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Author Topic: Blockchaininfo.com Vs. Exchanges (Coinbase) For Wallet  (Read 767 times)
RealT
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November 06, 2013, 02:24:29 AM
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My question is which is a more secure wallet; blockchaininfo.com or an exchance like Coinbase?
Thanks!
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TheButterZone
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November 06, 2013, 04:44:09 AM
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That's like asking if it's better to be murdered with a steak knife or a dagger.

https://bitcointalk.org/index.php?topic=324985.msg3495415#msg3495415

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November 06, 2013, 05:06:54 AM
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My question is which is a more secure wallet; blockchaininfo.com or an exchance like Coinbase?
Thanks!

One of them (blockchain.info) is a wallet where you retain control of your private keys, can create a backup, and can recover your bitcoins if the website/company disappears.



The other (coinbase) is an unregulated, uninsured, un-audited bank account:

If you don't have the private key, then you don't have the bitcoins.  It's as simple as that.  You have generously given away your bitcoins to a complete stranger based on a promise that they've given you that they will send those bitcoins anywhere you like anytime you like whenever you ask them to.

Imagine.  You're walking down the street with $1000 in your pocket.  You come to a corner where someone has set up a folding table and put out a sign printed on a piece of cardboard.  You're curious so you ask them what they're doing. They explain to you that they are operating a corner bank.  They tell you that if you give them all the cash in your pocket, they will hold on to it for you.  Then at any time in the future, you can just ask them to spend it for you and they will deliver the cash wherever you like.  They are not insured by the FDIC (or anyone else). They do not go through any sort of audit or submit to any oversight. You are not allowed to know how much total cash they are holding right now.

Do you hand them your $1000 and walk away, hoping that they'll still be there with their folding table tomorrow when you come back to ask for some of that cash to be sent somewhere?  If not, why would you do the same with your bitcoins?

b!z
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November 06, 2013, 05:28:46 AM
 #4

You are looking for blockchain.info
RealT
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November 06, 2013, 02:31:11 PM
 #5

On blockchain.info are the private keys stored online?  If so, isn't it better to store them offline on a paper wallet?

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CIYAM
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November 06, 2013, 02:34:17 PM
 #6

On blockchain.info are the private keys stored online?  If so, isn't it better to store them offline on a paper wallet?

The keys are generated in your browser (presumably stored in 'localStorage' or similar) so not "online" in terms of being in blockchain.info's possession.

EDIT: (see below)

With CIYAM anyone can create 100% generated C++ web applications in literally minutes.

GPG Public Key | 1ciyam3htJit1feGa26p2wQ4aw6KFTejU
DannyHamilton
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November 06, 2013, 02:51:13 PM
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On blockchain.info are the private keys stored online?  If so, isn't it better to store them offline on a paper wallet?

Thanks

They are stored by blockchain.info in encrypted form, encrypted with the password that you provide on the wallet.  If you choose a weak password, then it will be crackable by a hacker.  It is therefore important to choose a strong password.

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November 06, 2013, 02:54:51 PM
 #8

They are stored by blockchain.info in encrypted form, encrypted with the password that you provide on the wallet.  If you choose a weak password, then it will be crackable by a hacker.  It is therefore important to choose a strong password.

Oops - I hadn't actually realised that (guess the .js stuff they use is not to store the private key locally but to do the encryption of it).

Also very important not to *forget* your password either!

With CIYAM anyone can create 100% generated C++ web applications in literally minutes.

GPG Public Key | 1ciyam3htJit1feGa26p2wQ4aw6KFTejU
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