Never use Coinbase wallet's private key back up feature

[taratorly]

Why do we need Coinbase wallet. I can create and use a lot of way. I don't even look at it. I use blockchain website and paper wallet. And I am relife.

[Indamuck]

Many people will use this feature since a lot of them don't care about decentralization and are only here to make a profit.  Most would rather have the security responsibility be on someone else rather than themselves.

[Jet Cash]

I use coinbase pro to teach myself about trading, so I need to keep a mix of fiat and Bitcoin in their wallet. I run a node for my long term savings, and I'll move any Bitcoin that I want to save out of the coinbase wallets.

I don't use any cloud services - there are enough vulnerabilities in Windows and Google products without increasing them.

[kucritt]

why don't save any private key or any sensitive cryptocurrency key on cloud? is it save? as i know that cloud is the safe place, only the owner can access the file, or people that have the shared link can access it. so i think it will a good things when we can save it on cloud storage

[Red-Apple]

the worst part of these services is that they are targeting newbies most of all and that is who they get in the end too. people who are new to bitcoin and its ways but are already familiar with the banking system and centralization of them. so when they see something like Coinbase they are more than happy to use it not knowing what they are really losing by doing that. and they won't know it for years until the shit hits the fans.

[stompix]

why don't save any private key or any sensitive cryptocurrency key on cloud? is it save? as i know that cloud is the safe place, only the owner can access the file, or people that have the shared link can access it. so i think it will a good things when we can save it on cloud storage

NO! It's not!

Google drive has a bad reputation in security, lost of people are getting their accounts hacked every day, and Icloud...common Remeber the 2014 fiasco or "The Fappening"?

You should never store passwords or sensitive personal data or material an rely on cloud services.

[estvincere]

as i know that cloud is the safe place

I think no safe public cloud. But if you dont have any variants, use crypto containers with strong long password.
Good solution for this VeraCrypt. But download only from original site.

[DeathAngel]

If you’re not the sole owner/keeper of your private keys then they are not your bitcoin’s.

[Thyristor]

We will be get coinbase private key back up feature right but besides they said it is optional feature so don't worry that coming update you can going to check out from tweet https://twitter.com/CoinbaseWallet/status/1095386639105384448
Back Up Phrase in google drive/Cloud back up whatever this make me confused and i think it's something risky so definitely personally i don't do it.

[bbc.reporter]

A good thing by the OP to notify other members about this. I myself won't support storing private keys for bitcoin wallets to be stored in any sort of online cloud service because if during an event of a cloud service getting hacked it would risk all the private keys and the bitcoins as well. According to me, notepads on personal phones and Macs are a way better way to store away private keys.

Are you trolling hehehe? It might only be a better way to store your private keys and seed words if your phone and Mac is offline all of the time and will never be connected to the internet.

Also, there are many guides in the internet on how to safely store them. The people might be lazy to do it, however.

[maydna]

I don't want to save my private information in the cloud or any online storing data because it's too risky. I heard and read many people lost their private data because they save it in the cloud. I prefer to use an offline wallet to save my bitcoin, so I don't have to always connect with the internet if the connection is not secure or if I am in the public area. Besides that, I never use Coinbase wallet, and I still prefer blockchain.com than another online wallet.

[CoinChili]

Glad that I never agreed to clicked that private key backup feature of coinbase. Usually, all my private keys and passwords are saved in my notepad in my phone and i also made it a hard copy for security purposes. There are tons of suspicious features in some exchanges. We have to be well informed about this.

[Mfomo]

It’s risky I never do such extra precaution nuddy and secondly never store your private keys or back up phrase keys on your iCloud if it’s compromised your investments ain’t save...Always think of security

[DeathAngel]

Lots of people are beginning to boycott Coinbase, I think it’s a good idea. Much of what they’re about goes against what Satoshi intended bitcoin to be.

[incomefromcoins]

coinbase is having tough time due to twitter hashtag delete coinbase account is on the market we can expect coin base security bugs issues are coming out

[Pursuer]

every service has its usages and people really need to start learning these real use cases and stop using them for things they are not designed for. for example Coinbase is a great tool for beginners who have spent their whole lives using banks and online web wallets like Paypal and things like that and at the same time they don't want to learn about bitcoin right off the bat. so using Coinbase for these people is best to get the started and give them a way to both store and buy in the same place in a safe and moderately trusted way.
but then if you spent more time that you could no longer call yourself a "beginner" then you should not continue using Coinbase for anything anymore.

[vv181]

Yep, Sounds like the securest way to back up and store a private key. Just use a third-party app backup tool and store it on the cloud storage. Hardware wallet s would be useless compared to those kinds of invention. lol

[pooya87]

Lots of people are beginning to boycott Coinbase, I think it’s a good idea. Much of what they’re about goes against what Satoshi intended bitcoin to be.

not really!
Satoshi meant bitcoin to be a decentralized permissionless currency and that means anybody can use it, and Coinbase is among those "anybody"s. they are offering certain type of services that can have their own usages and as long as people don't have any illusions about what they really are (a centralized account that controls your bitcoin and tracks you and reports your every move) i don't see any problem with their services.

[Wind_FURY]

Lots of people are beginning to boycott Coinbase, I think it’s a good idea. Much of what they’re about goes against what Satoshi intended bitcoin to be.

not really!
Satoshi meant bitcoin to be a decentralized permissionless currency and that means anybody can use it, and Coinbase is among those "anybody"s. they are offering certain type of services that can have their own usages and as long as people don't have any illusions about what they really are (a centralized account that controls your bitcoin and tracks you and reports your every move) i don't see any problem with their services.

Although Coinbase did support Segwit2x, and supports Bitcoin Cash, which are two of the many socio-political attacks on Bitcoin.

Coinbase is anti-Bitcoin.

[o_e_l_e_o]

Coinbase is anti-Bitcoin.

To follow on from this, Coinbase have just admitted the reason they bought Neutrino was because their previous provider was caught selling client data to third parties (skip to 1:53 in the video). They don't say what data was compromised, or how long they've known for, or why they didn't inform their customers at the time.

They are anti-bitcoin, anti-privacy, anti-customer. They only thing they are pro is greed.