Coinbase users have private keys?

[nelson4lov]

Hello guys. I've been using Coinbase for quite a while and I've heard a lot about how owning Private keys to Wallets (either Online /offline wallets) enhances security.


Well I check my Coinbase bitcoin wallet & didn't find anything referencing it. Is there anything I'm missing? or coinbase don't give users their private keys?

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[franky1]

coinbase does not give users private keys.

just like all other exchanges
when you put funds in. they all belong to coinbase/other exchanges.
you are just given a mySQL database "balance" and that is it.

should they shutdown you lose.
should they get hacked. they will try to convince you that you lost funds (even though they lost funds)

its like a bank where you need to ask them when you want some funds and they can authorise a withdrawal to you, which is more of a moral contract.

this is why its best you store funds in a wallet that gives you private keys so that you are in sole control of the funds and not having to rely on third parties morals/ethics

[dukeneptun]

you should always make sure you own your bitcoin, you don't truly own it if you're not holding the private keys for it

who knows what legal crap coinbase might get into next with the drama that's been happening over there, check out using a light weight wallet like electrum if u dont wanna run ur own full node

[nelson4lov]

coinbase does not give users private keys.

just like all other exchanges
when you put funds in. they all belong to coinbase/other exchanges.
you are just given a mySQL database "balance" and that is it.

should they shutdown you lose.
should they get hacked. they will try to convince you that you lost funds (even though they lost funds)

its like a bank where you need to ask them when you want some funds and they can authorise a withdrawal to you, which is more of a moral contract.

this is why its best you store funds in a wallet that gives you private keys so that you are in sole control of the funds and not having to rely on third parties morals/ethics

That sounds really bad and Very much unsafe If I understand You correctly. So If Coinbase doesn't let users fully own their wallets , Is there any Web Wallet with such functionality? 


I just enjoy using Web Wallets. I don't like waiting for the blockchain to download.

I appreciate You & dukeneptun's Response on this. Thank you for the heads up.

[dukeneptun]

coinbase does not give users private keys.

just like all other exchanges
when you put funds in. they all belong to coinbase/other exchanges.
you are just given a mySQL database "balance" and that is it.

should they shutdown you lose.
should they get hacked. they will try to convince you that you lost funds (even though they lost funds)

its like a bank where you need to ask them when you want some funds and they can authorise a withdrawal to you, which is more of a moral contract.

this is why its best you store funds in a wallet that gives you private keys so that you are in sole control of the funds and not having to rely on third parties morals/ethics

That sounds really bad and Very much unsafe If I understand You correctly. So If Coinbase doesn't let users fully own their wallets , Is there any Web Wallet with such functionality? 


I just enjoy using Web Wallets. I don't like waiting for the blockchain to download.

I appreciate You & dukeneptun's Response on this. Thank you for the heads up.

you don't need to download the entire blockchain with a light wallet like electrum, try downloading electrum and you'll be set up within a couple minutes at tops

[nelson4lov]

you don't need to download the entire blockchain with a light wallet like electrum, try downloading electrum and you'll be set up within a couple minutes at tops

Okay Will give it a trial. Just one quick question, How much does the trans fee transaction fee range ? I'm concerned about cost of transaction  fee too 

[craked5]

coinbase does not give users private keys.

just like all other exchanges
when you put funds in. they all belong to coinbase/other exchanges.
you are just given a mySQL database "balance" and that is it.

should they shutdown you lose.
should they get hacked. they will try to convince you that you lost funds (even though they lost funds)

its like a bank where you need to ask them when you want some funds and they can authorise a withdrawal to you, which is more of a moral contract.

this is why its best you store funds in a wallet that gives you private keys so that you are in sole control of the funds and not having to rely on third parties morals/ethics

That sounds really bad and Very much unsafe If I understand You correctly. So If Coinbase doesn't let users fully own their wallets , Is there any Web Wallet with such functionality? 


I just enjoy using Web Wallets. I don't like waiting for the blockchain to download.

I appreciate You & dukeneptun's Response on this. Thank you for the heads up.

I might be wrong but I don't believe any Web wallets have this functionality.

That's the main difference between hardwallet and web wallets. Hard wallet (like Electrum) are software that you install on your computer and that give you complete control on your wallet, it's an interface but the creator of the software doesn't own anything.
While webwallet are in fact just a website. It is owned by the creator of the website and they provide you a service. It's exactly like a bank! You don't have the money, you give it to the bank (or webwallet) and it gives you a credit on the bank (or here web wallet).

