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Author Topic: Getting money/coins out of Coinbase  (Read 40 times)
sjobs12
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January 24, 2018, 03:50:38 PM
 #1

I created an offline wallet in Coinbase. I have some Ethereum coins in the account. I printed the document and kept it with me. There are six sections on the document:

MyVault Vault backup                 Recovery Instructions

Shared key                                Shared key wallet recovery

Coinbase key                             General Information

My question is, if I wanted to sell my coins and bring the money to my bank's account, what would be the process?

Really appreciate anyone who answers.
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mobnepal
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January 24, 2018, 04:23:22 PM
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Coinbase is not a true crypto wallet so first you shouldn't store your coins there.

You can keep those ETH in exodus, jaxx, metamask like wallets rather than in coinbase as they don't give you full access to your coins and they can froze your account anytime without prior warning.

Whenever you want to cashout your ETH, transfer it from those wallet to coinbase -> sell it -> withdraw cash to your bank account if they support your country.
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January 24, 2018, 04:28:21 PM
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If you want to sell your Ethereum from paper wallet, first you will need to import your paper wallet into Ethereum wallet/Coinbase Wallet.
I've never used Coinbase Paper Wallet, but from my understanding you will need to use your Coinbase Key on your Coinbase Account, if done successfully you should be able to recover your Ethereum inside your Coinbase Account, if you don't know how to recover the ethereum you can read "Recovery Instructions" Section.

If you want to sell them, you will need to send those ethereums into an exchange such as Bitfinex, Hitbtc. etc
Other option is to use Coinbase instant exchange
https://support.coinbase.com/customer/en/portal/articles/2021569-instant-exchange

My Knowledge regarding Coinbase are limited as I don't use them anymore, so others might have more decisive answers than mine Smiley
solarion
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January 24, 2018, 04:51:18 PM
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Coinbase is not a true crypto wallet so first you shouldn't store your coins there.

You can keep those ETH in exodus, jaxx, metamask like wallets rather than in coinbase as they don't give you full access to your coins and they can froze your account anytime without prior warning.

Whenever you want to cashout your ETH, transfer it from those wallet to coinbase -> sell it -> withdraw cash to your bank account if they support your country.

I am using coinbase wallet since 2 years and using to save the money in this time period. I didn't find even single issue with the coinbase. Every wallet users really fear about they don't share the private key for their users.
Still they were under the rules accepted with the US government and running site for long time. I don't know how he uses that as the offline wallet. I think he mean to say that using vault. As of now they are supporting 4 cryptos alone. This private key issue is for all the coons wallet.

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jtipt
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January 24, 2018, 04:58:55 PM
 #5

Coinbase is not a true crypto wallet so first you shouldn't store your coins there.

You can keep those ETH in exodus, jaxx, metamask like wallets rather than in coinbase as they don't give you full access to your coins and they can froze your account anytime without prior warning.

Whenever you want to cashout your ETH, transfer it from those wallet to coinbase -> sell it -> withdraw cash to your bank account if they support your country.

I am using coinbase wallet since 2 years and using to save the money in this time period. I didn't find even single issue with the coinbase. Every wallet users really fear about they don't share the private key for their users.
Still they were under the rules accepted with the US government and running site for long time. I don't know how he uses that as the offline wallet. I think he mean to say that using vault. As of now they are supporting 4 cryptos alone. This private key issue is for all the coons wallet.
Coinbase is literally the worst thing for bitcoin network, it isn't implementing segwit neither does it even batch the transcation which creates immense traffic in the mempool. Last week when coinbase stopped withdrawals mempool's traffic was reduced by a lot. And you may not worry about private key right now, but remember all the coins you have on coinbase are under their total control they can at anytime refuse you to spend them.
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