Is keeping your money on Coinbase really that bad?

[Kprawn]

Most of the previous hacks on exchanges was quite huge, and there are no 100% guarantee that these insurance companies

will pay out the claims. We have all dealt with insurance companies before and if there are the smallest opportunity for them

to decline the claim, then they will do that. Then you are stuck with percentage pay-back token schemes.  < If they even

worry about doing that.> 

[btcprospecter]

The other problem is that when bitcoin forks you don't get the benefit of that although when bitcoin cash forked from bitcoin coinbase customers eventually got bch.

[ladyinredcoins2018]

TDIL Coinbase insures money lost from physical security, cyber attacks, and employee theft. they keep 98% of their funds offline. So back to my original point, is it really that important to keep your money off exchanges if they offer insurance and you personally make sure that your account isnt vulnerable to phone attacks? https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-

It is better be safe than sorry. Nowadays a lot of evil people are lurking around and in the web ready to devour those easy targets. It is best that we buy hardware no matter how expensive it is, its way lesser than getting scammed or hacked.

[Msile]

First thing no matter how good a exchange is never keep your funds on it as they are prone to get hacked any time. And they insure your money up to a certain point after which you are liable. Also coinbase locks accounts from time to time for no apparent reasons and than don't reply for weeks/months.

[bitcoinking11]

I wouldn't recommend keeping a lot of money on exchanges, It wouldn't be safe at all. Hackers can attack exchanges any time. But there is nothing wrong in keeping a small amount of money. I have also got some money in Coinbase for some time without having any problem. To keep a lot of money, it would be better to use hardware wallet.

[badakjawa]

no, coinbase is a good wallet, coinbase has security features like xapo, but coinbase is more interesting, because it provides more fiture. in coinbase, all altcoins can be stored.

but between all the wallets, I prefer to use TRIV, because has the complete feature, I am a trader, and I think TRIV is suitable for me.

[FrueGreads]

TDIL Coinbase insures money lost from physical security, cyber attacks, and employee theft. they keep 98% of their funds offline. So back to my original point, is it really that important to keep your money off exchanges if they offer insurance and you personally make sure that your account isnt vulnerable to phone attacks? https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-

I know coinbase offers insurance, although I never really tried to see how that works, and how much of my money would be covered with their insurance. I doubt they would offer 100% insurance, but I didn't check their terms so I don't know. I do think that keeping money on exchanges kind of goes against the point of holding crypto, since an exchange would take the place of banks as a middle man, and with crypto would shouldn't need that.

I do keep a very small amount on coinbase, but just because I want to start trading. I do think they are safe, but I don't use them as a wallet.

[peter0425]

TDIL Coinbase insures money lost from physical security, cyber attacks, and employee theft. they keep 98% of their funds offline. So back to my original point, is it really that important to keep your money off exchanges if they offer insurance and you personally make sure that your account isnt vulnerable to phone attacks? https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-

Just search for trading exchanges being hacked in the past and make your own conclusion. Of course its not safe to put all your funds not just in Coinbase but in any exchanges because if the hackers were able to get in, I'm sure that all you money will be lost forever.

Besides they can even lock your account without an appeal or in worst case scenario, authorities seize the servers and the hard drive of a exchange for suspicious activities, resulting in your funds being held for a long time. If you are holding a lot of money, its not really recommended to put it in a exchange, but in a hardware wallet where you can have total control.

[Sahyadri]

I have never been fond with the idea of keeping funds in an exchange. Who knows when a site might get attacked and runs away with all your money? Same happened with a reputable Indian exchange called coinsecure. The best way to keep your funds in a hardware wallet or ledger because even wallets like MEW were attacked recently in a fresh case of cyber incident.

[mangkanor]

TDIL Coinbase insures money lost from physical security, cyber attacks, and employee theft. they keep 98% of their funds offline. So back to my original point, is it really that important to keep your money off exchanges if they offer insurance and you personally make sure that your account isnt vulnerable to phone attacks? https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-

Best place to store your coins will still be in hardwallets,exchanges disagree to store big amount of bitcoins to their platform as anything can happen because hackers will find their ways to get those coins from these exchanges thats why we shouldnt be putting all of our money to exchanges thats why exchanges would never be a safe place to store your coins.

[Sihab76]

Yes i keeping my bitcoin and Ethereum on casebase. But i don't worry about bitcoin and Ethereum hacking phenomena. Because coinbase has a extra security apart from hacking.

[vandako]

Personally, I had used coinbase with any security issues and they are very reputed. However, there are still chances of it getting hacked, you should use a physical wallet for coins.

[hualangktsld841]

Your bitcoin is risky on the exchange, and I have a bad experience that happened a few months ago. In December last year, I turned my bitcoin into the www.coinsmarkets.com exchange, and in a few days the exchange stopped extracting coins. Then they stole people's bitcoins and altcoin, it's a robber. I'm not saying that Coinbase will also have such a problem. You'd better put bitcoins in your wallet, my friend.

[Crypdon]

It's worth keeping a small amount there in case you lose the details of your own wallet, but you should really look after your own just in case. Coinbase is an easy way to invest so good for newbies, but eventually they should learn about personal wallets and safeguarding bitcoins.

[leonair]

technically, Coinbase was never been hacked before but it doesn't guaranteed you that it will not happen anymore as there's always a possibility that it may occur in the future so the best move for you to keep your Bitcoin is to create your own Bitcoin wallet to your desktop rather than storing it to an exchange, I once used Coinbase though and its good when it comes to customer support and any other things.

And remember that Bitcoin is decentralized and Bitcoin exchanges is not.

[VitKoyn]

If you will decide to hold or keep your cryptocurrency, why would you choose to trust exchanges and online wallets to secure it for you if you can secure it by your own. I'm not saying that those exchanges like coinbase have poor security, it is just that hackers will always target them because they hold huge amount of cryptocurrencies, there are also some instances that the accounts of users are being suspended by exchanges without doing anything illegal with their accounts. So for me, it is still best to keep your cryptocurrency in a wallet that you also hold the private keys and exchanges should only be used to buy and sell your coins.

[player514]

TDIL Coinbase insures money lost from physical security, cyber attacks, and employee theft. they keep 98% of their funds offline. So back to my original point, is it really that important to keep your money off exchanges if they offer insurance and you personally make sure that your account isnt vulnerable to phone attacks? https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-

The main reason people say holding your money in an online exchange is because you have to be certain that your money is safe with that exchange. This is likely impossible to guarantee 100%. Take for example this situation. Let's say you give $100 to your friend James because he can hold onto it. While he has the 100 dollar bill, you don't know what he's doing with it. You don't know if he's going to get robbed because he has a 100$ bill or if he's going to just turn against you and take your money. That's the danger in putting your trust into other online exchanges -- there are always "if"s.

[Dudeperfect]

I am not against any particular exchange or web wallet but as we all know that the core philosophy of Bitcoin and blockchain is all about decentralization and it means that control should be in the hands of the user thus it doesn't make any sense to appoint someone to hold it for you even if the person/company is genuine. I never keep more than 5% funds online, not because I don't trust them but I feel more secure when I hold funds for myself. That's what freedom is all about and we should take the advantage of it.

[Ankhesenamun]

coinbase is currently not reliable enough and it is extremely unsafe to store your funds with it. Therefore, if you do not want to lose your funds, use other wallets.

[Victorias]

 I use exchanges only for the sale or purchase of crypto currency. Also, I recommend storing all your money on hardware wallets such as Ledger and Trezor.