Is the Coinbase wallet safe?

[feeling sound]

I've been allocating some savings to BTC. I keep seeing exchanges fall, and not your keys not your coin. I've been using the Coinbase wallet app. Is that safe?

 If Coinbase goes down am I out?
 I need to look into a cold wallet but for right now am I good?

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[ryzaadit]

Coinbase Wallet is a non-custodial wallet.

That's mean you have fully control of your wallet (Address), If you have a backup private key or other think of your wallet and in some case "Coinbase" can't be access. You can easily to imported your address to other wallet.

If you have more money to buy "cold-wallet" that's more good.

[Muslimin mj]

I've been allocating some savings to BTC. I keep seeing exchanges fall, and not your keys not your coin. I've been using the Coinbase wallet app. Is that safe?

 If Coinbase goes down am I out?
 I need to look into a cold wallet but for right now am I good?

I think coinbase is one of the safest places to store assets. because there are so many coinbase wallet users. and you should know that coinbase exchange ranks second after binance by coinmarketcap. so I think your assets will be safe there. and there's nothing to worry about that. And you don't have to look for another wallet.

[BitMaxz]

I think coinbase is one of the safest places to store assets. because there are so many coinbase wallet users. and you should know that coinbase exchange ranks second after binance by coinmarketcap. so I think your assets will be safe there. and there's nothing to worry about that. And you don't have to look for another wallet.

Coinbase can able to backup seed phrases but it is still an online wallet and their wallet is not open-source we do not know if our seed phrases are not recorded on their database.
So for me, it's not safe to use because it's a closed source.

It would still be better to use a cold storage wallet or hardware wallet if you are looking for the safest wallet.

[Darker45]

Safer than centralized exchanges at least, but not the safest. Not the best of choice, of course. But, at the very least, if Coinbase goes down, your funds are safe because you have the private keys of your funds, which also means you can import your account into another wallet, a better one at that, open-source at least. And if I were you, I would do that. There's actually a wide array of free and open-source wallet options out there. You might want to check out Electrum, BlueWallet, Green Wallet, Samourai, BRD, Wasabi, to name a few.

[noorman0]

-snip-
If Coinbase goes down am I out?

Do not really understand this question, you mean if the wallet app is down? It will not be affected by your BTC balance.
If you have extracted the seed phrase, you can actually access your wallet elsewhere with it, for example electrum. But please learn first which wallet you want to use, sticking the Seed phrase in many wallets is actually not recommended.

[AbuBhakar]

Technically your funds will not totally loss because coinbase is a regulated exchange which means you are still protected by the law but there’s no guarantee that you will receive 100% of your funds like what happening right now to Celsius user. They will have an option to hold there holdings and wait for the price of crypto reach to certain level or withdraw with small percentage after the court rule out.

This is the case of Mt. Gox user before which the court already is planning to distribute the victim holdings after so many years. This is some serious inconvenience that you should expect when holding your balance on exchange.

[sheenshane]

I've been allocating some savings to BTC. I keep seeing exchanges fall, and not your keys not your coin. I've been using the Coinbase wallet app. Is that safe?

You already said the answer, so what you're looking for?
If you didn't have your keys while storing your crypto on that wallet which means not your coins.  All centralized exchanges aren't ideally good for storing our crypto assets in a long term, all of them are prone to scams that might end up shutting down.

IMO, custodial wallets or centralized exchanges shouldn't be good for storing your coins, they're only good at converting our crypto assets to fiat nothing else.  Non-custodial or hardware wallets are much better cold storage if this is your purpose, you have a guarantee that your coins are safe as long as you keep your private key safe.

[Rikafip]

I've been allocating some savings to BTC. I keep seeing exchanges fall, and not your keys not your coin. I've been using the Coinbase wallet app. Is that safe?

 If Coinbase goes down am I out?
 I need to look into a cold wallet but for right now am I good?

