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Author Topic: Coinbase Vault review?  (Read 116 times)
Captain Crypto Pants
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February 19, 2018, 06:58:04 PM
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I have a small amount of BTC and LTC in Coinbase vault, since it is insured I am thinking that this is a moderately safe way to store for long term. 

Of course it is best to own your private keys and store offline. But this is like one of those, don't keep all your eggs in one basket ideas.

If I had a million dollars in Crypto would I feel safe with them in the Vault?  I am thinking so.  I have heard a bunch of negative sentiment towards Coinbase, but I have only had positive experiences.  I do believe that they charge to high of fees.

I am continually dollar cost averaging into BTC/LTC and feel safe enough with some of those funds in the Vault.

What are your experiences?



https://www.coinbase.com/vault?locale=en-US#features

https://support.coinbase.com/customer/en/portal/articles/1662379-how-is-coinbase-insured

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longwintershere
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February 19, 2018, 07:02:13 PM
 #2

I have a small amount of BTC and LTC in Coinbase vault, since it is insured I am thinking that this is a moderately safe way to store for long term. 

Of course it is best to own your private keys and store offline. But this is like one of those, don't keep all your eggs in one basket ideas.

If I had a million dollars in Crypto would I feel safe with them in the Vault?  I am thinking so.  I have heard a bunch of negative sentiment towards Coinbase, but I have only had positive experiences.  I do believe that they charge to high of fees.

I am continually dollar cost averaging into BTC/LTC and feel safe enough with some of those funds in the Vault.

What are your experiences?



https://www.coinbase.com/vault?locale=en-US#features

https://support.coinbase.com/customer/en/portal/articles/1662379-how-is-coinbase-insured

I think sometimes it's even better to use third party like coinbase than storing it yourself. It depends on what security measures you can take. If you buy hardware wallet, store it there. If you watch porn on your comp, rather use coinbase Smiley

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etherflip
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February 19, 2018, 07:14:50 PM
 #3

I have a small amount of BTC and LTC in Coinbase vault, since it is insured I am thinking that this is a moderately safe way to store for long term. 

Of course it is best to own your private keys and store offline. But this is like one of those, don't keep all your eggs in one basket ideas.

If I had a million dollars in Crypto would I feel safe with them in the Vault?  I am thinking so.  I have heard a bunch of negative sentiment towards Coinbase, but I have only had positive experiences.  I do believe that they charge to high of fees.

I am continually dollar cost averaging into BTC/LTC and feel safe enough with some of those funds in the Vault.

What are your experiences?



https://www.coinbase.com/vault?locale=en-US#features

https://support.coinbase.com/customer/en/portal/articles/1662379-how-is-coinbase-insured

There has been a lot of debate on their level of insurance on crypto. It seems they are in fact insured up to the standard $250k that other FDIC insured institutions are for their USD - as well as crypto positions you hold. That being said, I would say it is highly safe up to that amount, but once you get above that dollar amount, please consider diversifying your accounts.

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February 19, 2018, 07:23:16 PM
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Honestly in my own when i was test their vault before it needs a 2 emails and 1 phone number when transferring my bitcoin from vault to main wallet in coinbase it takes 3 days before your bitcoin transferred to your main wallet this is just what i experienced and the bad thing there you don't have any backup keys that you can use to recover your wallet once the site down or crash.. So for me it is not safe to use if you wanted to hold your bitcoin for a long time.
If you really wanted to hold your bitcoin for long time and safe only hardware can gives you guaranteed safe..
I suggest ledger nano s or Trezor wallet..
But i am also using desktop wallet i never had any issue using it as of now so electrum will be also the best desktop wallet in lite version that you can hold your bitcoin for a long time. you can do everything with  electrum,, you can backup private keys and seed phrase for future recovery this is the good advantage of using them than using coinbase..

Bitcoin will become stable soon and altcoin will keep increasing this coming months.
Captain Crypto Pants
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February 20, 2018, 12:11:08 AM
 #5

If they were hacked or the site crashed it could be a problem proving how much BTC you actually had.

I think that with the growth of Coinbase they are going to be around for a long time.  And if they really are keeping the coins in cold wallets that are insured, that seems highly secure.

If I had $250k worth of BTC sitting in a Ledger or Trezor in my gun safe I would worry much more about someone being able to steal it.

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rajivcrypto003
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February 20, 2018, 02:00:17 AM
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So will you recommend it ?
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February 20, 2018, 02:49:32 AM
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 #7

The Coinbase Vault is a pretty great idea, but the problem (in my opinion) is the timelock. There was a point when I urgently needed some coins that were locked in the Vault, and iirc they made me wait 48 hours, which is a major pain in the ass. I would also recommend that you steer clear of Coinbase altogether - they are a very shitty company and have banned my account for a rather trivial reason. Just don't use them. Get a private key and lock it in a fireproof safe, there's your vault.

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Captain Crypto Pants
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February 20, 2018, 04:30:45 AM
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So will you recommend it ?



After hearing some positive and negative views, coupled with my own personal experience I would say that, yes I would recommend it as a service.  I wouldn't keep $250k of cash in my gun safe, and I don't think that I would keep 25BTC in it either.  The time lock is there for a reason, yes it makes it a pain in the ass but at the same time if someone was trying to steal your BTC you would get a few days notice and hopefully be able to stop it.

Yes, Coinbase hasn't been the best company to deal with but the growth they went through was enormous. Until a better product becomes available the Vault seems like a good deal. 

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February 20, 2018, 04:49:18 AM
 #9

If you have a small amount of BTC and LTC I wouldn't worry about it, especially if you plan to just hodL. If you had a significant amount, (and that is different with everyone) I would not keep in the CB vault.

I've used it before and like others have stated, it can take some time go get it back to the standard CB wallet. I believe that it is 24hrs after 2FA and a confirmation email.

I think in a lot of cases, one would move the coins out of the account because they needed them. Well, w/CB vault you will need to wait. This is a good thing on the other hand b/c it prevents a potential inside job where an rouge employee that plans to leave the company steals as much as he/she can at 3am in the morning and disappear with a one way ticket to Costa Rica...
nullius
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February 21, 2018, 01:03:32 AM
 #10

The Coinbase Vault is a pretty great idea, but the problem (in my opinion) is the timelock. There was a point when I urgently needed some coins that were locked in the Vault, and iirc they made me wait 48 hours, which is a major pain in the ass.

Well, that sounds like the whole purpose of timelock.  Not a negative.  Don’t use any timelock scheme if you may need the money in a hurry.  Use a timelock if and only if it makes sense; just don’t use one from Coinbase, because...

I would also recommend that you steer clear of Coinbase altogether - they are a very shitty company and have banned my account for a rather trivial reason. Just don't use them. Get a private key and lock it in a fireproof safe, there's your vault.

This.  If you don’t have private keys, then you’re not using Bitcoin.  Coinbase is a bank.  Be your own bank.

If you need a point-and-click timelock solution suitable for beginners, there exist easy-to-use services which do this with multisig.  They can’t cheat you, because your signature from your private key in your possession is needed for release of funds.  I have seen at least one service desiged such that either your key plus timelock expiry will release funds eventually (so they can’t freeze your funds), or your key plus their key will release funds immediately.  I won’t name any services, because I haven’t used them and can’t vouch for them.  Search.  Or perhaps someone helpful who has used these services will chime in...

If you need a timelock involving no other parties and you know what you’re doing, then—well, you would not be asking about Coinbase.

geethnew
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February 26, 2018, 04:36:14 AM
 #11

Coinbase is a good wallet, But If I am having a larger amount of crypto currencies I will definitely go for an hardware wallat.
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