coinbase wallet & vault

[bitkilo]

I was thinking of using coinbase wallet with password and Authy as 2nd pin confirmation, is this 2fa and is it safe?
Also does anyone use the coinbase vault?
I use multibit for my cold storage but would like to use coinbase for under 1btc for spending money.

[DannyHamilton]

I was thinking of using coinbase wallet with password and Authy as 2nd pin confirmation, is this 2fa

Yes.

and is it safe?

That depends on what you mean by "safe".  It isn't "safe" according to what I'm looking for when I want a "safe" online bitcoin service, but it is "safer" than some other options.  Personally, I'd consider it to be about as "safe" as MtGox.

Also does anyone use the coinbase vault?

Not me, but I'm sure some people do.

I use multibit for my cold storage but would like to use coinbase for under 1btc for spending money.

You are welcome to use whatever wallets and services you like.  I'm curious though, why would you choose Coinbase for spending money instead of blockchain.info?  I personally find blockchain.info to be much, MUCH "safer".

[bitkilo]

I did have blockchain as my first wallet but 1 day I had a deposit of 0.0168 from someonei didn't know then the next day someone else sole that and about $2 I had in there. I did only havea good password on that wallet as protection so probably my fault but I just found coinbase easy to use and I like the security they offer.
I use multibit 4 cold storage just because I found a YouTube video on it and a friend also advised me that is been safe 4 him.

[Zebra]

I am not sure how you lost your $2 in your last blockchain.info wallet, to be honest I prefer it over coinbase or any other exchanges.
While Coinbase is a very big and successful company now, it could end in the same way as mtgox some time in the future and the depositors will have just an useless account username and password but no bitcoin.

[DannyHamilton]

I did have blockchain as my first wallet but 1 day I had a deposit of 0.0168 from someonei didn't know then the next day someone else sole that and about $2 I had in there. I did only havea good password on that wallet as protection so probably my fault but I just found coinbase easy to use and I like the security they offer.
I use multibit 4 cold storage just because I found a YouTube video on it and a friend also advised me that is been safe 4 him.

All web based bitcoin services (Coinbase, blockchain.info, etc) will be insecure if you have malware running on your computer (key logger, trojan, browser plug-in, etc).  This is because when you log in, the malware can capture the information that is returned to your browser and use it to impersonate you.

Also, if you don't use 2FA and you use a weak password, then your Coinbase account will be just as insecure as your blockchain.info wallet was.

You'll have to decide for yourself which service you prefer.

With Coinbase, you are giving your bitcoins to the company.  They are no longer "your" bitcoins.  Insead the bitcoins belong to Coinbase.  They have complete control over the bitcoins, and you can't do anything with the bitcoins without their permission.  Coinbase promises to keep track of how many bitcoins you've given them, and they agree to allow you to make requests to spend/send that same amount of their bitcoins to anywhere you want.  When you log in, you see an "account" where they tell you how many of their bitcoins they are still allowing you access to.  When you spend/send bitcoins somewhere, you are sending a request to their servers asking them to send their bitcoins there, and then waiting for their software to create the transaction and send the bitcoins for you.  Since you don't have sole control of the private keys, you can't access the bitcoins if they experience technical problems (denial of service attack, crashed servers, business shut down, filed bankruptcy, etc).  You are trusting the company to handle backups and offline storage properly for you. If you forget your password, it is possible to get it re-set and to restore your access to your account.

With blockchain.info, you maintain sole control of your bitcoins.  The company is unable to access or spend the bitcoins. You are responsible for your own backups and cold storage.  As long as you maintain proper backups, you can still access your bitcoins if they experience technical problems (denial of service attack, crashed servers, business shut down, filed bankruptcy, etc).  Since your password is used to encrypt the private keys, it is impossible to re-set a lost/forgotten password. If you forget your password, your bitcoins are permanently lost.

