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Coinbase is not a Bitcoin wallet any more than your bank is a USD (whatever your local currency is) wallet. This has no relevance to Bitcoin wallets.
by sturmeh 9y ago
Coinbase is not a Bitcoin wallet any more than your bank is a USD (whatever your local currency is) wallet.
This has no relevance to Bitcoin wallets.
- mirimir 9y agoWell, Coinbase provides what it calls Bitcoin wallets. But yes, they're just accounts, which control Bitcoin wallets. Still, this is what many have come to think of as Bitcoin wallets. Me, I only use local wallets. If I had lots of Bitcoin, they'd be offline.
- kakarot 9y agoI think it's important to hammer in the distinction into the minds of the public. The takeaway being that one should not treat coinbase as a wallet and thus should never leave coin in their accounts. For example my boss lost coin trusting it in the hands of coinbase. He has contacted support to no avail. And there are no legal reprecussions for them doing this, just as Paypal reserves the right to freeze or steal your assets.