Coinbase, is it safe to use?

[gogodr]

I'm planning on moving all my bitcoin (which is not really that much) to my coinbase which seems easier to use than having to access my PC all the time I want to send or receive bitcoins.
I can access it via my Android Phone with the app or through the web.
With a good password and a 2step verification set, is it relatively safe? I'm more worried about Coinbase being slow with transactions or failing at some transactions than actually someone extern stealing the bitcoins.

[manselr]

The only safe way to store your coins is locally at a device that doesnt has an internet connection.

[TKeenan]

I'm planning on moving all my bitcoin (which is not really that much) to my coinbase which seems easier to use than having to access my PC all the time I want to send or receive bitcoins.
I can access it via my Android Phone with the app or through the web.
With a good password and a 2step verification set, is it relatively safe? I'm more worried about Coinbase being slow with transactions or failing at some transactions than actually someone extern stealing the bitcoins.

lol.  You just don't get it do you?  If you don't have the private key, you don't have any bitcoin.  You must have the private key, and not only that, you must be the only one who has it.  If you put 'your bitcoin' at coinbase, THEY have bitcoin and you have a promise from them to give it back one day.  Is that safe?  Not as safe as having exclusive control over a private key.  But coinbase is cool.  So it is relatively safe.  But always keep in mind, you don't have any bitcoin.  You just have a promise from some nice guys who intent to give you some bitcoin one day in the future.  Big difference.

[gogodr]

Then the topic arises of compromising security for usability.
Because storing my bitcoins in my PC wallet is not really practical.
I even have set up a private remote access to my desktop so that I can access it securely over the internet and handle my bitcoins, but it is still way to impractical.
I'm going to the states for a week and I would really like to spend my bitcoins at a place that accepts them. I'm all in for spending and using bitcoin even if the price is low. It is healthy for the economy.

About they holding my money, well it is the same as a bank right? I don't distrust banks with good reputation. I would hate having to carry all my money instead of having a bank account.
If Coinbase is like a bitcoin bank then I think that's good. I know it has been going for a long time, but is it a legitimate business?
(mostly I want to know if they pay taxes of their bitcoin profits converted to their local currency and operate within the law)
That's the one thing that would lead me to not trust a bitcoin bank. As some people think that because they are profiting with bitcoin, they don't need to pay taxes on profits.

[irfan_pak10]

Yeah

I think coinbase is good choice. Its a really a nice site, with mobile verification. you can use it.
Secondly i may recommend you to use btc-e with more simple design, secure and every transaction need your permission.

[royce666]

Hi, have an account there (1yo) and still not had any issue, you can pay easily and recieve money, however paper wallet is the most comfortable for safety...and u got no fees...

[gogodr]

Hi, have an account there (1yo) and still not had any issue, you can pay easily and recieve money, however paper wallet is the most comfortable for safety...and u got no fees...

what kind of fees? D:
are we talking mBTC fees or substantial fees?

[TookDk]

OP, you should learn from the pass:
https://bitcointalk.org/index.php?topic=252308.msg3675013#msg3675013

BIPS claimed to have "state of the art" security.
Nevertheless they lost all the coins, more than 1200 (exchange rate was $1100 at time of failure), even those coins which was supposed to be in super safe "cold storage".
They had 2FA, nice friendly user interface, located in Denmark, 24/7 hotline.
They where relative reputable at that time and people used them for the exact same reason as you want to use coinbase.

It is not a good idea.
You need to be in full control of your private keys, it is the only way.

[gogodr]

Exploring Coinbase, they have a separate wallet service where they let you be the owner of your keys.
Its called a Vault in their service.
https://support.coinbase.com/customer/portal/articles/1743782-what-is-the-multisig-vault-

is this better?

[TookDk]

Exploring Coinbase, they have a separate wallet service where they let you be the owner of your keys.
Its called a Vault in their service.
https://support.coinbase.com/customer/portal/articles/1743782-what-is-the-multisig-vault-

is this better?

