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Author Topic: Worried about Coinbase!!  (Read 922 times)
Mkmanik
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January 19, 2017, 06:54:02 AM
 #1

I am using coinbase beginning of the time when i joined Bitcoin industry.I can't face any problem or any critical issue about coinbase.But I am highly worried reading some post that coinbase banned user accounts without any issue.I have now 400+$ in my coinbase account.What will I do now? which one wallet is safe and secure.
Need advice, suggestion.

,



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January 19, 2017, 07:01:18 AM
 #2

I am using coinbase beginning of the time when i joined Bitcoin industry.I can't face any problem or any critical issue about coinbase.But I am highly worried reading some post that coinbase banned user accounts without any issue.I have now 400+$ in my coinbase account.What will I do now? which one wallet is safe and secure.
Need advice, suggestion.


Pick a decent desktop wallet and move your funds away from the online wallets you use.

I personally like electrum, multibit HD and core.

Electrum and multibit are SPV wallets, so they only download the headers. This makes them fast to sync. Core will need to download the full blockchain, but in return you're actually helping the network by verifying everything yourself Smiley
The downside is that core will take up ~100Gb of diskspace (unless you start it with the pruning option turned on), and it might take days to sync initially.

BTW: if you use a desktop wallet, make sure your PC is 100% clean, make sure you pick strong passwords and make sure you make sufficient backups!!! (electrum + multibit HD => Seed words/ core => wallet.dat... Since the latest versions of core are also HD, one backup will suffice)

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January 19, 2017, 08:31:24 AM
 #3

I am using coinbase beginning of the time when i joined Bitcoin industry.I can't face any problem or any critical issue about coinbase.But I am highly worried reading some post that coinbase banned user accounts without any issue.I have now 400+$ in my coinbase account.What will I do now? which one wallet is safe and secure.
Need advice, suggestion.

First of all read their TOS properly, avoid transaction for any gambling purpose. 400 dollars it's such big money for me so i recommend you to move them to a wallet where you can controll your private key like mocacinno suggested desktop wallet is a good one. I don't have any problem with coinbase but i heard they locked their users account due to fund that they sent/received from gambling site, i used xapo for long time i think they're same now my account has been temporarily locked.
Well they won't locked your account if you're not against their rules simple as that.

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January 19, 2017, 09:11:58 AM
 #4

I am using coinbase beginning of the time when i joined Bitcoin industry.I can't face any problem or any critical issue about coinbase.But I am highly worried reading some post that coinbase banned user accounts without any issue.I have now 400+$ in my coinbase account.What will I do now? which one wallet is safe and secure.
Need advice, suggestion.

The reason I see most why coinbase accounts gets locked is because they didn't followed their tos which mostly involved sending money from gambling sites directly to your coinbase accounts. I think if you are following coinbase TOS then you shouldn't be worried. If you want a safer wallet tho I suggest you use a wallet where you hae full conttol of your wallet. Like Electrum for desktop mycelium for mobile android and if you want a web wallet just use blockchain. Or try greenaddress.


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January 19, 2017, 01:04:37 PM
 #5

coinbase should only be used for two things:
1) for buying/selling bitcoin if you want an easy to use platform and are ok with the fees, and the ways they accept money deposit and withdrawals. it is convenient for many people and you can say it may be even safer than other exchanges to buy bitcoin there.

2) if you are a newbie and don't know what a bitcoin wallet is so you start with coinbase, learn some stuff and move away.

other than that you must not use it.

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January 19, 2017, 02:32:51 PM
 #6

I am using coinbase beginning of the time when i joined Bitcoin industry.I can't face any problem or any critical issue about coinbase.But I am highly worried reading some post that coinbase banned user accounts without any issue.I have now 400+$ in my coinbase account.What will I do now? which one wallet is safe and secure.
Need advice, suggestion.

First of all read their TOS properly, avoid transaction for any gambling purpose. 400 dollars it's such big money for me so i recommend you to move them to a wallet where you can controll your private key like mocacinno suggested desktop wallet is a good one. I don't have any problem with coinbase but i heard they locked their users account due to fund that they sent/received from gambling site, i used xapo for long time i think they're same now my account has been temporarily locked.
Well they won't locked your account if you're not against their rules simple as that.
Now a days,I have been also well much known about coinbase issue.From my side still nothing any wrong.All are transaction going smoothly without any difficulty.Personally,right now like to take service many kind of wallets- blockchain,mycelium,xapo.Keep only small amounts of bitcoins such of this online wallet.
There my suggestion Hardware wallet should be best choice instead of any online wallet.In general,every bitcoin owner want the safety and security of his bitcoins.
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January 19, 2017, 02:39:02 PM
 #7

I am using coinbase beginning of the time when i joined Bitcoin industry.I can't face any problem or any critical issue about coinbase.But I am highly worried reading some post that coinbase banned user accounts without any issue.I have now 400+$ in my coinbase account.What will I do now? which one wallet is safe and secure.
Need advice, suggestion.


