zxcv1 (OP)
Newbie
Offline
Activity: 28
Merit: 5
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 10, 2021, 02:28:56 AM Last edit: February 11, 2021, 12:30:47 PM by zxcv1 |
|
I have up to 9 days to think about it, since Coinbase won't let me withdraw until the payment settles, which they said up to 9 days. (Edit: took 1 day actually, I had to verify again and then I was able to withdraw).
Are there any advantages to keeping bitcoin in Coinbase? Or is it more advantageous to move into a private wallet controlled only by myself (such as Samouri Wallet)?
Another concern I have is how fees would work and when is the optimal time to withdraw to a private wallet.
|
|
|
|
ranochigo
Legendary
Offline
Activity: 3038
Merit: 4377
Crypto Swap Exchange
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 10, 2021, 02:31:33 AM |
|
If you're looking to keep it for the long term, then taking it out and putting it in a non-custodial wallet like Electrum and Wasabi wallet would be much better. It gives you the full control over your own coins and there are no disadvantages to this.
For the short term, you'll probably find it better to keep it on the exchange. Fees tends to spike erratically and you might miss on the ATHs to sell as you won't be sure about when your transaction would get confirmed when transferring to Coinbase.
|
|
|
|
bitmover
Legendary
Offline
Activity: 2394
Merit: 6186
Crypto Swap Exchange🈺
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 10, 2021, 02:35:22 AM Last edit: February 10, 2021, 03:57:00 AM by bitmover |
|
Are there any advantages to keeping bitcoin in Coinbase?
No. Or is it more advantageous to move into a private wallet controlled only by myself (such as Samouri Wallet)?
You should buy a hardware wallet and store your coins there. If you let money in Coinbase, your coins aren't really yours. There are 3 main risks imo: 1 - Your account may be frozen due to some crazy new regulation/anti-money laundering policy/etc. 2 - Coinbase may be hacked and you lose your coins 3 - Coinbase may just disappear and run away with your money. This is less likely, but why take any risk? With about 80 usd you can buy a ledger nano and you will have a 99.99% secure wallet. You won't get hacked, it is very easy to use and your coins will be yours forever. Your coins will be really yours. There is no way to confiscate your coins from you. Even the government, or a judicial sentence, nothing can take your coins away from you. The proper way to use bitcoins is by storing it in your wallet. You will be responsible for keeping your private keys safe, noted down in a piece of paper (which is all you need to spend them)
|
|
|
|
zxcv1 (OP)
Newbie
Offline
Activity: 28
Merit: 5
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 10, 2021, 02:45:27 AM Last edit: February 10, 2021, 03:37:26 AM by zxcv1 |
|
Are there any advantages to keeping bitcoin in Coinbase?
No. Or is it more advantageous to move into a private wallet controlled only by myself (such as Samouri Wallet)?
You should buy a hardware wallet and store your coins there. If you let money in Coinbase, your coins aren't really yours. There are 3 main risks imo: 1 - Your account may be frozen due to some crazy new regulation/anti-money laundering policy/etc. 2 - Coinbase may be hacked and you lose your coins 3 - Coinbase may just disappear and run away with your money. This is less likely, but why take any risk? With about 80 usd you can buy a ledger nano and you will have a 99.99% secure wallet. You won't get hacked, it is very easy to use and your coins will be yours forever. Your coins will be really yours. There is no way to confiscate your coins from you. Even the government, or a judicial sentence, nothing can take your coins away from you. The proper way to use bitcoins is buy storing it in your wallet. You will be responsible for keeping your private keys safe, noted down in a piece of paper (which is all you need to spend them) Hardware wallet is also risky. It could get stolen, confiscated, broken, destroyed, or simply lost. Without the hardware wallet, your money is gone, if I understand correctly. For a software wallet, you could memorize the password, mnemonic, and codes; and while that takes effort and has a chance of loss, it isn't in anyone else's hands but your own. If a hardware wallet gets stolen, it might not be your fault. If you forget the pass to your wallet, that one is totally on you (unless you have brain damage or die and don't have it backed up).Very good 3 points about why to not keep in Coinbase though. Another concern I have is how fees would work and when is the optimal time to withdraw to a private wallet.
|
|
|
|
bkbirge
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 10, 2021, 02:51:16 AM |
|
There are pros and cons to both. Most will tell you to keep your own wallet.
