Bitcoin newb, Just made a Coinbase, ID Verify?

[J710]

Hey guys, I've been on the board for a while Im a Bitcoin Newb, and finally figured out how bitcoin works and what-not.

I made a coinbase wallet, put my bank info on it and it takes 4 days to get funds in the account. Should I ID Verify the account? Should I add a backup credit card to get funds faster?  Is it safe? I thought the whole purpose of bitcoins was to be anonymous. Also is there anything else I should do and is coinbase a good wallet to use? I like the iOS app and website looks easy to use.  Just want to know from an experinced bitcoin user.

Thanks.

[J710]

Also would it be best to use blockchain.info as a middle wallet to make transactions and use coinbase as buying bitcoin and selling bitcoin back to checking account? Or would I be better off going with circle?

Any help would be great thanks!

[twister]

Hey guys, I've been on the board for a while Im a Bitcoin Newb, and finally figured out how bitcoin works and what-not.

I made a coinbase wallet, put my bank info on it and it takes 4 days to get funds in the account. Should I ID Verify the account? Should I add a backup credit card to get funds faster?  Is it safe? I thought the whole purpose of bitcoins was to be anonymous. Also is there anything else I should do and is coinbase a good wallet to use? I like the iOS app and website looks easy to use.  Just want to know from an experinced bitcoin user.

Thanks.

Its safe and almost all the exchanges require you to fill KYC forms and submit IDs for verification, if you want to buy anonymously then you'd have to find someone to trade with cash or find trade partners/exchanges that offer other payment methods which doesn't include banks but they're unsafe, so its best if you buy with Coinbase.

Also would it be best to use blockchain.info as a middle wallet to make transactions and use coinbase as buying bitcoin and selling bitcoin back to checking account? Or would I be better off going with circle?

Any help would be great thanks!

Blockchain.info is a web wallet and is NOT recommended to store larger funds with, you should read and learn a few things about wallets and cold storage in general before hand. Circle is similar to coinbase and they're not exactly wallets but more wallet service providers.

This is a good read about bitcoin wallets: http://www.coindesk.com/information/how-to-store-your-bitcoins/

[teddy5145]

Also would it be best to use blockchain.info as a middle wallet to make transactions and use coinbase as buying bitcoin and selling bitcoin back to checking account? Or would I be better off going with circle?

Any help would be great thanks!

Blockchain wallet security is not really that good, there's many security vulnerabilities there
I suggest to use a desktop wallet, you can find the list here
https://bitcoin.org/en/choose-your-wallet
And if you really want your bitcoin to be protected try to use hardware wallet
But, Circle is good too if you want, just don't use Blockchain

[walwus]

Hey guys, I've been on the board for a while Im a Bitcoin Newb, and finally figured out how bitcoin works and what-not.

I made a coinbase wallet, put my bank info on it and it takes 4 days to get funds in the account. Should I ID Verify the account? Should I add a backup credit card to get funds faster?  Is it safe? I thought the whole purpose of bitcoins was to be anonymous. Also is there anything else I should do and is coinbase a good wallet to use? I like the iOS app and website looks easy to use.  Just want to know from an experinced bitcoin user.

Thanks.

If you like the coinbase iOS app and how easy it is to use, you should download a mobile wallet such as AirBitz or Breadwallet. They are both great and more secure than a desktop wallet. You also own your private keys. If you keep your coins on coinbase, they own the keys to your coins and therefore can be lost in the event of the company ever being shut down.

Hardware wallets such as Trezor are even more secure again, since everything is stored offline.

[avatar_kiyoshi]

Coinbase is need verify ID, it's centralization exchange, so far coinbase is safe, nothing any issue from their service, https://support.coinbase.com/customer/en/portal/topics/601111-identity-verification/articles
And just remember if this is exchange service, don't use as wallet, better to use cold wallet, like electrum for example.

[J710]

Thanks for the info guys I almost used blockchain as the wallet. I'll use Breadwallet as my main iOS wallet and bitcoin core for desktop use just to have, for making transactions and use coinbase/circle as buying/selling the bitcoins. From what I understand you want to use a decentralized/local wallet so you have access to your own funds & anonymity. And it seems like you can just think as if coinbase/circle was a bank that can go BK/crash/hacked at any time if you trusted it to hold all your funds/btc.
Anyone think that is a good idea to confirm?


ALSO I read that circle gives you instant deposits via debit card would that be a better choice since you do not have to ID verify? (not sure?)  or coinbase is just simply the way to go being all verifed.

[teddy5145]

Thanks for the info guys I almost used blockchain as the wallet. I'll use Breadwallet as my main iOS wallet and bitcoin core for desktop use just to have, for making transactions and use coinbase/circle as buying/selling the bitcoins. From what I understand you want to use a decentralized/local wallet so you have access to your own funds & anonymity. And it seems like you can just think as if coinbase/circle was a bank that can go BK/crash/hacked at any time if you trusted it to hold all your funds/btc.
Anyone think that is a good idea to confirm?


ALSO I read that circle gives you instant deposits via debit card would that be a better choice since you do not have to ID verify? (not sure?)  or coinbase is just simply the way to go being all verifed.

I don't use iOS so i don't know the quality of Breadwallet, maybe someone who use iOS can fill me in here
But, the remaining choice for your wallet is pretty good, Coinbase put their coins in insurance so if an accident happens you won't lose your coins
Bitcoin Core is good as desktop wallet, though you will need to download the whole blockchain database if im not wrong

[avatar_kiyoshi]

Thanks for the info guys I almost used blockchain as the wallet. I'll use Breadwallet as my main iOS wallet and bitcoin core for desktop use just to have, for making transactions and use coinbase/circle as buying/selling the bitcoins. From what I understand you want to use a decentralized/local wallet so you have access to your own funds & anonymity. And it seems like you can just think as if coinbase/circle was a bank that can go BK/crash/hacked at any time if you trusted it to hold all your funds/btc.
Anyone think that is a good idea to confirm?


ALSO I read that circle gives you instant deposits via debit card would that be a better choice since you do not have to ID verify? (not sure?)  or coinbase is just simply the way to go being all verifed.

Breadwallet is good choice for mobile wallet, bitcoin core is good too, you support a node at once, but yeah you need to download big size data to synch the wallet.
Coinbase or circle is nice exchange site.