Ninjastic
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Board Bitcoin Discussion
Re: Is keeping your money on Coinbase really that bad?
by
peter0425
on 26/04/2018, 16:56:38 UTC
Quote from: Ronaldo Vu on April 26, 2018, 11:52:02 AM
TDIL Coinbase insures money lost from physical security, cyber attacks, and employee theft. they keep 98% of their funds offline. So back to my original point, is it really that important to keep your money off exchanges if they offer insurance and you personally make sure that your account isnt vulnerable to phone attacks? https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-
Just search for trading exchanges being hacked in the past and make your own conclusion. Of course its not safe to put all your funds not just in Coinbase but in any exchanges because if the hackers were able to get in, I'm sure that all you money will be lost forever.

Besides they can even lock your account without an appeal or in worst case scenario, authorities seize the servers and the hard drive of a exchange for suspicious activities, resulting in your funds being held for a long time. If you are holding a lot of money, its not really recommended to put it in a exchange, but in a hardware wallet where you can have total control.