The biggest con for keeping coins on any exchange is that you don't have the keys they aren't your coins. They can get hacked, mismanage/embezzle/exit scam, or access is coincidentally restricted on high volume days, etc.
The biggest con for keeping coins in your own wallet is that you really have to be security aware and also make absolutely sure you have all the information you need (keys) to access your coins. The site is littered with stories of folks who've lost their keys and could be billionaires today if they'd just remember them, etc.
And those fancy 3rd party hardware wallets can get hacked too. Ledger got hacked a few months ago and everyone who had bought one in a certain time frame had their emails and physical addresses put on the dark net. No keys so no one could get coins from it but there's also the very real danger of criminals exploiting your personal info to get your keys. There are kidnapping syndicates that target high worth individuals and their families.
There's also the liquidity issue. So you've got coins in your wallet you want to sell for fiat. Maybe these weren't mined by you, someone sent them to you. Every USA exchange you go to is going to require KYC (know your customer, basically they want your confirmed identity) and it is very possible they will refuse (or be required to refuse by law if some factions in the regulatory agencies have their way) to receive the coins at all because they can't verify the full chain of those coins, i.e. they want to avoid being party to money laundering. So now you've got the coins but no way to sell them.
There's several other pros/cons for each scenario. I personally change my mind on this every once in awhile.
|
|
|
|
jjdub7
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 10, 2021, 03:02:18 AM |
|
I have up to 9 days to think about it, since Coinbase won't let me withdraw until the payment settles, which they said up to 9 days.
Are there any advantages to keeping bitcoin in Coinbase? Or is it more advantageous to move into a private wallet controlled only by myself (such as Samouri Wallet)?
Another concern I have is how fees would work and when is the optimal time to withdraw to a private wallet.
If you don't plan to trade on a daily/weekly basis, there are ZERO advantages to keeping any coin in Coinbase. Exchanges are for trading. Private wallets are for storing. Otherwise, you don't own your coin.
|
|
|
|
demodemo
Newbie
Offline
Activity: 54
Merit: 0
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 10, 2021, 03:29:39 AM |
|
I have up to 9 days to think about it, since Coinbase won't let me withdraw until the payment settles, which they said up to 9 days.
Are there any advantages to keeping bitcoin in Coinbase? Or is it more advantageous to move into a private wallet controlled only by myself (such as Samouri Wallet)?
Another concern I have is how fees would work and when is the optimal time to withdraw to a private wallet.
No
|
|
|
|
bitmover
Legendary
Offline
Activity: 2394
Merit: 6186
Crypto Swap Exchange🈺
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 10, 2021, 03:34:34 AM |
|
Hardware wallet is also risky. It could get stolen, confiscated, broken, destroyed, or simply lost. Without the hardware wallet, your money is gone, if I understand correctly. For a software wallet, you could memorize the password, mnemonic, and codes; and while that takes effort and has a chance of loss, it isn't in anyone else's hands but your own. If a hardware wallet gets stolen, it might not be your fault. If you forget the pass to your wallet, that one is totally on you (unless you have brain damage or die and don't have it backed up).
You are wrong and spreading misinformation. There is no problem in losing your hardware wallet. Your funds are not really there. There is also no problem if someone steals it because if the pin fails 3 times it will reset. Hardware wallets are the best way for newbies to store their bitcoin, even for advanced users as well. When you set up a hardware wallet you note down the seed in a paper. With the seed you can recover your coins anywhere: electrum, other hardware wallet... it is 100% compatible with any other wallet.
|
|
|
|
zxcv1 (OP)
Newbie
Offline
Activity: 28
Merit: 5
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 10, 2021, 03:39:15 AM |
|
Hardware wallet is also risky. It could get stolen, confiscated, broken, destroyed, or simply lost. Without the hardware wallet, your money is gone, if I understand correctly. For a software wallet, you could memorize the password, mnemonic, and codes; and while that takes effort and has a chance of loss, it isn't in anyone else's hands but your own. If a hardware wallet gets stolen, it might not be your fault. If you forget the pass to your wallet, that one is totally on you (unless you have brain damage or die and don't have it backed up).