[ranochigo]

I was thinking of using coinbase wallet with password and Authy as 2nd pin confirmation, is this 2fa and is it safe?
Also does anyone use the coinbase vault?
I use multibit for my cold storage but would like to use coinbase for under 1btc for spending money.

The meaning of safe means your coin would not be accessed by anyone who don't have your 2FA pin. It is not fully safe as a third party have control of your Bitcoins which means if the service goes down or gets hacked, no matter how much security measure you take, you would still lose control of them. Blockchain however allows you to have full control over your coins without anyone else interfering. You can enable 2FA there too which basically means that you would have better control and security over your coins as your coins on blockchain.info does not give a third party any control.

[bitkilo]

I did have blockchain as my first wallet but 1 day I had a deposit of 0.0168 from someonei didn't know then the next day someone else sole that and about $2 I had in there. I did only havea good password on that wallet as protection so probably my fault but I just found coinbase easy to use and I like the security they offer.
I use multibit 4 cold storage just because I found a YouTube video on it and a friend also advised me that is been safe 4 him.

All web based bitcoin services (Coinbase, blockchain.info, etc) will be insecure if you have malware running on your computer (key logger, trojan, browser plug-in, etc).  This is because when you log in, the malware can capture the information that is returned to your browser and use it to impersonate you.

Also, if you don't use 2FA and you use a weak password, then your Coinbase account will be just as insecure as your blockchain.info wallet was.

You'll have to decide for yourself which service you prefer.

With Coinbase, you are giving your bitcoins to the company.  They are no longer "your" bitcoins.  Insead the bitcoins belong to Coinbase.  They have complete control over the bitcoins, and you can't do anything with the bitcoins without their permission.  Coinbase promises to keep track of how many bitcoins you've given them, and they agree to allow you to make requests to spend/send that same amount of their bitcoins to anywhere you want.  When you log in, you see an "account" where they tell you how many of their bitcoins they are still allowing you access to.  When you spend/send bitcoins somewhere, you are sending a request to their servers asking them to send their bitcoins there, and then waiting for their software to create the transaction and send the bitcoins for you.  Since you don't have sole control of the private keys, you can't access the bitcoins if they experience technical problems (denial of service attack, crashed servers, business shut down, filed bankruptcy, etc).  You are trusting the company to handle backups and offline storage properly for you. If you forget your password, it is possible to get it re-set and to restore your access to your account.

With blockchain.info, you maintain sole control of your bitcoins.  The company is unable to access or spend the bitcoins. You are responsible for your own backups and cold storage.  As long as you maintain proper backups, you can still access your bitcoins if they experience technical problems (denial of service attack, crashed servers, business shut down, filed bankruptcy, etc).  Since your password is used to encrypt the private keys, it is impossible to re-set a lost/forgotten password. If you forget your password, your bitcoins are permanently lost.

I didn't know much about btc when I set up my blockchain wallet so didn't know about 2fa or anything much.  I just set up 2fa on Coinbase so now I know a bit more I might give blockchain another go.
I used a bitcoin atm yesterday and the guy that runs it also uses blockchain with 2fa on his phone just for small amounts so I'll have a look at it tomorrow .
Thanks for your help.

[CozyLife]

I'm not really sure what security measures Authy uses to verify phone number changes. I'm using Authy in several places, but I know that when I changed my number at one point, all I had to do was give them the new one and it took it. I remember wondering how that was even secure it all, but maybe it's secure in the background. It wouldn't be as popular as it is if it didn't have some kind of security behind it, but to answer your question, yes, Authy is 2FA. (Two Factor Authorization) The first factor is your username and password and the second factor is your phone with Authy sending you a OTP. (One-Time Pass)

[blumangroup]

Unless you are using Coinbase to regularly buy, or are a merchant, stick to blockahin for your online wallet.

[bitkilo]

I did try change sim and then into wallet but it kept saying wrong IP address so I thought it may recognize the network I signed up with.
Can you recommend a better wallet setup for android phone, it's just for everyday spending money, never more than 0.050 on there at any given time. I know phones are not safe at all from experience  but until I buy a Trezor hardware wallet it's all I got.