Multisig technology is super cool, much potential.

I don't know enough about coin base to be able to comment on their solution.
I just like to control my own keys, I sleep better that way

[alani123]

Just don't use it as your everyday wallet. They could suspend your account for sending bitcoins to basically anything that is considered illegal in the US. And if you're using the API for an application things are even more unclear.

[juju]

If you aren't the sole controller of your private keys, you don't have any bitcoins.

Holliday is correct, coinbase can go belly up at any point. Their aren't any assurances that your bitcoin are safe in a third parties hand. Generate your private keys on an offline machine you destroy, back up the keys, and you just generated some peace of mind.

[royce666]

https://www.coinbase.com/docs/merchant_tools/pricing

[LiteCoinGuy]

maybe you should use a hardware-wallet for longterm storage:

https://bitcointalk.org/index.php?topic=899253.0

[turvarya]

Just use a smartphone-wallet like Mycelium:
https://mycelium.com/bitcoinwallet

[TookDk]

Just use a smartphone-wallet like Mycelium:
https://mycelium.com/bitcoinwallet

Agreed, one of my favorite apps.
When I go travel I just make sure to transfer some funds to my Mycelium, then will I have insta access to spend bitcoins.
Never leave more than 1 BTC in my Mycelium though, I see it as an equivalent a normal wallet for cash. 
Normally you don't bring a bunch of dollars bills unless you know you will need em.

[redsn0w]

If you aren't the sole controller of your private keys, you don't have any bitcoins.

Exactly, if you don't know the private key you "don't own" the bitcoin. I suggest to the OP : use greenAddress.it ( it uses multiSign+2Fa) or electrum ( strong and fast, you don't have to download all the blockchain).

[CtrlAltBernanke420]

I'm planning on moving all my bitcoin (which is not really that much) to my coinbase which seems easier to use than having to access my PC all the time I want to send or receive bitcoins.
I can access it via my Android Phone with the app or through the web.
With a good password and a 2step verification set, is it relatively safe? I'm more worried about Coinbase being slow with transactions or failing at some transactions than actually someone extern stealing the bitcoins.

lol.  You just don't get it do you?  If you don't have the private key, you don't have any bitcoin.  You must have the private key, and not only that, you must be the only one who has it.  If you put 'your bitcoin' at coinbase, THEY have bitcoin and you have a promise from them to give it back one day.  Is that safe?  Not as safe as having exclusive control over a private key.  But coinbase is cool.  So it is relatively safe.  But always keep in mind, you don't have any bitcoin.  You just have a promise from some nice guys who intent to give you some bitcoin one day in the future.  Big difference.

Coinbase also has very deep pockets to fix a broken situation such as coins getting hacked. When your coins get hacked from you personal wallet you have ZERO recourse. With Coinbase, you can sue their ass! But rather than it go there, they have the means to deal with it and keep you all in business. That is today's Coinbase, could this change as the supply of bitcoin becomes almost nonexistent,. absolutely. A hack of all the coins at coin base by someone on the inside could put them under, and you might only be able to collect dollars and perhaps never actually get the same quantity of BTC you had. Not for the same price.

[CtrlAltBernanke420]

If you aren't the sole controller of your private keys, you don't have any bitcoins.

Exactly, if you don't know the private key you "don't own" the bitcoin. I suggest to the OP : use greenAddress.it ( it uses multiSign+2Fa) or electrum ( strong and fast, you don't have to download all the blockchain).

When buy or lease a car, or take a mortgage on a home, you do not technically own it, but you get to USE it.

Likewise, bitcoin could almost be considered a public utility. Store of value, and money transmission. You do not technically OWN the Federal Reserve notes in your pocket. In some sense no one owns it, and everyone owns it… Granted the ones you have belong in your possession but the utilitarian nature of it is such that you can transfer those notes off to someone else and they will be accepted, so not necessarily owned by you or other person….. OWNing something is a play on words.

[gbianchi]

read my signature