Coinsbase & Investments

1977_Corvette

1977_Corvette

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Apr 22, 2016
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Any serious investors here using Coinbase to purchase cryptocurrencty? Ive been using Bitcoins for a few years not but really only for the purpose of purchasing gear, never ever considered it a viable or even intelligent investment vehichle, but i am slowly begining to think this could be a real game changer and a potential gold mine. In fact, those cycles ive purchased via bitcoin years ago have cost me probbably 10's of thousands. I am a novice when it comes to actual knowledge of crypto-currency and its long term growth potential, but i have been buying up a decent amount over the past few months( mostly bitcoin but also some litecoin and ethereum) and education myself on it and its fascinating stuff. Their are some people saying crypto-currency will essential rival the invetion of the web or the car, its really interesting to me.

Do any you of you guys with a decent amount think keeping your funds in your Coinbase wallet is secure enough? I am getting a fairly decent chunk built up and im considering investing a very large amount in a few weeks but the security part of this is probably the biggest concern for me ( im thinking long term investment). If bitcoin or coinbase burst, i can hanbdle that, i am aftraid its going to explode and i will have hackers just empting my coinbase account whenever they want
 
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Riff Vibes
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i`d get away from coin base asap. they lock up accounts everyday for no reason and keep the money, did to me last year.
 
D-RED said:
i`d get away from coin base asap. they lock up accounts everyday for no reason and keep the money, did to me last year.
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Really? I heard they have serious investers behind them and seem to be the preferred and safiest cyprto trading format for US residents. I do like the ease of purchasing bit, lite or ethereum. Any recommendations? Can i keep coinbase and open a "personal" wallet to move purchases to? Any advice appreciated.
 
1977_Corvette said:
Really? I heard they have serious investers behind them and seem to be the preferred and safiest cyprto trading format for US residents. I do like the ease of purchasing bit, lite or ethereum. Any recommendations? Can i keep coinbase and open a "personal" wallet to move purchases to? Any advice appreciated.
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yes, excatly...do tht..use coin base to purchase, then transfer to your second wallet.
 
I'm following this shit, need to learn, I've already downloaded some of the apps, just haven't figured the wjoe ordeal out yet, or put to use.
Soon I hope.
 
1977_Corvette said:
D-RED said:
yes, excatly...do tht..use coin base to purchase, then transfer to your second wallet.[/QI

Thats what i was thinking, any solid, private, personal wallets you recommend?
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The only way your btc is TRULY secure is when you control both sets of keys. With coinbase you dont own your keys...thts how they can lock your accounts. ANY online wallet offers a significant vector for attack. I.e. if you store your btc on a device tht is connected to the internet then your BTC is NOT TRULY SECURE.

The best method to store your btc and keep it safe from greedy hackers who want to see u pennyless is to invest in an offline, cold storage wallet. Something like a Trezor or the Ledger S nano.

I was in your shoes... i had amassed enough money in btc that i started worrying abt losing it. The moment you have more money in btc than what one of these hardware wallets costs, then you should buy one.

I recently got a ledger from amazon for 82 bucks. Its easy to setup, easy to transer your coins to the wallet. It only works when you connect it to your pc or smart phone, so once you transfer your coins over there is no way possible for an attacker to steal them from you without having physical access to the device and your master seed.

Coinbase sucks btw. You wanna use gdax for buying, selling and xferring your btc. The gdax exchange is what coinbase uses, however, by circumventing coinbase and going thru gdax you can SIGNIFICANTLY lower the amount you are paying per transaction (buying, selling, moving/transferring).

I would never leave btc on a public exchange (coinbase, kraken, etc) you run the risk of losing any btc you have stored there (remember public exhanges dont allow you to own both sets of keys..the exchange has one part which means they can screw you out of your btc at any moment, it also means if they get hacked then you wil probably lose the btc u have stored there.

