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Author Topic: Is coinbase really a bad website to make a wallet on?  (Read 2925 times)
JavaLove
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March 17, 2017, 04:25:17 AM
 #41

When I first started using Bitcoin, I decided to try using Coinbase as my primary wallet. While they've got quite the snazy website that appears secure, I don't really trust my Bitcoins with them anymore.

First and foremost, the number one reason I do not trust Coinbase is the fact that your Bitcoins are not really stored on a cold storage source. It's actually quite a hot storage source. They don't even give you your private keys (which, if they were OUR wallets, then they'd give us OUR keys). Other sites like Blockchain give your private keys, plus they offer a lot more security.

Coinbase's form of security is email, phone and password. Not too advanced.
But Blockchain offers 2FA, account ID, password, phone, email, and a lot more. I feel super secure using them.

However, it shouldn't matter what site you're using (even if they're super big and famous): ALL online wallets are not safe but rather dangerous. At any time could the sites be hacked or become corrupt and no longer work. All your money could be gone in an instant.

That's why it is so recommended that you store the MAJORITY of your savings on a cold storage source (such as computer or even paper wallet but be careful with both) and, if you'd really like, store a little bit of BTC on your hot wallets online.

But online wallets, including Coinbase, are absolutely not recommended.

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March 17, 2017, 06:14:40 PM
 #42

I am not able to recover my wallet since 2 weeks now. Everytime they keep asking me for a code from my Authy app which doesn't work. Their support also doesn't reply. Now the latest news is that they are charging fees too for transactions: http://www.coindesk.com/coinbase-charge-fees-blockchain-transactions/

 I don't have any reason to start using them again. They have gone down the drain.

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March 18, 2017, 12:11:39 AM
 #43

They lock accounts and refuse their customers to withdraw bitcoin from their wallets.
So what is not to like about them as a wallet? Roll Eyes
Sound familiar? They are doing just like what Chinese exchanges are doing to their customers.
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March 18, 2017, 12:53:49 AM
 #44

I am not able to recover my wallet since 2 weeks now. Everytime they keep asking me for a code from my Authy app which doesn't work. Their support also doesn't reply. Now the latest news is that they are charging fees too for transactions: http://www.coindesk.com/coinbase-charge-fees-blockchain-transactions/

 I don't have any reason to start using them again. They have gone down the drain.
I've expereinced this also that's when I start with bitcoin because coinbase is one service that I used, but that was before, from authy authenticator and even on the sms verification nothing works. That's why that's one of the reasons why left coinbase and now they even get worse, and I will not wonder if some coinbase users here will panic because of this charging fees they applied.

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March 18, 2017, 02:35:36 AM
 #45

Coinbase is good website,secured and easy to use but it is not advisable to store your bitcoins for a long time much better to use tested desktop wallet, its more secured compared to online wallets you have no full control of your bitcoins using these online wallets/exchange because of private key issues, I used only one online wallet for now, blockchain.info


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March 19, 2017, 10:59:52 AM
 #46

Coinbase is inherently unstable - when you hold coins with Coinbase they are not your coins and you know that, like Mt. Gox your exchange wallet, which is basically their promise to let you use Bitcoins, could go down at any time.  What makes this all the more terrifying is their slow support and the fact that they often suspend accounts for any illegal activity or even minor things like gambling.
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March 19, 2017, 12:01:51 PM
 #47

Coinbase is very safe and a good wallet if you are us cititzen.

Msg me at fund@ustradebitcoin.com if you want me to invest in your Ico from $2000 to $16000
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March 19, 2017, 06:00:57 PM
 #48

Coinbase is inherently unstable - when you hold coins with Coinbase they are not your coins and you know that, like Mt. Gox your exchange wallet, which is basically their promise to let you use Bitcoins, could go down at any time.  What makes this all the more terrifying is their slow support and the fact that they often suspend accounts for any illegal activity or even minor things like gambling.
YES, that is the point- If your account are connected of any illegal activity like gambling attempt or don't follow their tos, then must be ready accept any reaction from that site, that you have been using earlier. Of course, it is very important to secure and maintain rules of any bitcoin wallet, not only coinbase.
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March 20, 2017, 05:22:47 AM
 #49

Coinbase is inherently unstable - when you hold coins with Coinbase they are not your coins and you know that, like Mt. Gox your exchange wallet, which is basically their promise to let you use Bitcoins, could go down at any time.  What makes this all the more terrifying is their slow support and the fact that they often suspend accounts for any illegal activity or even minor things like gambling.
YES, that is the point- If your account are connected of any illegal activity like gambling attempt or don't follow their tos, then must be ready accept any reaction from that site, that you have been using earlier. Of course, it is very important to secure and maintain rules of any bitcoin wallet, not only coinbase.
Thats the reason why i dont use coinbase wallet after all because of its ToS which really restrict us on some other things and why would bother if there are good alternatives on having a web wallet?Just like on blockchain which you can use anytime you want and anything you want to do from it.Theres no restrictions which i do really love.
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March 22, 2017, 09:22:37 AM
 #50

I am using coinbase about 1years+ never faced any issued with it. Coinbase is safe and sequre to me
Yes true, coinbase is second wallet after XAPO, I using more than 10 months and I never found the problems. For best secure I use VAULT, so when we send from VAULT, need more than 3 steps and more than 48 hours to finish.
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March 23, 2017, 03:19:10 PM
 #51

I am using coinbase about 1years+ never faced any issued with it. Coinbase is safe and sequre to me

I used coinbase sometime but I didn't had to have any transactions from it but most of the people are using it and trusting it.

