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I had to move my coins out of Coinbase last week and it was very scary. I had never moved coins before and I even though the process seems simple, I had very li
by bradly 9y ago
I had to move my coins out of Coinbase last week and it was very scary. I had never moved coins before and I even though the process seems simple, I had very little confidence in what I was doing. Honestly, I almost just left the coins in Coinbase figuring losing 10% of value from BCH is still probably positive equity compared to my perceived risk of losing it all which felt between 25% and 50%.
- pera 9y agoWhat was the very scary part? you just need to copy and paste a Bitcoin address, it literally can not be simpler :) is it maybe the the alphanumeric hash that looks scary?
- lawn 9y agoHandling a potentially large of money and keeping it secure? How to store the key? What happens if I loose my phone/computer? How can I protect myself from fire and theft? Which wallet to choose? How can I be certain I don't have a virus waiting to steal my coins? Did i copy my address correctly? That's a lot of uncertainty for "it literally can not be simpler".
- pera 9y agoBeing able to easily handle a potentially large amount of money is exactly the reason why Bitcoin was created in the first place, so you don't need to depend on entities like banks. But even then, if you don't want to do that, there are other exchanges and online wallets that can do all that for you.
- lawn 9y agoUh, you literary did not respond to any of my remarks on why someone might find it scary.
- pera 9y agoBut I did: if you read my comment you will see I literally wrote that you don't have to store the wallet yourself, just use some online wallet. Another option is a hardware wallet like Trezor. What I don't understand is why would anyone who is so scared of using Bitcoin transfer money to Coinbase to buy Bitcoins. To me this is the same as withdrawing all your money from your bank while being super scared of having your own savings in cash at home.
- lawn 9y agoNo, that doesn't address the potential fear a customer might have. And I didn't even mention the problems with an online wallet. Yes, you should fear online wallets.
- pera 9y agoTo buying bitcoins on Coinbase (and almost any other exchange) one have to use their online wallet. Fear was not a decisive issue when you (fig.) decided to buy bitcoins, but for whatever reason it is now that you want to move them somewhere else?
- bdcravens 9y agoFor me, keeping coins on an exchange is scary with the many, many failures and hacks. I prefer to keep mine on a Trezor.