If I am you, I would rather store my BTC on a open-source non-custodial wallets like Electrum until you get one of the hardware wallets (which I suggest you get as soon as possible, especially if you already have decent amount of BTC).

If you didn't have your keys while storing your crypto on that wallet which means not your coins.  All centralized exchanges aren't ideally good for storing our crypto assets in a long term, all of them are prone to scams that might end up shutting down.

He is not storing his bitcoin on Coinbase, but on their wallet which is a non-custodial.

[dkbit98]

If Coinbase goes down am I out?
 I need to look into a cold wallet but for right now am I good?

If Coinbase exchange goes down it's possible that node they are using for their non-custodial coinbase wallet could also go down, so in theory you won't be able to move your coins.
However, you could just use backup seed words and import them in any other compatible wallet and send coins anywhere you want.
I would always give advantage to recommended open source wallets with reproducible codes like Electrum, or hardware wallets like Trezor, Bitbox or Passport.
Just don't keep your coins long term on any centralized exchanges and you should be fine.

[JeromeTash]

I've been allocating some savings to BTC. I keep seeing exchanges fall, and not your keys not your coin. I've been using the Coinbase wallet app. Is that safe?

It depends on what you imply by being safe.

If you are a privacy-oriented person, I would advise you to avoid Coinbase and even their noncustodial wallet. Look for a better wallet, like electrum for starters

They have some terms of service and privacy policy you have to agree to right before you create your new wallet.



When you look at their privacy policy. They actually collect your data. So if you are a person who uses a noncustodial wallet with the hope of having some privacy. It's not possible with coinbase wallet. They collect all your data, IP addresses etc

https://wallet.coinbase.com/privacy-policy

Information We Collect
We receive or collect information when we operate and provide our Services, including when you install, access, or use our Services.

Information you provide

Your Account Information - In order to create a Coinbase Wallet account, you will provide us with a username. You may also voluntarily add other information, such as a username.

Your Transactions - Your Network private key, which you utilize to access your funds and initiate transactions, is stored only on your own device. However, to facilitate your transactions and provide you with your account balance, we store the Network public key address associated with your Network private key.

Customer Support - We may collect additional information you may disclose to our customer support team.
Information we collect from our affiliates

Our "family of companies" is the group of companies related to us by common control or ownership ("Affiliates"). In accordance with applicable law, we may obtain information about you from our Affiliates as a normal part of conducting business with you, such as when you link your Coinbase, Inc. account to your Wallet account, so that we may offer our Affiliates' Services to you (e.g., convert cryptocurrency into fiat and make withdrawals into your bank account).

Automatically collected information

Metrics and Performance Data - We may collect service-related, diagnostic, and performance information. This includes high level information about your activity (such as how you use our Services and how you interact with others using our Services), and diagnostic, crash, website, and performance logs and reports.

Device and Connection Information - We may collect device-specific information when you install, access, or use our Services. This may include your IP address and, if you choose to allow push notifications through Coinbase Wallet, your device's unique push token. We may also temporarily collect information about decentralized applications (dapps) that you are connecting to, while establishing that connection.

Status Information - We may collect information about your online status on our Services, such as when you last used our Services (your "last seen status").

[YOSHIE]

Is that safe?

Are you really serious about asking about Coinbase wallet, I think the answer to your question is easy.
If you go to google about Coinbase wallet, there are hundreds of reviews that say as below.

Is Coinbase Safe? What Beginners Should Know.

Is Coinbase safe?
Coinbase is one of only 4 exchanges licensed in NY under the BitLicense pilot program. As such, it adheres to strict KYC (Know Your Customer) rules and remains to the extent possible to comply with the rules and regulations.

As I mentioned earlier, it has more than 40 licenses to operate in the United States alone and is licensed to operate legally in the 31 other countries on its list.

Plus, Coinbase keeps your assets insured, so you can't technically lose your money through hacking and theft!

