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Author Topic: Is keeping your money on Coinbase really that bad?  (Read 301 times)
clickerz
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August 09, 2018, 11:47:24 AM
 #61

If you want to save you safely, save it on hardware, such as Trezor and Ledger.
If you save your money in exchange it is dangerous, because hacking often occurs.

Please think back to everything you will want to do.

Hardware wallet is a must if you are trading big amounts already. What is a hundred dollar plus hardware wallet when its secured and protected. If you have many crypto assets, its time to  have one really. For me, I leave some crypto assets on exchanges if I am actively trading but for long term hold, i withdraw it on my hardware wallet.

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woolm110
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August 09, 2018, 11:51:47 AM
 #62

Hacking is the main concern, its always best to keep your funds in hard or cold storage, that way you have full control over them and they're not prone to hacks or security breaches. I personally keep a small amount in coinbase but the majority of my funds are stored using the Ledger Nano S
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August 09, 2018, 11:57:15 AM
 #63

 With transaction backlog increasing, if you leave ethereum in Coinbase, you will be able, to trade without waiting for confirmations. This is the good part. The bad part, is that if Coinbase is hacked, then you’ll find it difficult to get your coins back. If you move them to your wallet, they will be safe, but then you’ll need increased transaction fees, to move them to coinbase to trade.
 You can find out, what is suited better for you.
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August 09, 2018, 12:01:47 PM
 #64

There are more wallet in online where you can store your Btc or other valuable coins.Coinbase is the most popular and easiest wallet for storing Bitcoin.But I think Blockchain wallet is more secure than Coinbase wallet.Those are preferable for me.But some of my friends are banned from Coinbase and they lost their money as well. Personally,I suggest you to use Blockchain wallet.

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August 09, 2018, 12:07:44 PM
 #65

There's always a risk that an exchange could make off with your coins, could be hacked, or could shut down due to poor management, making it possible that you'll never be able to get to your cryptocurrencies again. So that Coinbase is not absolutely safe as any other exchanges to leave your cryptocurrencies.
People with cryptocurrency should use 2 step verification to better protect their private keys. Regarding server security, we can only rely on risk controls for exchanges.
For maximum security you should leave your cryptocurrencies in a wallet in cold storage. But it requires you have technical background which is not an option for everyone.
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August 09, 2018, 12:12:14 PM
 #66

you should really get a hardware wallet, man.

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