You are wrong and spreading misinformation. There is no problem in losing your hardware wallet. Your funds are not really there. There is also no problem if someone steals it because if the pin fails 3 times it will reset. Hardware wallets are the best way for newbies to store their bitcoin, even for advanced users as well. When you set up a hardware wallet you note down the seed in a paper. With the seed you can recover your coins anywhere: electrum, other hardware wallet... it is 100% compatible with any other wallet. Well it was both a statement and a question. "If I understand correctly". I wasn't spreading misinformation. I'm still learning. I crossed out that paragraph. I looked it up and found this: Cryptocurrencies are never stored within the hardware wallet itself, they always live on the blockchain. The hardware wallet merely stores your private key. That private key opens the lock to your address on the blockchain where your assets actually live. Since the blockchain is everywhere, all you need is your hardware wallet to interact with your tokens. Right, so it stores your private key. And if that's lost, you lose access to your crypto forever, right? Are you saying you have the private key backed up somewhere? If so, then the hardware key doesn't seem so secure after all, wherever other places the key is stored could also compromise your account. I looked further and found this: If you lose your hardware wallet, you can still recover your crypto thanks to your seed phrase Storing your seed phrase properly is very important, as it’s your final chance to save your crypto from oblivion There are services to secure and backup your seed phrase, so consider using one if you’re fairly clumsy Seems to me if your hardware wallet is destroyed, and you forgot to keep your seed phrase safe because the hardware wallet gave you a false sense of security, then it's all over. How is a hardware key any better than a software wallet if the only thing protecting it is the seed phrase? If someone got your seed phrase, then they can make another hardware key, right? So, no different than a software wallet, except that the hardware wallet is offline. Yet, you can get a software wallet offline too. Just make sure the device it's on doesn't have an internet connection like a no-data phone with wifi disabled, or a computer without a wifi card that's not plugged to the internet. I guess, both those options would kind of function like a hardware key, so maybe I'm underestimating the average joe's lack of computer skills. So, I guess the hardware wallet has some value, but only if your seed phrase cannot be accessed online.
|
|
|
|
zxcv1 (OP)
Newbie
Offline
Activity: 28
Merit: 5
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 10, 2021, 03:49:52 AM |
|
I was just thinking if you wrote down your seed phrase on paper you could do something like in Shawshank Redemption ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif) Hopefully no one finds that box you buried ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif)
|
|
|
|
bitmover
Legendary
Offline
Activity: 2394
Merit: 6186
Crypto Swap Exchange🈺
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 10, 2021, 03:52:34 AM |
|
. I crossed out that paragraph; please tell me, if you lose your hardware wallet or it is destroyed, how you will ever get access to your crypto again? It's my understanding that the whole security of it is that it's linked to that ONE key. If you could simply replace it, then any criminal could get a similar one and steal it.
Please help me understand this.
Your hardware wallet have no keys when you buy them. When you turn it on for the first time it will reset and generate a new (seed) key. It can generate unlimited seeds, and the seeds are not attached to the device. When you note down the seed in a piece of paper and insert your PIN the device will save that seed. It will be saved there only for convenience. If you fail the PIN 3 times in a row the device will reset and the seed will be lost forever, and the wallet will not be accessible The only way to recover your wallet if it resets is by entering the seed that you noted down in a piece of paper. Hardware wallets are good because they are a safe way to generate your seed. If you download electrum or other softwarewallet and note down the seed it will have the same effect, but it is less secure because you dont know if a hacker intercepted your connection and noted down your seed as well. Will you risk thousand of dollars? Are you sure your computer is not infect? I am not sure. If you have the seed in a paper you can access that wallet anywhere with any software Or another hardware wallet. TLDR: You can lose your hardware, but do not lose your paper where you noted down your seed
|
|
|
|
mk4
Legendary
Offline
Activity: 2870
Merit: 3873
Paldo.io 🤖
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 10, 2021, 03:53:18 AM |
|
Are there any advantages to keeping bitcoin in Coinbase?