I buy my btc from gdax, if im gonna use it to buy stuff then i transfer it to mycellium (remember this wallet is tied to your mobile device, which has a net connection...so your btc isnt truly "safe" here...but its good enuff for awhile i suppose). If im going to save it for a rainy day then i transfer my btc to my hardware wallet (ledger nano or Trezor). Transferring btc from your online wallet at GDAX to any other wallet (mycellium, ledger, etc.) should not incurr any costs (your normal transaction fee of xxx satoshi per byte) which is saving you money bc you aren't paying a fee just to relocate your btc.

If you have questions just ask..in. ill try to answer. I hope this helped a little.
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Trill_OG said:
1977_Corvette said:
The only way your btc is TRULY secure is when you control both sets of keys. With coinbase you dont own your keys...thts how they can lock your accounts. ANY online wallet offers a significant vector for attack. I.e. if you store your btc on a device tht is connected to the internet then your BTC is NOT TRULY SECURE.

The best method to store your btc and keep it safe from greedy hackers who want to see u pennyless is to invest in an offline, cold storage wallet. Something like a Trezor or the Ledger S nano.

I was in your shoes... i had amassed enough money in btc that i started worrying abt losing it. The moment you have more money in btc than what one of these hardware wallets costs, then you should buy one.

I recently got a ledger from amazon for 82 bucks. Its easy to setup, easy to transer your coins to the wallet. It only works when you connect it to your pc or smart phone, so once you transfer your coins over there is no way possible for an attacker to steal them from you without having physical access to the device and your master seed.

Coinbase sucks btw. You wanna use gdax for buying, selling and xferring your btc. The gdax exchange is what coinbase uses, however, by circumventing coinbase and going thru gdax you can SIGNIFICANTLY lower the amount you are paying per transaction (buying, selling, moving/transferring).

I would never leave btc on a public exchange (coinbase, kraken, etc) you run the risk of losing any btc you have stored there (remember public exhanges dont allow you to own both sets of keys..the exchange has one part which means they can screw you out of your btc at any moment, it also means if they get hacked then you wil probably lose the btc u have stored there.

I buy my btc from gdax, if im gonna use it to buy stuff then i transfer it to mycellium (remember this wallet is tied to your mobile device, which has a net connection...so your btc isnt truly "safe" here...but its good enuff for awhile i suppose). If im going to save it for a rainy day then i transfer my btc to my hardware wallet (ledger nano or Trezor). Transferring btc from your online wallet at GDAX to any other wallet (mycellium, ledger, etc.) should not incurr any costs (your normal transaction fee of xxx satoshi per byte) which is saving you money bc you aren't paying a fee just to relocate your btc.

If you have questions just ask..in. ill try to answer. I hope this helped a little.
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Thank you, very informative
Click to expand...
 
Trill_OG said:
1977_Corvette said:
The only way your btc is TRULY secure is when you control both sets of keys. With coinbase you dont own your keys...thts how they can lock your accounts. ANY online wallet offers a significant vector for attack. I.e. if you store your btc on a device tht is connected to the internet then your BTC is NOT TRULY SECURE.

The best method to store your btc and keep it safe from greedy hackers who want to see u pennyless is to invest in an offline, cold storage wallet. Something like a Trezor or the Ledger S nano.

I was in your shoes... i had amassed enough money in btc that i started worrying abt losing it. The moment you have more money in btc than what one of these hardware wallets costs, then you should buy one.

I recently got a ledger from amazon for 82 bucks. Its easy to setup, easy to transer your coins to the wallet. It only works when you connect it to your pc or smart phone, so once you transfer your coins over there is no way possible for an attacker to steal them from you without having physical access to the device and your master seed.

Coinbase sucks btw. You wanna use gdax for buying, selling and xferring your btc. The gdax exchange is what coinbase uses, however, by circumventing coinbase and going thru gdax you can SIGNIFICANTLY lower the amount you are paying per transaction (buying, selling, moving/transferring).