[craked5]

you don't need to download the entire blockchain with a light wallet like electrum, try downloading electrum and you'll be set up within a couple minutes at tops

Okay Will give it a trial. Just one quick question, How much does the trans fee transaction fee range ? I'm concerned about cost of transaction  fee too 

You can put 0 if you want but you won't see your tx go through easily xD

Currently the transaction fee is around 0.2mbtc if I remember well. But it all depends on the number of transactions and the average fee so it changes all the time.
It all depends on your use of the wallet. Webwallet are great for numerous small transactions! But wallets like Electrum are for more security and the cost is around 0.2 mbtc each time you want to send something. Which means you mustn't do 50 tx everyday ^^

[btc-buzz]

you don't need to download the entire blockchain with a light wallet like electrum, try downloading electrum and you'll be set up within a couple minutes at tops

Okay Will give it a trial. Just one quick question, How much does the trans fee transaction fee range ? I'm concerned about cost of transaction  fee too 

You can put 0 if you want but you won't see your tx go through easily xD

Currently the transaction fee is around 0.2mbtc if I remember well. But it all depends on the number of transactions and the average fee so it changes all the time.
It all depends on your use of the wallet. Webwallet are great for numerous small transactions! But wallets like Electrum are for more security and the cost is around 0.2 mbtc each time you want to send something. Which means you mustn't do 50 tx everyday ^^

Are you kidding? If you put 0 your transaciton will never go through and it will just drop out of mempool. Why give him tx fee with a confusing denomination like mbtc and just say tx fee normally is 0.0002 for 2017.

[nelson4lov]

coinbase does not give users private keys.

just like all other exchanges
when you put funds in. they all belong to coinbase/other exchanges.
you are just given a mySQL database "balance" and that is it.

should they shutdown you lose.
should they get hacked. they will try to convince you that you lost funds (even though they lost funds)

its like a bank where you need to ask them when you want some funds and they can authorise a withdrawal to you, which is more of a moral contract.

this is why its best you store funds in a wallet that gives you private keys so that you are in sole control of the funds and not having to rely on third parties morals/ethics

That sounds really bad and Very much unsafe If I understand You correctly. So If Coinbase doesn't let users fully own their wallets , Is there any Web Wallet with such functionality? 


I just enjoy using Web Wallets. I don't like waiting for the blockchain to download.

I appreciate You & dukeneptun's Response on this. Thank you for the heads up.

I might be wrong but I don't believe any Web wallets have this functionality.

That's the main difference between hardwallet and web wallets. Hard wallet (like Electrum) are software that you install on your computer and that give you complete control on your wallet, it's an interface but the creator of the software doesn't own anything.
While webwallet are in fact just a website. It is owned by the creator of the website and they provide you a service. It's exactly like a bank! You don't have the money, you give it to the bank (or webwallet) and it gives you a credit on the bank (or here web wallet).

To say the least, I'm shocked and disappointed as well . In as much as I want to argue this, I now know Web wallets are not truly decentralized as they're supposed to be. Well, I was expecting you to mention blockchain.info  Coz I've heard It has that functionality.

[nelson4lov]

you don't need to download the entire blockchain with a light wallet like electrum, try downloading electrum and you'll be set up within a couple minutes at tops

Okay Will give it a trial. Just one quick question, How much does the trans fee transaction fee range ? I'm concerned about cost of transaction  fee too  

You can put 0 if you want but you won't see your tx go through easily xD

Currently the transaction fee is around 0.2mbtc if I remember well. But it all depends on the number of transactions and the average fee so it changes all the time.
It all depends on your use of the wallet. Webwallet are great for numerous small transactions! But wallets like Electrum are for more security and the cost is around 0.2 mbtc each time you want to send something. Which means you mustn't do 50 tx everyday ^^

Are you kidding? If you put 0 your transaciton will never go through and it will just drop out of mempool. Why give him tx fee with a confusing denomination like mbtc and just say tx fee normally is 0.0002 for 2017.

Wow dude I understand him though I had to do a little calculation . Either way,  I do know that a low tx fee delays transactions or in some cases, It'll not go through.