No. There are actually advantages though. The fact that you could instantly sell coins when you need to, and the free transactions for Coinbase<->Coinbase transactions are definitely handy. But yea, the disadvantages(the ones you've listed) definitely outweighed the positives by a long shot so using a non-custodial wallet is definitely the way to go. OP: https://NotYourKeys.org/
|
Curated Crypto Airdrop Database
|
|
|
crwth
Copper Member
Legendary
Offline
Activity: 2870
Merit: 1279
Try Gunbot for a month go to -> https://gunbot.ph
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 10, 2021, 04:03:07 AM |
|
Since most of the questions were answered already, I noticed that this isn't quite answered. Another concern I have is how fees would work and when is the optimal time to withdraw to a private wallet.
You know for the fees could be dependent on how much you need the money. If it's right away or not. If you are not going to be using the funds immediately, then you could opt the lowest fee and that transaction can go on unconfirmed for a couple of days or weeks. If you need it right away then the highest fee would be the best. Either way, there's nothing wrong to withdraw from your private wallet. It's better that way.
|
| | . .Duelbits. | │ | ..........UNLEASH.......... THE ULTIMATE GAMING EXPERIENCE | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | ..PLAY NOW.. | |
|
|
|
virasisog
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 10, 2021, 04:07:06 AM |
|
If you are planning to hold your BTC for a long-term, hold it in a hardware wallet. It is risky to leave your funds online since even the most secured Exchange gets hacked. Not to mention funds can be frozen anytime.
However, if you are trading and transferring funds regularly the fees will kill your funds, so keeping them online is the best option. The fees are ridiculously high especially when the prices are at their peak. Choose what is more efficient or beneficial to you depending on what are you planning with your crypto.
|
|
|
|
dansus021
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 10, 2021, 04:23:33 AM |
|
If you don't plan to trade on a daily/weekly basis, there are ZERO advantages to keeping any coin in Coinbase.
Exchanges are for trading. Private wallets are for storing. Otherwise, you don't own your coin.
100 percent true move your profit to wallet if you want to hodl and using exchange for trading or if you want to keep some of altcoin to hodl exchange still fine
|
| | . .Duelbits. | │ | ..........UNLEASH.......... THE ULTIMATE GAMING EXPERIENCE | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | ..PLAY NOW.. | |
|
|
|
Leviathan.007
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 10, 2021, 10:55:07 AM |
|
There is not any advantages to keep your asset on any exchange, including coinbase. if you are wan to invest in bitcoin for long term you can transfer your coins to a wallet and save the private key. There is a rule saying not your key, not your coins. So, try to save your coins somewhere you have access to the private keys. There are many risks when you are holding your coin on an exchange, for example you they can lock your account due to money laundering and you will need to provide then many transaction information to maybe get back your coins. Samouri wallet is a good idea because this will give your some privacy features. You can check here for more Android wallets: https://bitcointalk.org/index.php?topic=5315404.msg56292257#msg56292257However, if you own some more bitcoins and you do care about the security, I suggest you to buy a ledger nano wallet.
|
..Stake.com.. | | | ▄████████████████████████████████████▄ ██ ▄▄▄▄▄▄▄▄▄▄ ▄▄▄▄▄▄▄▄▄▄ ██ ▄████▄ ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██ ██████ ██ ██████████ ██ ██ ██████████ ██ ▀██▀ ██ ██ ██ ██████ ██ ██ ██ ██ ██ ██ ██████ ██ █████ ███ ██████ ██ ████▄ ██ ██ █████ ███ ████ ████ █████ ███ ████████ ██ ████ ████ ██████████ ████ ████ ████▀ ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██ ██ ▀▀▀▀▀▀▀▀▀▀ ██ ▀█████████▀ ▄████████████▄ ▀█████████▀ ▄▄▄▄▄▄▄▄▄▄▄▄███ ██ ██ ███▄▄▄▄▄▄▄▄▄▄▄▄ ██████████████████████████████████████████ | | | | | | ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄ █ ▄▀▄ █▀▀█▀▄▄ █ █▀█ █ ▐ ▐▌ █ ▄██▄ █ ▌ █ █ ▄██████▄ █ ▌ ▐▌ █ ██████████ █ ▐ █ █ ▐██████████▌ █ ▐ ▐▌ █ ▀▀██████▀▀ █ ▌ █ █ ▄▄▄██▄▄▄ █ ▌▐▌ █ █▐ █ █ █▐▐▌ █ █▐█ ▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█ | | | | | | ▄▄█████████▄▄ ▄██▀▀▀▀█████▀▀▀▀██▄ ▄█▀ ▐█▌ ▀█▄ ██ ▐█▌ ██ ████▄ ▄█████▄ ▄████ ████████▄███████████▄████████ ███▀ █████████████ ▀███ ██ ███████████ ██ ▀█▄ █████████ ▄█▀ ▀█▄ ▄██▀▀▀▀▀▀▀██▄ ▄▄▄█▀ ▀███████ ███████▀ ▀█████▄ ▄█████▀ ▀▀▀███▄▄▄███▀▀▀ | | | ..PLAY NOW.. |
|
|
|
Ultegra134
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 10, 2021, 11:13:49 AM |
|
Depends on how much Bitcoin we're talking about, if it's a small amount, I'd say you could actually keep it on Coinbase. If not, it's best to move them to a wallet. Also, it depends on what you are planning to do, if you're looking to trade, leave it on the exchange, if you just want to hold, withdraw them to your wallet, it's safer if anything happens, not your keys, not your coins.
