Newbies! Beware of using Centralized wallet like Coinbase.

[JeotQ]

There are many online wallets and web wallets in crypto space and many people don't know the differences between dex and CEX wallets till date, they went ahead and go with any available wallet they see, some don't even know what private keys and Mnemonic seeds are, it's a complete shame, wallets like free wallet, coinbase and others are examples of online wallet, they give users no key to their funds, if coinbase got hacked users will lose their assets to hackers

[Mighty_crypt]

This isn't about coinbase alone, even top centralized exchanges are the same, do not entrust your assets to any centralized platforms, I believe this is the best way OP should have put it, having control on your private keys is the smartest thing to do

[mersal]

Everyone should be aware of risks involved when we use centralized services related to cryptocurrencies. I am having a bitter experience with coinbase since my funds in their Vault is unable to access due to unknown reasons, support team still didn't any convincing response, they asked me to complete verification before a month ago now also they replied me the same.

[virasog]

Coinbase is a centralized wallet. When you sign up on coinbase wallet you only have password of your account. Coinbase wallet will not give you any private key or seed phrase. As a result, if your account is ever locked or restricted, you will lose access to your account forever.

All the online exchanges and wallets are centralized and we can nothing about them if they shutdown or deny our withdrawals. That's why no one will recommended to store your funds on these exchanges for a long period of time. Did you have any amount in your coinbase wallet ?

[415jeremy]

I thought Coinbase wallet is non-custodial service unlike its exchange.

[cheezcarls]

In my early days of journeying into the cryptoverse, Coinbase is one of the first few wallets that I have ever registered. I even got paid straight to my Coinbase account for some small tasks back then. When it comes to centralized wallets, I am now avoiding to store my cryptos for a long while. I just simply use them as a gateway for me to cashout to fiat rather than storing them.

And speaking of Coinbase, this reminds me of something:

[CashbackLover]

No keys no total control, newbies need to understand this, I have a friend that store over 20,000$ crypto assets on coinbase wallet and I have warned him severally but still he prefers to keep using coinbase, I don't know what else to use to confuse him, I've already tell him the difference between a CEX wallet and a DEX wallet