If you are really worried about Coinbase services then you will not seek some suggestions first from the community because the first thing you will do is to get out of your coins there to ease your worries. And besides it's impossible you didn't encountered some suggestions since you entered bitcoin industry about not to store large amount at any web wallets.

Don't use any web wallets as storage, that's it. Exclude online wallets as a safe one to stored your coins. Just use their respective service if ever you need it.

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January 19, 2017, 03:47:31 PM
 #8

You have not to rely on any online wallet as your main wallet. Only keep some amount of your bitcoins in your coinbase wallet which you will need to spend from there while do not use coinbase or any other online wallet for the purpose of storing your bitcoins.
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January 19, 2017, 08:09:32 PM
 #9

You have not to rely on any online wallet as your main wallet. Only keep some amount of your bitcoins in your coinbase wallet which you will need to spend from there while do not use coinbase or any other online wallet for the purpose of storing your bitcoins.

I have no idea about the desktop wallet.At beginning of the time, iwhenI joined bitcoin world, I am using coinbase wallet.But now hearing some issue abotut coinbase really i am afraid. Now my wallet is full of with 400$+ . I have to select desktop wallet must. Now i am searching youtube about it.if i found any suitable video for me,then i will confirm here.

Anyone can suggest me videos about how to install desktop wallet?? best regards
Manik

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January 19, 2017, 11:21:10 PM
 #10

You have not to rely on any online wallet as your main wallet. Only keep some amount of your bitcoins in your coinbase wallet which you will need to spend from there while do not use coinbase or any other online wallet for the purpose of storing your bitcoins.

I have no idea about the desktop wallet.At beginning of the time, iwhenI joined bitcoin world, I am using coinbase wallet.But now hearing some issue abotut coinbase really i am afraid. Now my wallet is full of with 400$+ . I have to select desktop wallet must. Now i am searching youtube about it.if i found any suitable video for me,then i will confirm here.

Anyone can suggest me videos about how to install desktop wallet?? best regards
Manik
Well, yeah it's kinda worried, now if you want to secure your account no your bitcoins, then you must change your wallet already, I can suggest you to use electrum, it's too light not just another desktop, I just use this also for just couple of days, and it goes well, hardened the security of your wallet(password), the security for your device such as antivirus makes you worry less. 

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January 19, 2017, 11:21:30 PM
 #11

There has been some good advice in this thread but no one has mentioned the hardware wallet option. You can buy a Ledger Nano S for $65 and move your bitcoin private keys from Coinbase to the Nano S and problem solved. No one has ever had bitcoin stolen from a Ledger hardware wallet.

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January 19, 2017, 11:33:43 PM
 #12

There has been some good advice in this thread but no one has mentioned the hardware wallet option. You can buy a Ledger Nano S for $65 and move your bitcoin private keys from Coinbase to the Nano S and problem solved. No one has ever had bitcoin stolen from a Ledger hardware wallet.

If someone can't afford spending $65 in a hardware wallet like Ledger Nano S or Trezor then there is an option to buy one of the cheapest hardware wallet which is Ledger HW.1 which is $16 excluding taxes.

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January 20, 2017, 12:33:07 AM
 #13

There has been some good advice in this thread but no one has mentioned the hardware wallet option. You can buy a Ledger Nano S for $65 and move your bitcoin private keys from Coinbase to the Nano S and problem solved. No one has ever had bitcoin stolen from a Ledger hardware wallet.

If someone can't afford spending $65 in a hardware wallet like Ledger Nano S or Trezor then there is an option to buy one of the cheapest hardware wallet which is Ledger HW.1 which is $16 excluding taxes.

Yes of course consider that the Nano S is leaps ahead of the hw.1 in terms of user convenience. Anyone can afford $16 though good point.

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January 20, 2017, 01:38:11 AM
 #14

You have not to rely on any online wallet as your main wallet. Only keep some amount of your bitcoins in your coinbase wallet which you will need to spend from there while do not use coinbase or any other online wallet for the purpose of storing your bitcoins.

I have no idea about the desktop wallet.At beginning of the time, iwhenI joined bitcoin world, I am using coinbase wallet.But now hearing some issue abotut coinbase really i am afraid. Now my wallet is full of with 400$+ . I have to select desktop wallet must. Now i am searching youtube about it.if i found any suitable video for me,then i will confirm here.

