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If you use coinbase, you don't own your bitcoins. Coinbase does, and they pinkie promise to give them back when you ask. Get a mobile wallet like Mycelium. It'
by wyager 10y ago
If you use coinbase, you don't own your bitcoins. Coinbase does, and they pinkie promise to give them back when you ask.
Get a mobile wallet like Mycelium. It's very simple, and you back up your wallet forever with a short string of words. You also retain control of your private keys.
- voltagex_ 10y agoThe difference being that Lloyd's isn't going insure your personal wallet. How is using Coinbase different from holding a balance with any other bank?
- rahimnathwani 10y agoFDIC insurance
- MichaelGG 10y agoCoinbase unilaterally decided to hold my coins hostage until I submitted a bunch of ID papers to them. This is for coins already in my wallet, not about buying more or selling them and getting cash to my bank account.
- sowbug 10y agoDo you think they were making sure nobody was stealing from you?
- MichaelGG 10y agoI already had 2FA - they force it IIRC. They also refused to delete any of my documents. It was related to connecting with my bank account. (Which they removed, as my Canadian passport somehow means I am not allowed to use banks in the US as a permanent resident.)
- wyager 10y ago> The difference being that Lloyd's isn't going insure your personal wallet. If you follow modest security practices (like spending $100 on a hardware wallet), you certainly don't need Lloyd's to insure your wallet. > How is using Coinbase different from holding a balance with any other bank? It's fairly similar. Half the point of Bitcoin is that you aren't obligated to use a bank. You can just take care of it yourself.