|
R |
▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | │ | CRYPTO FUTURES | | | | | | | │ | 1,000x LEVERAGE | │ | COMPETITIVE FEES | │ | INSTANT EXECUTION | │ | . TRADE NOW |
|
|
|
ranochigo
Legendary
Offline
Activity: 3038
Merit: 4377
Crypto Swap Exchange
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 10, 2021, 12:36:23 PM |
|
Right, so it stores your private key. And if that's lost, you lose access to your crypto forever, right? Are you saying you have the private key backed up somewhere? If so, then the hardware key doesn't seem so secure after all, wherever other places the key is stored could also compromise your account.
The sole purpose of a hardware wallet is for the user to be able to spend the funds without exposing their private key to unnecessary risk. In a sense, it is designed to secure the private key by keeping it within the device and making it resistant against any malware attacks, or other extraction techniques. You shouldn't bring your hardware wallet everywhere in the first place, it's another unnecessary risk. Seems to me if your hardware wallet is destroyed, and you forgot to keep your seed phrase safe because the hardware wallet gave you a false sense of security, then it's all over.
Which is why it tells you to keep the seeds safe. How is a hardware key any better than a software wallet if the only thing protecting it is the seed phrase? If someone got your seed phrase, then they can make another hardware key, right? So, no different than a software wallet, except that the hardware wallet is offline.
Hardware wallets are not offline. The way they are designed makes it immutable to malware attacks as the microcontroller is designed to not get compromised through the USB. Airgapped wallet does the same thing with one key difference with hardware wallets. The seeds are stored within the secure element which cannot be extracted or brute forced in the event that it gets stolen. They are specifically designed to resist physical attacks and sidechannel attacks. It depends on your use case; if you're going to keep your cold storage in a safe and don't mind the hassle with using it, then it'll be better that way.
|
|
|
|
Kelvinid
Sr. Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 2828
Merit: 344
win lambo...
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 10, 2021, 12:51:44 PM |
|
Depends on how much Bitcoin we're talking about, if it's a small amount, I'd say you could actually keep it on Coinbase. If not, it's best to move them to a wallet. Also, it depends on what you are planning to do, if you're looking to trade, leave it on the exchange, if you just want to hold, withdraw them to your wallet, it's safer if anything happens, not your keys, not your coins.
He is probably asking if storing his Bitcoin on the exchanges(Coinbase) is a secured thing or not. If that 9days stuck on his Bitcoin will guarantee that he can take it back to its fullest control. Since Coinbase is one of the best exchanger in the market, it gonna be safe out there. But I suggest transferring it once the withdrawal is available, much more secured if you are handling the keys, not this non-custodial wallet.
|
|
|
|
0t3p0t
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 10, 2021, 01:10:02 PM |
|
I have up to 9 days to think about it, since Coinbase won't let me withdraw until the payment settles, which they said up to 9 days.
Are there any advantages to keeping bitcoin in Coinbase? Or is it more advantageous to move into a private wallet controlled only by myself (such as Samouri Wallet)?
Another concern I have is how fees would work and when is the optimal time to withdraw to a private wallet.
I think the best choice mate is to transfer your Bitcoins in a wallet you are in full control of. Keeping Bitcoins in a centralized exchange or wallet is not advisable if you don't want your funds get compromised.
|
|
|
|
|