Some problematic things about Coinbase

[Mashfiqun]

Some problematic things about Coinbase

Coinbase is good if you treat it as an exchange and not as a wallet. It is simple as that. Problem is people use it as a wallet and sooner or latter will get burned.

Actually that's the whole point here. Some people aren’t reading the thread quite well. Some maybe didn't simply understand the things.

[TimberWolf]

Great topic to read. Thank you for all the posts. I will try electrum. 

Has anyone tried Exodus Wallet (desktop)?

Exodus wallet is also good. It allows you to store the seed phrases, has an exchange, stores private keys locally. But does it allow using custom fees? I'm not sure about that. Somebody else could help you out on this one.

But does it allow using custom fees? I'm not sure about that. Somebody else could help you out on this one.

It doesn't. If you use Exodus and want to send a tx with custom fees, you will need to import it in Electrum or a similar wallet, then make the transaction from there. Some people use Electrum for BTC and Exodus for the other alts (all with the same seed).

  @TryNinja @Mashfiqun Thank you very much for your reply! VERY helpful for you to stop and help us new peeps

[Mashfiqun]

Great topic to read. Thank you for all the posts. I will try electrum.  

Has anyone tried Exodus Wallet (desktop)?

Exodus wallet is also good. It allows you to store the seed phrases, has an exchange, stores private keys locally. But does it allow using custom fees? I'm not sure about that. Somebody else could help you out on this one.

But does it allow using custom fees? I'm not sure about that. Somebody else could help you out on this one.

It doesn't. If you use Exodus and want to send a tx with custom fees, you will need to import it in Electrum or a similar wallet, then make the transaction from there. Some people use Electrum for BTC and Exodus for the other alts (all with the same seed).

  @TryNinja @Mashfiqun Thank you very much for your reply! VERY helpful for you to stop and help us new peeps

It's all about helping people here at the forum. Stick around and you'll see there's plenty of guys who are willing to help.  

[Nawrod]

Well, if you don't like Coinbase, just find another exchange. Coinbase is commonly known as very reliable and professional exchange, so I'm surprised by these problems. Personally, I don't use Coinbase, better try Kraken or CoinDeal. These two are safe and user-friendly with low fees.

[Mashfiqun]

Well, if you don't like Coinbase, just find another exchange. Coinbase is commonly known as very reliable and professional exchange, so I'm surprised by these problems. Personally, I don't use Coinbase, better try Kraken or CoinDeal. These two are safe and user-friendly with low fees.

Did you read the post? I talked about Coinbase as a wallet not an exchange. And if you don't use Coinbase then you literally didn't know about these problem. What I wrote are the truth. If you're surprised, I have nothing to do about it.

[conex]

Here's also sth problematic to consider: https://beincrypto.com/coinbase-holds-a-whopping-966230-bitcoin-7b-in-cold-wallet/

[Mashfiqun]

Here's also sth problematic to consider: https://beincrypto.com/coinbase-holds-a-whopping-966230-bitcoin-7b-in-cold-wallet/

Coinbase holds almost 98% of their funds in cold wallets so it's less error prone to get hacked. You may get your funds back if you are hacked. But still, there's literally no good reason to store any funds on any exchange in my opinion. Why would somebody risk their funds? And KYC, locking gambling money, the app could also be a downside for them.

[goinmerry]

Because generally exchanges are rather insecure comparing to other wallets like Electrum or Coinomi. It could be hacked or might also be a scam, you can't be

Where did you get this idea? Electrum and Coinomi do have their own feature on which Coinbase or any exchanges didn't have. Vice-versa, Coinbase, and any exchange also have their unique feature that hardware wallets, desktop wallets don't have.

Regardless of features, non-custodial wallets (like Electrum and Coinomi) are generally considered safer because they have fewer attack vectors (more resistant to phishing, don't have to worry about password leaks, etc.). They don't have the capability to hold your funds for any reason either.

Coinbase does have the advantage of insuring their customers' funds (so they might actually be better than a lot of exchanges for storage), but you won't really need insurance if you know how to take care of coins.

Of course, and I think everyone already knows that Electrum and Coinomi are generally much safer compared to any centralized exchanges out there even how reputable it is when we are talking about storing our own coins.

What I'm pointing to my statement there is not about the security between those wallets but where did OP got the idea that exchanges are insecure to those non-custodial wallets.

OP is telling anyone not to use Coinbase to store their coins which is already a general and basic rule, guidelines and a must thing to do. Why use Coinbase for that purpose? Just use their features instead.

[Velkro]

why are you targetting Coinbase? i did not use it before but as you said all of these possibilities same for all markets without DEX's. i did not see any special reason to not use coinbase.

One of reasons could be they hold over 900 000 bitcoins in cold wallet.
If that will get hacked, it will crush bitcoin market worldwide.
People are careless and keeping BTC on coinbase as some kind of bank, and its not.

[Taskford]

Here's also sth problematic to consider: https://beincrypto.com/coinbase-holds-a-whopping-966230-bitcoin-7b-in-cold-wallet/

Coinbase holds almost 98% of their funds in cold wallets so it's less error prone to get hacked. You may get your funds back if you are hacked. But still, there's literally no good reason to store any funds on any exchange in my opinion. Why would somebody risk their funds? And KYC, locking gambling money, the app could also be a downside for them.

That's why it's better to have your own hardware wallet if you want to have a safety feeling for storing your huge volume assets, but if you are a regular user which not hold to much then I think coinbase is good since for sure the people wants from it is the convenience for using on their daily transaction and I got no issue using it even from now but evethough no issue for me occur still I'm still careful since for me exchangers still not safety since it's prone from attacks and other forms of it.

[Mashfiqun]

Here's also sth problematic to consider: https://beincrypto.com/coinbase-holds-a-whopping-966230-bitcoin-7b-in-cold-wallet/

Coinbase holds almost 98% of their funds in cold wallets so it's less error prone to get hacked. You may get your funds back if you are hacked. But still, there's literally no good reason to store any funds on any exchange in my opinion. Why would somebody risk their funds? And KYC, locking gambling money, the app could also be a downside for them.

That's why it's better to have your own hardware wallet if you want to have a safety feeling for storing your huge volume assets, but if you are a regular user which not hold to much then I think coinbase is good since for sure the people wants from it is the convenience for using on their daily transaction and I got no issue using it even from now but evethough no issue for me occur still I'm still careful since for me exchangers still not safety since it's prone from attacks and other forms of it.

This was actually the case for me. But after my funds were locked a month ago, I thought this can't be the way to store coins anymore. 

[Mashfiqun]

Why use Coinbase for that purpose? Just use their features instead.

And where did I say don’t use Coinbase to exchange? Believe it or not, most of the beginners in crypto use Coinbase to store their crypto-currencies. I personally live in a country where all other features of Coinbase is blocked. I can't trade, can't buy or sell on the platform. The only thing I can do is use their site as a wallet to enjoy free transactions between users. That's it.
If you can use other features, use it. Just don’t store coins for a long term. That's my point.