sona12 (OP)
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November 28, 2017, 07:28:09 AM |
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if i buy ethereum from coinbase can i leave it in coinbase or do i have to save it anywhere?
i heard about wallets to store coins..can anyone throw some light on this?
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tornikejr
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November 28, 2017, 07:51:24 AM |
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hello. It is not advisable to store your crypto on exchange wallet like coinbase. Most safe way to store your crypto is hardware wallets like trezor, ledger nano, but if you don't want to buy one, search for wallet where private key is controlled by you . (e.g. for ethereum you can use metamask, myetherwallet...) Also check this threat about wallets https://bitcointalk.org/index.php?topic=1631151.0 |
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BitNaija
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November 28, 2017, 09:24:45 AM |
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hello. It is not advisable to store your crypto on exchange wallet like coinbase. Most safe way to store your crypto is hardware wallets like trezor, ledger nano, but if you don't want to buy one, search for wallet where private key is controlled by you . (e.g. for ethereum you can use metamask, myetherwallet...) Also check this threat about wallets https://bitcointalk.org/index.php?topic=1631151.0Recently, there has been cries of hark into MEW accounts. Is it still safe? Some say it is not possible to hark MEW, that it is carelessness. How true is it? Because I am concerned about storing crypto. |
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mikeey89
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Blockchain enthusiast
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November 28, 2017, 10:35:04 AM |
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You can use Coinbase Vault if you want to keep it safer, but it won't be 100 % safe unless you hold the private keys yourself. I would recommend you buying a hardware wallet. I have a Ledger Nano S and it's amazing.
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nizamcc
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November 28, 2017, 01:42:39 PM |
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if i buy ethereum from coinbase can i leave it in coinbase or do i have to save it anywhere?
i heard about wallets to store coins..can anyone throw some light on this?
Keeping your coins in an exchange could be dangerous because exchanges could get hacked and (I know coinbase is not such type of exchange but) even run away with the coins of their users as you can see that with the rise in the price of Bitcoins, alts are also rising in terms of fiat and that, having your private key on hands is the only way you can feel safe because that way, your coins are with you only. Try to use Myetherwallet as they are the safest service ATM to keep your coins at. |
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Mi5h0
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November 28, 2017, 01:56:00 PM |
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if i buy ethereum from coinbase can i leave it in coinbase or do i have to save it anywhere?
i heard about wallets to store coins..can anyone throw some light on this?
I think it's really just personal preference. I believe that Coinbase is safe as it is being backed up by a large and verified company. As long as you don't do anything illegal you can use coinbase wallet, if you do anything illegal then they can close/freeze your account and your funds. Activate 2FA authentication. Never keep logged in always. Never open your wallet through links from email or unknown websites. |
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Velkro
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November 28, 2017, 03:41:31 PM |
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if i buy ethereum from coinbase can i leave it in coinbase or do i have to save it anywhere?
i heard about wallets to store coins..can anyone throw some light on this?
You can leave it on coinbase. Problem is when coinbase will go offline, due to malfunction or will get hacked or will go bankrupcy, your coins are lost. To secure them personally, to have control over them, i would advice you to download software wallet, like Electrum/Multibit etc. |
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UpsilonTrooper
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November 28, 2017, 04:56:19 PM |
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You dont need to keep it on Coinbase but it is highly recommend that you do not keep it on Coinbase since you DO NOT control the private keys and if coinbase goes down (shuts down, hacked, etc) there goes all your funds
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Mayorlopez215
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November 28, 2017, 05:01:12 PM |
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Thanks for the head up, this really mean when you thinking of saving your coin on coinbase, one need to be put this into concern too, as coinbase can go offline or malfunction
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mayo2u
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November 28, 2017, 05:19:08 PM |
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Storing some of your coins on Coinbase or Gemini or any other exchange is fine. But bear in mind that YOU are responsible for the safety of your coin. There isn't a government agency that will help you in case of failure. Failure can be one of many things (from theft to DDOS to whatever).
The correct thing is to have your coins in a wallet. And use a very good password. That is the simplest way to ensure the safety of your coins.
The key issues boils down to how to create a password, how to store it, and how to let other people retrieve this password in case something happens to you.
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althedge
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November 28, 2017, 11:48:35 PM |
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If it's a smallish amount it's probably not worth the $100 to buy a hardware wallet. Use the coinbase vault, set up 2fa on your account and store your passwords on paper somewhere. If it is a larger amount then I'd second the recommendation for the ledger nano s, any hardware wallet will do. Make sure you purchase it from a reputable dealer.
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