Newbies! Beware of using Centralized wallet like Coinbase.

[Cadaver20]

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.


source: facebook

[1715050373]

1715050373

[1715050373]

1715050373

[1715050373]

1715050373

[1715050373]

1715050373

[Pffrt]

Every custodial wallet should be a big no because they may restrict your wallet anytime for any reason. As the universal truth goes, "Not your keys, not your coins." However, I would still pick Coinbase if I had to pick custodial services because of its security and features it offers.

[TopTort777]

Same can be said almost to every online wallet or exchange, and not only Coinbase. They dont provide anything. Using them user is always under the risk of loosing everything. It has been said million times already - best wallet is the one on your pc or any physical device that you own.

[LeGaulois]

Criticizing a web wallet because it is a custodial wallet platform but on the other side using a custodial exchange not giving the private keys. How ironic it is. Things are not different for your information, they may also restrict your wallet at any time and they warn you about this. Your funds will also be gone to the graveyard.

If you wanted to criticize a web wallet because it doesn't give you access to the keys. We all know that already. No matter, everyone knows the risk of not having access. It doesn't make much difference in how it is used.

It is perfectly acceptable to use such a platform when you need to make a quick transaction for your daily purchases, instead of using a hardware wallet for example.
But just to be on the safe side you don't store all your savings on it. In the same way that you don't store all your coins on an exchange.

[ScamViruS]

It is never safe to use any online wallet and exchange as a wallet. I used coinbase to store my own funds, but suddenly one day I saw that my account had been blocked, but luckily coinbase gave me the opportunity to transfer my funds to another wallet. So from now on I refrain from using online wallet.

Everyone should keep in mind that you do not have the private key of the wallet your wallet fund is not safe

[cabron]

Although its true that its a webwallet and centralised, things like these can be addressed if there was no laws violated.

Why is he saying that there is no support to talk to about his issue when coinbase is a big company with all the possible customers contact can be done there.

I suppose coinbase now is the target for all the fuds to work and bring the BTC price down.

[Asuspawer09]

It's pretty common for a custodial wallet to encounter some issues like this one or some freezing account, just like what everyone says if you don't have the private key you don't have control of your wallet.

But base on my experience in Coinbase it's not actually that bad, and I never encounter any issue using the wallet but there are just some requirements that some people are not willing to give or risk it just like the KYC.

I guess it probably happened to a lot of custodial wallets where they limit the in and out of the money especially in bitcoin because of the sudden pump and surpassing the ATH because they will lose a big amount of money from this pump.

[sort_cirkit]

Those who provide wallets online always warn their clients in advance. They do not store clients' passwords or keys. As a result, if you have an accident, that wallet can be lost or damaged. Newbies need to be careful when using online wallets. My opinion is to use offline wallet instead of online wallet. It provides security and protection.

[pakhitheboss]

Such issues are not only restricted to coinbase account holders but to other exchanges and web wallets  account holders too.
When you do not have the private key to your wallet, you do not have full control of your wallet.Therefore it is imperative that you keep your money in your personal wallet than on an exchange wallet or web wallet.

[stompix]

It is perfectly acceptable to use such a platform when you need to make a quick transaction for your daily purchases, instead of using a hardware wallet for example.
But just to be on the safe side you don't store all your savings on it. In the same way that you don't store all your coins on an exchange.

The post is from a group called "Coinbase Day Trading", getting over the irony of someone posting on Facebook how centralized platforms are bad for people that want to day trade there is no alternative, they need fast trades, high volume, and low fees, you will not be able to deliver those with a decentralized exchange.

Also, pretty interesting, the user says:
"I can't get any of the money in there and I can't add any money" Now, why would you do that?

I used coinbase to store my own funds, but suddenly one day I saw that my account had been blocked, but luckily coinbase gave me the opportunity to transfer my funds to another wallet.

Did they give you an explanation for the block? Just curious!

[akirasendo17]

why would they do that or maybe you have done something wrong? have you verified your account or complete the KYC
maybe you need to check the requirements, I have long login to Binance maybe like 3 years, and check my coins all of them are fine
some transactions in the exchange are restricted if you have not completed the requirements, for example, KYC, if you don't
complete or finish filling it up, you will have a limit in transfer, at the same time, have you check your balance, there is a minimum in transfer.