[wxa7115]

you don't need to download the entire blockchain with a light wallet like electrum, try downloading electrum and you'll be set up within a couple minutes at tops

Okay Will give it a trial. Just one quick question, How much does the trans fee transaction fee range ? I'm concerned about cost of transaction  fee too  

The electrum wallet auto adjust the fee depending on how busy the network is, the last time I sent a transaction it marked a 0.0005 mBTC/byte but you can adjust it manually depending on what you want you can send with a low fee of 0.0001 mBTC/byte but it would take a lot of time to confirm or you could send a bigger fee and get confirmation in minutes.

[franky1]

To say the least, I'm shocked and disappointed as well . In as much as I want to argue this, I now know Web wallets are not truly decentralized as they're supposed to be. Well, I was expecting you to mention blockchain.info  Coz I've heard It has that functionality.

i would say blockchain.info is a service that does do what you want. but just be sure to back up all the keys/seed you use, incase the website goes down
and use a REALLY LONG password/phrase(avoids hackers getting at your keys/seed).

but back up the keys/seed in several locations. as the funds are linked to the keys/seed not the services password. so the private keys/seed is the most important thing to keep safe

centralised webwallets(where they hold the funds on THEIR keys) are usually best only for daily spend amounts. like what you would spend on a few days groceries or a fun night out amount.

own use private key/seed webwallets are more like a few weeks/months wages.
home PC downloaded litewallets for larger amounts
hardware wallets for life changing amounts

but always backup the key/seed

the more you hold the more cautious you should get.

[Johensen]

Hello guys. I've been using Coinbase for quite a while and I've heard a lot about how owning Private keys to Wallets (either Online /offline wallets) enhances security.


Well I check my Coinbase bitcoin wallet & didn't find anything referencing it. Is there anything I'm missing? or coinbase don't give users their private keys?

I like using blockchain because it provides private key for users and blockchain Users can use your private key to add you bitcoin address to blockchain or backwards . it is like a private wallet on your computer.

[Mometaskers]

coinbase does not give users private keys.

just like all other exchanges
when you put funds in. they all belong to coinbase/other exchanges.
you are just given a mySQL database "balance" and that is it.

should they shutdown you lose.
should they get hacked. they will try to convince you that you lost funds (even though they lost funds)

its like a bank where you need to ask them when you want some funds and they can authorise a withdrawal to you, which is more of a moral contract.

this is why its best you store funds in a wallet that gives you private keys so that you are in sole control of the funds and not having to rely on third parties morals/ethics

That sounds really bad and Very much unsafe If I understand You correctly. So If Coinbase doesn't let users fully own their wallets , Is there any Web Wallet with such functionality? 


I just enjoy using Web Wallets. I don't like waiting for the blockchain to download.

I appreciate You & dukeneptun's Response on this. Thank you for the heads up.

I might be wrong but I don't believe any Web wallets have this functionality.

That's the main difference between hardwallet and web wallets. Hard wallet (like Electrum) are software that you install on your computer and that give you complete control on your wallet, it's an interface but the creator of the software doesn't own anything.
While webwallet are in fact just a website. It is owned by the creator of the website and they provide you a service. It's exactly like a bank! You don't have the money, you give it to the bank (or webwallet) and it gives you a credit on the bank (or here web wallet).

I've only used web wallets so far since I'm just introduced to bitcoin but my, that does sound quite unsafe. At least with banks there is a minimum insurance for your deposit. I just have a few bits, not even a full coin so I don't think I'm in any danger but when I got to the point where I have substantial funds, I'd definitely don't want anyone stealing it.

I though hardware wallets come with an actual hardware made for the purpose. Is it possible to just use a laptop? I just have one which is what I also use to go online.

[agustina2]

Hello guys. I've been using Coinbase for quite a while and I've heard a lot about how owning Private keys to Wallets (either Online /offline wallets) enhances security.


Well I check my Coinbase bitcoin wallet & didn't find anything referencing it. Is there anything I'm missing? or coinbase don't give users their private keys?

Basically no and will not I guess even in the future. You don't missed it.

They are purely on exchanges business purposes and will not go deep technically in bitcoin matters. So for a safety precautions or a wise use of the site, just use their exchange for buying and selling coins (if applicable) or any else service that will exclude storing your bitcoins there for a long period of time.