Anyone can suggest me videos about how to install desktop wallet?? best regards
Manik

It will take time and I see you are always doing bitcoin transactions, am I right? So storing it on a desktop wallet will lead to a hassle one. If you want a handy one, you can try an Android bitcoin wallet called MyCelium. No need for videos for this to install. But if you really want to hold your coins and let that $400 value sleep then ok go on with the desktop wallet.

Go here, https://bitcoin.org/en/choose-your-wallet and head to Desktop options. Choose one and there's an instuctions on installing them which is really an easy steps to follow.

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January 20, 2017, 03:53:28 AM
 #15

I am using coinbase beginning of the time when i joined Bitcoin industry.I can't face any problem or any critical issue about coinbase.But I am highly worried reading some post that coinbase banned user accounts without any issue.I have now 400+$ in my coinbase account.What will I do now? which one wallet is safe and secure.
Need advice, suggestion.

If you are worried about Coinbase, I recommend to leave ASAP and create another wallet. I also used Coinbase more than 2 years ago and until now not got problem. I sure Coinbase is one of the best web wallet, if we get banned of course we  violating their rules, one of which is that we use for gambling.
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January 20, 2017, 04:01:05 AM
 #16

I am using coinbase beginning of the time when i joined Bitcoin industry.I can't face any problem or any critical issue about coinbase.But I am highly worried reading some post that coinbase banned user accounts without any issue.I have now 400+$ in my coinbase account.What will I do now? which one wallet is safe and secure.
Need advice, suggestion.

If you are worried about Coinbase, I recommend to leave ASAP and create another wallet. I also used Coinbase more than 2 years ago and until now not got problem. I sure Coinbase is one of the best web wallet, if we get banned of course we  violating their rules, one of which is that we use for gambling.

So far, I haven't seen some strong basis that all complaints abouts Coinbase freezing account without a further reason. If does then can someone linked me to that?

And as far as legit exchanges and company is concern, it's really a must if they will ask questions if ever they some big amount being transacted in exchanges. This is to comply with money laundering rules where they have been registered. Example in our local exchanger here in our country. They are automatically alarmed once big money was inserted in the exchange. If people really wants decentralization then don't use exchange as easy as that.

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January 20, 2017, 04:09:23 AM
 #17

I read their comments and this is what they are talking about.

Quote
Prohibited Use:

Gambling: Lotteries; bidding fee auctions; sports forecasting or odds making; fantasy sports leagues with cash prizes; internet gaming; contests; sweepstakes; games of chance

If you think that you are not doing this then your fine. Just one question for those who answered.
How about depositing money using coinbase to the gambling site. Can that be one reason also to be banned or is it just the other way around?

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January 20, 2017, 04:16:49 AM
 #18

Coinbase also sometimes does not complete a transaction. Freaked a friend out in that he sold like 15k or some such when the BTC price was 1135 usd or something.
The bank just said 5 days later ...what are you talking about? 5 days later when he assumed without checking on his part that it went thru. BUT no notice of anything
from Coinbase of such..which had him more then a bit freaked.

He contacted them and it really was a technical glitch and they gave him the equiv of the difference from what he lost in USD from them on the missed above trade
in BTC..which he was happy about..you lose so many $$$ at the time at 1135 and they pay you in BTC you come out way ahead at 800 btc price Smiley A bit more BTC anyway.

Anyway just an aside. I've heard a couple stories of stuff happening but it getting resolved promptly. There are probably just as many stories the other way.

Just brought this up because it was recently resolved to my friend from Coinbase.















 

 

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January 20, 2017, 04:30:07 AM
 #19

I am using coinbase beginning of the time when i joined Bitcoin industry.I can't face any problem or any critical issue about coinbase.But I am highly worried reading some post that coinbase banned user accounts without any issue.I have now 400+$ in my coinbase account.What will I do now? which one wallet is safe and secure.
Need advice, suggestion.


As long as you are not doing some shady source of bitcoin and sends it directly to your coinbase account then you don't have to worry about it.

But just to be sure you can just try to use blockchain, I haven't any issue with them as I'm already using them since I know bitcoin.

I did use coinbase before but for just a couple of days when I read some issues against them and I don't like their whole front end.

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January 20, 2017, 05:29:45 AM
 #20

I see users commenting on this, but I have not found the sources. It would be better if you could post the links of the threads on which users are complaining about it. It would also be interesting if users could post some evidence about the issues they are facing. This could be useful to the community.

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