I would never leave btc on a public exchange (coinbase, kraken, etc) you run the risk of losing any btc you have stored there (remember public exhanges dont allow you to own both sets of keys..the exchange has one part which means they can screw you out of your btc at any moment, it also means if they get hacked then you wil probably lose the btc u have stored there.

I buy my btc from gdax, if im gonna use it to buy stuff then i transfer it to mycellium (remember this wallet is tied to your mobile device, which has a net connection...so your btc isnt truly "safe" here...but its good enuff for awhile i suppose). If im going to save it for a rainy day then i transfer my btc to my hardware wallet (ledger nano or Trezor). Transferring btc from your online wallet at GDAX to any other wallet (mycellium, ledger, etc.) should not incurr any costs (your normal transaction fee of xxx satoshi per byte) which is saving you money bc you aren't paying a fee just to relocate your btc.

If you have questions just ask..in. ill try to answer. I hope this helped a little.
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Thanks alot for the info, im holding off on any "major" investment at this time but price just keeps soaring. I am realtively new to actual investing in cryptocurrency and have used coinbase in past just because of its popularity and ease of use, it seems well funded and backed but will certinetly look into your suggestion.

I was just googling TREZOR, looks like a great investment and secure holding wallet for a significant amount of bitcoing, thanks again.
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NP. If you have a coinbase account then you are automatically setup with a gdax exchange account.

https://www.gdax.com

If you go to the login page it will bring you to the coinbase login (or if you are already logged into coinbase it will just log you in). Everyone who has a coinbase account has access to the gdax exchange. Its a bit more complicated... you can do limit orders and place stop orders on your btc buys/sells. But buying btc is pretty straight fwd.

This will probably explain it better than i can..

https://steemit.com/cryptocurrency/@beevo/how-to-not-pay-coinbase-fees-usd-to-btc-eth-ltc

If you dont feel like reading all that... check this video out

https://www.youtube.com/watch?v=BRvN-01B2E0
 
Trill_OG said:
NP. If you have a coinbase account then you are automatically setup with a gdax exchange account.

https://www.gdax.com

If you go to the login page it will bring you to the coinbase login (or if you are already logged into coinbase it will just log you in). Everyone who has a coinbase account has access to the gdax exchange. Its a bit more complicated... you can do limit orders and place stop orders on your btc buys/sells. But buying btc is pretty straight fwd.

This will probably explain it better than i can..

https://steemit.com/cryptocurrency/@beevo/how-to-not-pay-coinbase-fees-usd-to-btc-eth-ltc

If you dont feel like reading all that... check this video out

https://www.youtube.com/watch?v=BRvN-01B2E0
Click to expand...

Whats your thoughts on the long term potential of bitcoin or any of these blockchain tools? Think its here to stay or just a bubble?
 
I've made $800 from Coinbase in less than a few months. People can say whatever they want. I've made some good money so far off it and will continue to if it keeps climbing. If I would have invested more last year I would have made thousands.
 
ladykilla said:
I've made $800 from Coinbase in less than a few months. People can say whatever they want. I've made some good money so far off it and will continue to if it keeps climbing. If I would have invested more last year I would have made thousands.
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Got a guy that works with sometimes , says his is paying 10K a month.

He retired from GM, & works where I'm at 3 nites a week.

Follows some of the bigger guys , that u-tube their strategy, and had been recently getting $10, 000 a month.

His wife was complaining about the time he spends on the computer, he showed get the checks he's bringing in.
 
1977_Corvette said:
Whats your thoughts on the long term potential of bitcoin or any of these blockchain tools? Think its here to stay or just a bubble?
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The buble is real. But once it drops it always goes back up. Long term potential? Ill risk my $20 or $40 a week. Better than buying lotto tickets IMO. I would never make it my sole investment and i wouldn't make it my largest investment either. I think ive found a threshold in my mind where i wont be devestated if i lose all i put in and i wont be pissed tht i didnt put in enough if btc makes legendary gains.

I am confident enough to throw some money at it, not a lot, but what i feel is enough.
 
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