I've been allocating some savings to BTC. I keep seeing exchanges fall, and not your keys not your coin. I've been using the Coinbase wallet app. Is that safe?
If Coinbase goes down am I out?
I need to look into a cold wallet but for right now am I good?
If I am you, I would rather store my BTC on a open-source non-custodial wallets like Electrum until you get one of the hardware wallets (which i suggest you get as soon as possible, especially if you already have decent amount of BTC).
If you didn't have your keys while storing your crypto on that wallet which means not your coins. All centralized exchanges aren't ideally good for storing our crypto assets in a long term, all of them are prone to scams that might end up shutting down.
He is not storing his bitcoin on Coinbase, but on their wallet which is a non-custodial.