[craked5]

you don't need to download the entire blockchain with a light wallet like electrum, try downloading electrum and you'll be set up within a couple minutes at tops

Okay Will give it a trial. Just one quick question, How much does the trans fee transaction fee range ? I'm concerned about cost of transaction  fee too 

You can put 0 if you want but you won't see your tx go through easily xD

Currently the transaction fee is around 0.2mbtc if I remember well. But it all depends on the number of transactions and the average fee so it changes all the time.
It all depends on your use of the wallet. Webwallet are great for numerous small transactions! But wallets like Electrum are for more security and the cost is around 0.2 mbtc each time you want to send something. Which means you mustn't do 50 tx everyday ^^

Are you kidding? If you put 0 your transaciton will never go through and it will just drop out of mempool. Why give him tx fee with a confusing denomination like mbtc and just say tx fee normally is 0.0002 for 2017.

Yeah sorry I took him for an intelligent being able to to a division by 1000...
And I did it simply because Electrum wallet gives wallet balance and amount of fees are stated in mBTC

And a free transaction would just be processed last no? No reason that it is wasted. It would just go through only once everything is done no? (Which means it will never really go through). I never said you should put a 0 fee. Just that it was possible.

[craked5]

coinbase does not give users private keys.

just like all other exchanges
when you put funds in. they all belong to coinbase/other exchanges.
you are just given a mySQL database "balance" and that is it.

should they shutdown you lose.
should they get hacked. they will try to convince you that you lost funds (even though they lost funds)

its like a bank where you need to ask them when you want some funds and they can authorise a withdrawal to you, which is more of a moral contract.

this is why its best you store funds in a wallet that gives you private keys so that you are in sole control of the funds and not having to rely on third parties morals/ethics

That sounds really bad and Very much unsafe If I understand You correctly. So If Coinbase doesn't let users fully own their wallets , Is there any Web Wallet with such functionality? 


I just enjoy using Web Wallets. I don't like waiting for the blockchain to download.

I appreciate You & dukeneptun's Response on this. Thank you for the heads up.

I might be wrong but I don't believe any Web wallets have this functionality.

That's the main difference between hardwallet and web wallets. Hard wallet (like Electrum) are software that you install on your computer and that give you complete control on your wallet, it's an interface but the creator of the software doesn't own anything.
While webwallet are in fact just a website. It is owned by the creator of the website and they provide you a service. It's exactly like a bank! You don't have the money, you give it to the bank (or webwallet) and it gives you a credit on the bank (or here web wallet).

I've only used web wallets so far since I'm just introduced to bitcoin but my, that does sound quite unsafe. At least with banks there is a minimum insurance for your deposit. I just have a few bits, not even a full coin so I don't think I'm in any danger but when I got to the point where I have substantial funds, I'd definitely don't want anyone stealing it.

I though hardware wallets come with an actual hardware made for the purpose. Is it possible to just use a laptop? I just have one which is what I also use to go online.

Ahah yeah there is nothing less safe than a web wallet! Apart from ponzi scheme sites and also the cloud mining services.
I used web wallet too when I had only a few dollars in btc. But now I only use electrum, it's true that there are fees which is not the best thing ever, but the fees aren't more than 0.2$ per transaction, which is not THAT MUCH compared to the security provided.

[cengsuwuei]

coinbase not open service private key
you can't import/export addres and balance in coinbase,
because coinbase not open service

is good section discuss about wallet, you can find in web wallet section

[20kevin20]

coinbase does not give users private keys.

just like all other exchanges
when you put funds in. they all belong to coinbase/other exchanges.
you are just given a mySQL database "balance" and that is it.

should they shutdown you lose.
should they get hacked. they will try to convince you that you lost funds (even though they lost funds)

its like a bank where you need to ask them when you want some funds and they can authorise a withdrawal to you, which is more of a moral contract.

this is why its best you store funds in a wallet that gives you private keys so that you are in sole control of the funds and not having to rely on third parties morals/ethics

I never liked Coinbase. I find their website design unfriendly and I hate the fact that you have to put your real identification data in your account - I thought Bitcoin should be ANONYMOUS and it shouldn't request your real data.. I think the pro tip here is that you should use a web wallet like Coinbase or Blockchain for small funds and an offline wallet for big funds. I guess all of us prefer owning the money we go, not letting it in others' responsibility.