key in their database. The most recent one[4] being them not checking the transactions if they are valid. This can potentially open up an potential attack for merchants using their API.
[1]http://blog.blockchain.com/2014/12/08/blockchain-info-security-disclosure/
[2]http://blog.blockchain.com/2015/05/28/android-wallet-security-update/
[3]http://www.forbes.com/sites/thomasbrewster/2015/02/24/blockchain-and-darknet-hacks-lead-to-epic-bitcoin-losses/
[4]https://www.reddit.com/r/Bitcoin/comments/3frn1d/satoshis_coins_have_not_moved_blockchaininfo_is/

[kevindurant]

What is your main purpose of opening Coinbase wallet? If you plan to make micro-payments that's ok. If you want to hold your investments I suggest you to setup Bitcoin Core on your pc.

[ranochigo]

What is your main purpose of opening Coinbase wallet? If you plan to make micro-payments that's ok. If you want to hold your investments I suggest you to setup Bitcoin Core on your pc.

Coinbase is an exchange and most people like to store it there to save the hassle. The main advantage to using Coinbase wallet is the userfriendliness and for certain larger transactions, Coinbase would pay the transaction fees for you, basically a free transactions. Bitcoin Core isn't always the choice due to the limited disk space that some may have. An SPV client can potentially be a better choice even if it doesn't offer as good of an security than bitcoin core.

[kevindurant]

What is your main purpose of opening Coinbase wallet? If you plan to make micro-payments that's ok. If you want to hold your investments I suggest you to setup Bitcoin Core on your pc.

Coinbase is an exchange and most people like to store it there to save the hassle. The main advantage to using Coinbase wallet is the userfriendliness and for certain larger transactions, Coinbase would pay the transaction fees for you, basically a free transactions. Bitcoin Core isn't always the choice due to the limited disk space that some may have. An SPV client can potentially be a better choice even if it doesn't offer as good of an security than bitcoin core.

I know what Coinbase is. If people can't afford 50 GB disk space then probably they don't have enough investment. They don't need to use Core for small amounts.

[twister]

It depends on how much BTC you're thinking of storing there, if the amount is small then you can continue using it but if you plan to store big amount then it is advised to use a desktop client, which includes Bitcoin Core which is the main client but it takes a lot of time and bandwidth to sync, and which is why you can use a lighter desktop wallet such as Electrum which is safe and easy to maintain. Just read more about wallets and cold wallet for safe keeping of your bitcoins.

[OmegaStarScream]

Coinbase does not provide private key to users when using their wallet (Not vault). This can be insecure as there is an central point of failure. If they happen to have an extended unplanned downtime, you would be having problems trying to access it.

I would suggest you not to use Coinbase as your primary wallet. Blockchain.info will be a better choice for browser-based wallet.

However, the best choice is Bitcoin Core if you have the resources to run. Check out Mycelium too if you have Android smartphone.

For a browser based wallet, Blockchain.info isn't a good choice at all. Blockchain.info have a long history [1][2][3] for being inconsistent with their security. Even though they supposedly don't store unencrypted private key in their database. The most recent one[4] being them not checking the transactions if they are valid. This can potentially open up an potential attack for merchants using their API.
[1]http://blog.blockchain.com/2014/12/08/blockchain-info-security-disclosure/
[2]http://blog.blockchain.com/2015/05/28/android-wallet-security-update/
[3]http://www.forbes.com/sites/thomasbrewster/2015/02/24/blockchain-and-darknet-hacks-lead-to-epic-bitcoin-losses/
[4]https://www.reddit.com/r/Bitcoin/comments/3frn1d/satoshis_coins_have_not_moved_blockchaininfo_is/

It's really users fault if they don't use 2FA authentification and use week passwords to be honest , Blockchain.info only have the .dat files on their servers (physical servers) which is protected 24/7 all the time .

Bottom line is : If you use strong passwords , and don't download random crap then you will never get hacked.
Also here is the answer of one of their staff when i asked about few things concerning security just yesterday :

[ranochigo]

Coinbase does not provide private key to users when using their wallet (Not vault). This can be insecure as there is an central point of failure. If they happen to have an extended unplanned downtime, you would be having problems trying to access it.

I would suggest you not to use Coinbase as your primary wallet. Blockchain.info will be a better choice for browser-based wallet.

However, the best choice is Bitcoin Core if you have the resources to run. Check out Mycelium too if you have Android smartphone.

For a browser based wallet, Blockchain.info isn't a good choice at all. Blockchain.info have a long history [1][2][3] for being inconsistent with their security. Even though they supposedly don't store unencrypted private key in their database. The most recent one[4] being them not checking the transactions if they are valid. This can potentially open up an potential attack for merchants using their API.
[1]http://blog.blockchain.com/2014/12/08/blockchain-info-security-disclosure/
[2]http://blog.blockchain.com/2015/05/28/android-wallet-security-update/
[3]http://www.forbes.com/sites/thomasbrewster/2015/02/24/blockchain-and-darknet-hacks-lead-to-epic-bitcoin-losses/
[4]https://www.reddit.com/r/Bitcoin/comments/3frn1d/satoshis_coins_have_not_moved_blockchaininfo_is/

It's really users fault if they don't use 2FA authentification and use week passwords to be honest , Blockchain.info only have the .dat files on their servers (physical servers) which is protected 24/7 all the time .

Bottom line is : If you use strong passwords , and don't download random crap then you will never get hacked.
Also here is the answer of one of their staff when i asked about few things concerning security just yesterday :

There are still people getting hacked even with 2FA. https://bitcointalk.org/index.php?topic=875805.0.
2FA can be exploited if there is a coding flaw, like what happened with Coinbase few months ago. 2FA just basically acts as a protection and wallet file will only be downloaded if the 2FA matches. Blockchain.info can easily change the code such that the website will capture the password or even by MITM attacks. Weak RNGs is definitely the most important issue here. They have made the mistake several times, they should have pentest the app/website before a new release or regularly. This definitely shows that they don't put security as their top priority.

[tadakaluri]

I am using Coinbase wallet from couple of years without any problems.  All the Best.