Linking Coinbase to Bank Account Question

[viking02]

I created a coinbase account but didn't sign the agreement and didn't put my name in it yet.  I will do that soon.  I wanted to know once I do that and my bank account is verified... assuming i don't buy any bitcoins through coinbase.com which is the 1 percent fee and 15 cent fee each time, if i were to receive bitcoin from another user and buying it from them... would that be fine?  Im on a forum where ppl trade poker funds for bitcoin so i wanted to know if i receive bitcoin from them, am i suppose to have them send it to my coinbase account or my blockchain account?  I might do the multibit or electrum wallet but for now i think im just going to keep things simple and use blockchain.  Note... any bitcoins i receive i either will be sending it to my coinbase account then to my bank of america or will be sending it directly to gambling sites.  So if thats the case... then i obviously have them bitcoin to my blockchain or multibit wallet as oppose to coinbase then right?  Im also a bit confused but i assume u can send/receive bitcoin from others with coinbase?

[ranochigo]

I created a coinbase account but didn't sign the agreement and didn't put my name in it yet.  I will do that soon.  I wanted to know once I do that and my bank account is verified... assuming i don't buy any bitcoins through coinbase.com which is the 1 percent fee and 15 cent fee each time, if i were to receive bitcoin from another user and buying it from them... would that be fine?  Im on a forum where ppl trade poker funds for bitcoin so i wanted to know if i receive bitcoin from them, am i suppose to have them send it to my coinbase account or my blockchain account?  I might do the multibit or electrum wallet but for now i think im just going to keep things simple and use blockchain.  Note... any bitcoins i receive i either will be sending it to my coinbase account then to my bank of america or will be sending it directly to gambling sites.  So if thats the case... then i obviously have them bitcoin to my blockchain or multibit wallet as oppose to coinbase then right?  Im also a bit confused but i assume u can send/receive bitcoin from others with coinbase?

If you want to directly exchange the bitcoin to fiat, use the address provided by coinbase. If you want to sell them your poker chip, you can use any. Coinbase also function as a online wallet although it is unsafe as it is a shared wallet. Also try to avoid using blockchain.info, they have plenty of security issue recently.

[JakeThePanda]

it is unsafe as it is a shared wallet.

Please explain.

[ranochigo]

it is unsafe as it is a shared wallet.

Please explain.

Shared wallets means that the private key is stored on the server. If the entire server gets hack or go down, you would not have access to your coins anymore. Desktop and cold wallets(including blockchain.info) however, allows you to have control over your private key and is open sourced which is safer than online shared wallets.

[JakeThePanda]

it is unsafe as it is a shared wallet.

Please explain.

Shared wallets means that the private key is stored on the server. If the entire server gets hack or go down, you would not have access to your coins anymore. Desktop and cold wallets(including blockchain.info) however, allows you to have control over your private key and is open sourced which is safer than online shared wallets.

I believe Coinbase stores most of the coins offline, but I could be wrong.  I'll look into it.

[ranochigo]

it is unsafe as it is a shared wallet.

Please explain.

Shared wallets means that the private key is stored on the server. If the entire server gets hack or go down, you would not have access to your coins anymore. Desktop and cold wallets(including blockchain.info) however, allows you to have control over your private key and is open sourced which is safer than online shared wallets.

I believe Coinbase stores most of the coins offline, but I could be wrong.  I'll look into it.

True that, but they do have a possiblity of running away with your coins or blame them on a 'hack'. You would not have any ability to check on them as your private key is not with you.

[JakeThePanda]

it is unsafe as it is a shared wallet.

Please explain.

Shared wallets means that the private key is stored on the server. If the entire server gets hack or go down, you would not have access to your coins anymore. Desktop and cold wallets(including blockchain.info) however, allows you to have control over your private key and is open sourced which is safer than online shared wallets.

I believe Coinbase stores most of the coins offline, but I could be wrong.  I'll look into it.

True that, but they do have a possiblity of running away with your coins or blame them on a 'hack'. You would not have any ability to check on them as your private key is not with you.

I have a little more faith in Coinbase then any other.  They just became the first US regulated bitcoin exchange so I'm pretty sure they are trying to do everything on the up and up.

[notlist3d]

it is unsafe as it is a shared wallet.

Please explain.

Shared wallets means that the private key is stored on the server. If the entire server gets hack or go down, you would not have access to your coins anymore. Desktop and cold wallets(including blockchain.info) however, allows you to have control over your private key and is open sourced which is safer than online shared wallets.

I believe Coinbase stores most of the coins offline, but I could be wrong.  I'll look into it.

They do store most in not "hot" wallets.  I believe they offer a vault or something extra for even more security.

[viking02]

it is unsafe as it is a shared wallet.

Please explain.

Shared wallets means that the private key is stored on the server. If the entire server gets hack or go down, you would not have access to your coins anymore. Desktop and cold wallets(including blockchain.info) however, allows you to have control over your private key and is open sourced which is safer than online shared wallets.

I believe Coinbase stores most of the coins offline, but I could be wrong.  I'll look into it.

They do store most in not "hot" wallets.  I believe they offer a vault or something extra for even more security.

I have another question on this.  So i put my legal name and now can access coinbase acct.  It ask to verify my phone number for 2 factor authorization.  Im from the us but currently in mexico now.  I do a have a mexican cell number but not sure if i could receive text messages.  So if i put my mexcian cell number, that mean i would get a text message each time i do some type of transaction on coinbase such as buying or selling or even logging in?  Is there anyone that doesnt have 2 factor authorization on?


Would i be able to buy/sell bitcoin without putting my phone number and just my bank account?