[mk4]

Although its true that its a webwallet and centralised, things like these can be addressed if there was no laws violated.

Why is he saying that there is no support to talk to about his issue when coinbase is a big company with all the possible customers contact can be done there.

I suppose coinbase now is the target for all the fuds to work and bring the BTC price down.

Sure, Coinbase does have customer support that could help you with your issues, but most of the potential issues(wallet freezes, server downtime, etc) you can get with services like Coinbase you can't even get from using a good non-custodial wallet.

https://NotYourKeys.org/

[hd49728]

Wallets like CoinBase or Blockchain.com, I don't use if I have alternative choices. Honestly said, blockchain.info (now blockchain.com) wallet is the first bitcoin wallet I used but I did not use them since 2018 when I knew I can have better wallets (Electrum) and realized their customer support does not provide wallet recovery.

I only use CoinBase when I have to buy something that requires me to pay the bill through CoinBase. If I have to do this, I only send an exact amount of the expense to my Coinbase account and that's it. I don't store my bitcoin or cryptocurrency on my Coinbase account. Never.

[Maxstl007]

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.


source: facebook

I've talked about this before but it seem like a waste of time, the fact is many people prefer coinbase because they feel it's the safest or maybe because it supports their country and it's easy to link to bank account, most people is US prefer this wallet over others, I hope they can listen and change for good before it's too late

[mk4]

I've talked about this before but it seem like a waste of time, the fact is many people prefer coinbase because they feel it's the safest or maybe because it supports their country and it's easy to link to bank account, most people is US prefer this wallet over others, I hope they can listen and change for good before it's too late

Looking back in the past, though a lot of people surely stopped being interested in Bitcoin, it's probably safe to assume that a lot of people learned their lessons and used non-custodial wallets after they lost their funds with the past big exchange hacks(e.g. MtGox, Bitfinex).

There's nothing we can do in the most part, because a lot of people seem to prefer learning the hard way.

[TGD]

He logged in after 3 years, I believe he will just requires to submit KYC to verify his account. Many terms changes in coinbase due to regular update for regulatory compliance. He will surely retrieve his account once he submit all necessary documents required to prove his ownership and identity. This is not new on all centralized exchange especially coinbase.

[OcTradism]

He logged in after 3 years, I believe he will just requires to submit KYC to verify his account. Many terms changes in coinbase due to regular update for regulatory compliance. He will surely retrieve his account once he submit all necessary documents required to prove his ownership and identity. This is not new on all centralized exchange especially coinbase.

Many things can change in 3 years in policies: national restrictions, delistings, etc. Some exchanges have rules in ToS that if you are inactive to use your account after ..... months, your accounts will be frozen and you will need to go with account verification to reuse it.

Use a third party wallets and don't log in account in 3 years is very bad.

[Bitbtc8]

Coinbase is a big crypto platform that's under reliable team but it's better to be in total control of your funds than putting it in care of other people, remember that something unexpected can happen in near future, I trust coinbase but still I don't full confidence on them, you will have a rest of mind if you keep your funds in trust wallet or other dex wallet

[goinmerry]

Coinbase wallet will not give you any private key or seed phrase.

The majority of centralized exchanges are like that, not just Coinbase.

And besides why stored your funds in that exchange if you already know that you won't able to hold your private keys there?

Just use their service, but not as a wallet.

As a result, if your account is ever locked or restricted, you will lose access to your account forever.

There should be a reason for the locked or suspended account locked.

Coinbase will tell their users what part of the terms has been violated.

[Findingnemo]

As a result, if your account is ever locked or restricted, you will lose access to your account forever.

There should be a reason for the locked or suspended account locked.

Coinbase will tell their users what part of the terms has been violated.

Finding the reasons even take a lot of time on coinbase when the account got suspended or terminated but suspension is big issue because our funds will be on hold until we get back the account but if they decided to terminate they will let you to withdraw whatever cryptos you had there with no more questions.