4 upvotes, 3 direct replies (showing 3)
View submission: /r/Bitcoin FAQ - Newcomers please read
Can anyone tell me why I need a wallet for BTC when coinbase holds my funds ?
Comment by belcher_ at 04/12/2017 at 18:58 UTC
2 upvotes, 0 direct replies
Because coinbase.com could steal your money.
https://en.bitcoin.it/wiki/Storing_bitcoins#Custodial_wallets
Comment by BinaryResult at 01/12/2017 at 23:52 UTC
2 upvotes, 0 direct replies
Because coins on coinbase are just IOUs.
Comment by latetoBTCparty at 30/11/2017 at 22:45 UTC
5 upvotes, 1 direct replies
Coinbase is an Exchange, and it can suffer attacks and the accounts can be hackeds, compromised, among other things. If you are using little money in an Exchange, it's okay. But anyway it is recommended that you have a wallet where you own your own PRIVATE KEYS, the wallets are free, and if you are investing heavily and buying a lot of BTCs then it is highly recommended that you buy a wallet trezor.io (TREZOR WALLET), ledgerwallet.com (LEDGER NANO S)