I had read somewhere here on forum that someone got problem with his account and it was disabled by coinbase.

But upon reaching their support and giving few questions to the owner, the owner answered correctly and promptly.

Coinbase did retrieved and gave his account.

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March 26, 2017, 01:53:05 PM
 #52

I am using coinbase about 1years+ never faced any issued with it. Coinbase is safe and sequre to me

I used coinbase sometime but I didn't had to have any transactions from it but most of the people are using it and trusting it.

I had read somewhere here on forum that someone got problem with his account and it was disabled by coinbase.

But upon reaching their support and giving few questions to the owner, the owner answered correctly and promptly.

Coinbase did retrieved and gave his account.

What? You're using coinbase (sometimes) but you don't have any transactions through it? How is that called using?. Coinabse is a really popular web wallet especially when you're new to bitcoin.

Then what happened to others who complained? Sorry to say but in this kind of industry, You don't easily trust someone. Right now, I am 99.9% of not usingg coinbase. There are many web wallets out there. I won't stick to the one who has a 50-50 Positive and negative feedback.

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March 31, 2017, 12:24:41 PM
 #53

I don't personally use coinbase as a means storing bitcoins yet but I read in other thread that it does have bad reputation. I'm not in position to talk but with what the feedback the users says then it really makes a point or will dealt a great impact on the site.

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March 31, 2017, 07:07:29 PM
 #54

The only reason for one to use them now is the usage of their eth to btc exchange for free between their wallets.
Other than this, there is no reason for anyone to take the risk of their bitcoins to be locked in those accounts and not being able to make a withdrawal due to whatever reason they wish to charge against you.
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April 02, 2017, 02:29:13 AM
 #55

The only reason for one to use them now is the usage of their eth to btc exchange for free between their wallets.
Other than this, there is no reason for anyone to take the risk of their bitcoins to be locked in those accounts and not being able to make a withdrawal due to whatever reason they wish to charge against you.
How they charge against you if you real users and use their service to follow up all requirements? Obviously it never make sense charge against you do without nothing. Like a user never faced little bit issue.
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April 02, 2017, 04:17:58 AM
 #56

I don't personally use coinbase as a means storing bitcoins yet but I read in other thread that it does have bad reputation. I'm not in position to talk but with what the feedback the users says then it really makes a point or will dealt a great impact on the site.
It doesnt have a bad reputation but only minor issues which normally happens in the past and its not a web wallet but an exchange wallet.I do make use of it until now and i didnt experience any problem with them as long you dont violate their ToS then theres no problem at all.They are known to lock accounts which been used on gambling.


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April 02, 2017, 03:24:23 PM
 #57

I don't personally use coinbase as a means storing bitcoins yet but I read in other thread that it does have bad reputation. I'm not in position to talk but with what the feedback the users says then it really makes a point or will dealt a great impact on the site.
It doesnt have a bad reputation but only minor issues which normally happens in the past and its not a web wallet but an exchange wallet.I do make use of it until now and i didnt experience any problem with them as long you dont violate their ToS then theres no problem at all.They are known to lock accounts which been used on gambling.

It does make sense that one possible cause is account that had been used for gambling but does all account accompanied with gambling is affected or just the one that is suspected for illegal means? Because if yes then for example If I try to play on gambling site once and earn bitcoins then my account will be automatically lock? I am just wondering.

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April 02, 2017, 11:27:04 PM
 #58

if you ready to give your id then use coinbase or bitpay.. but i only use blockchain.info cause i have when a website ask me my id..

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April 03, 2017, 12:00:52 AM
 #59

I think no because coinbase is one of the top and most popular wallet aside from blockchain.info. Sometimes there are really errors could happen but the important is they can fix it immediately, we don't know if it is fault of the system or the user. You can trust them because they verify your Identification.

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April 04, 2017, 11:44:31 AM
 #60

I think no because coinbase is one of the top and most popular wallet aside from blockchain.info. Sometimes there are really errors could happen but the important is they can fix it immediately, we don't know if it is fault of the system or the user. You can trust them because they verify your Identification.

Just because a wallet is popular doesn't mean its safe and trustable, The best way to determine is by reading peoples reviews or if possible experincing the said wallet yourself . And from what I have read it doesn't have a good reputation because they are very strict in terms of their KYC . The most common problem is locking or frozing an account that is used for gambling . Coinbase is not really for storing cause it is an exchange .

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