[ranochigo]

I did try change sim and then into wallet but it kept saying wrong IP address so I thought it may recognize the network I signed up with.
Can you recommend a better wallet setup for android phone, it's just for everyday spending money, never more than 0.050 on there at any given time. I know phones are not safe at all from experience  but until I buy a Trezor hardware wallet it's all I got.

Some internet services have dynamic IPs so your IP will change regularly. IP locks are usually for those who have static IPs. Mycelium offers good user interface and pdf backup option. They also have a feature which allows you to buy from other people near you.

[bitkilo]

That's sounds good I'll have a look, thanks.
You're given me a few good answers so far on this forum, how long have you been using btc and what would you say is the safest mobile wallet?

[ranochigo]

That's sounds good I'll have a look, thanks.
You're given me a few good answers so far on this forum, how long have you been using btc and what would you say is the safest mobile wallet?

I have been using BTC for more than a year now. I spend most of my time learning and trying new things. There are no safest wallet however, the best you can do is to be updated about vulnerabilities and get a good antivirus. Every wallet is safe as long as you practise good security, you will not be compromised. The best wallet is cold storage if possible.

[bitkilo]

That's sounds good I'll have a look, thanks.
You're given me a few good answers so far on this forum, how long have you been using btc and what would you say is the safest mobile wallet?

I have been using BTC for more than a year now. I spend most of my time learning and trying new things. There are no safest wallet however, the best you can do is to be updated about vulnerabilities and get a good antivirus. Every wallet is safe as long as you practise good security, you will not be compromised. The best wallet is cold storage if possible.

Can you recommend a good antivirus program for Android device?
Sorry to hit you up with all my questions but you seem to know what your talking about and I got this far by myself, and help from the good guys at this forum.

[ranochigo]

That's sounds good I'll have a look, thanks.
You're given me a few good answers so far on this forum, how long have you been using btc and what would you say is the safest mobile wallet?

I have been using BTC for more than a year now. I spend most of my time learning and trying new things. There are no safest wallet however, the best you can do is to be updated about vulnerabilities and get a good antivirus. Every wallet is safe as long as you practise good security, you will not be compromised. The best wallet is cold storage if possible.

Can you recommend a good antivirus program for Android device?
Sorry to hit you up with all my questions but you seem to know what your talking about and I got this far by myself, and help from the good guys at this forum.

I have used lookout for a long time so far, it is free and offer good protections and features. If you don't install third party roms, apps from third party sources, other than from google play, you should be fine. You should also look at the permissions for the apps before installing to prevent granting them unnecessary permissions. You can get safe browsing to protect you from viruses on your browsers by paying a small fee for lookout subscription per month.

[bitkilo]

Thanks that's a big help.
I'm watching a YouTube video now that show the private key and QR code. His put $2 in there for people to take. How can I do this with coinbase wallet, is it possible?

[ranochigo]

Thanks that's a big help.
I'm watching a YouTube video now that show the private key and QR code. His put $2 in there for people to take. How can I do this with coinbase wallet, is it possible?

I think you meant paper wallet. For coinbase, go to settings,click on advanced then click on print a paper wallet.Next, just press generate new wallet and you can see you have that template with your private keys and address.

[bitkilo]

Sorry If I'm a bit slow but I mean how can I take the $2 from his wallet. It's not stealing because his put it there for people to take

[ranochigo]

Sorry If I'm a bit slow but I mean how can I take the $2 from his wallet. It's not stealing because his put it there for people to take

The wallet should have been already emptied or is encrypted. Encrypted wallets are hard to crack. If you want to try your luck, go to settings then advanced and press import a paper wallet and you can use the webcam to scan the QR code. The QR code should be a HD one, if not it may not succeed.

[bitkilo]

Thanks it did work but said this paper wallet is empty.
I don't want to steal coins because it happened to me once but this guy did offer people to take his $2, guess some1 beat me to it. Thanks again.