Another thing that makes Coinbase so safe to use is the fact that Coinbase cannot be used anonymously. Due to KYC rules, users must submit a government-issued identity card and, in some cases, verify the address to use the platform's BUY and SELL features. As you can probably see, security is another positive aspect of this Coinbase review.

Or you can see here: Coinbase Review 2022: How It Compares and Is Coinbase Safe?

Seriously asking about Coinbase Wallet.

[Rikafip]

Are you really serious about asking about Coinbase wallet, I think the answer to your question is easy.
If you go to google about Coinbase wallet, there are hundreds of reviews that say as below.

Just because Coinbase is well known and used by many, it doesn't mean that people shouldn't be careful and asking questions as if learned anything from crypto so far is that no exchange is too big to fail, including Coinbase. I am not saying that Coinbase wallet is not safe, but imho there are safer options out there.

If you go to google about Coinbase wallet, there are hundreds of reviews that say as below.

You could do the same for Celsius and results would be very much similar, everyone thought that it was perfectly safe as it was heavily regulated and we know how that ended up. So yeah, better be safe than sorry.

[bitbollo]

"Rule of thumb" applied to altcoins/bitcoin :
If you have don't have a private key, this is not really your wallet!!!
If some one has created this wallet for you, you're not the only owner!!!

such a service (Centralized Exchange) can be hacked, there may be a malicious user who decides to breach security, a change may occur at the government level that requires those bitcoins to be seized or something similare.... there are dozens of reasons not to trust a third party to keep the own your bitcoins.

I always suggest reading such a protocol to understand how many (potential) "attack points" may exist on an IT level and how to set up a wallet as secure as possible...
https://glacierprotocol.org/

[mindrust]

I've been allocating some savings to BTC. I keep seeing exchanges fall, and not your keys not your coin. I've been using the Coinbase wallet app. Is that safe?

If it is not a cold wallet which you own the wallet's private keys, then it will never be "safe". Coinbase wallet app is an "app". It is connected to the internet. App's can get hacked. Operating system's can get hacked. Plug-in's can get hacked. The only way to stay safe is creating your wallet when you are offline, preferably on a fresh formatted  linux OS computer which don't have a wi-fi adapter on it and then writing your keys down on a piece of paper.

If Coinbase goes down am I out?

That's how it works with the exchanges. They go down, you go down.

I need to look into a cold wallet but for right now am I good?

Nobody knows what kind of crap you'll wake up to tomorrow.

[hugeblack]

Do you have to use that wallet? If there is no real, intrinsic reason and advantage for this wallet over well-programmed open source wallets, then there is no reason to use it.

But if you want to use it, and you have an essential reason, try to use it with a small balance as the wallet is closed source and no one can verify how the seeds are generated.

[nc50lc]

For anyone who are planning to post to this thread: OP is now Autobanned for plagiarism so further replies are unnecessary.

[Oshosondy]

Coinbase Wallet is a non-custodial wallet.

That's mean you have fully control of your wallet (Address), If you have a backup private key or other think of your wallet and in some case "Coinbase" can't be access. You can easily to imported your address to other wallet.

Coinbase wallet is noncustodial but still not recommended because they are encouraging what people should not do like seed phrase online backup and they are kind of what that will later make privacy to be things of the past as everyone using the wallet will not later have privacy.

Though I am not saying you should not use it but you have to be conscious about these:
https://bitcointalk.org/index.php?topic=5395931.msg59958482#msg59958482

For anyone who are planning to post to this thread: OP is now Autobanned for plagiarism so further replies are unnecessary.

You are right, he is banned now, but he asked a question, he can just browse this forum online and check this thread to know the right the to do. This thread can still be helpful for him.

[Rikafip]

You are right, he is banned now, but he asked a question, he can just browse this forum online and check this thread to know the right the to do. This thread can still be helpful for him.

Seeing that he got banned for multiple plagiarism, this topic was probably a merit fishing thing and not a genuine interest so I doubt that he really cared about the answers here.