I have some ETH BTC and LTC in coinbase. Do I need to get another wallet and take it off of the cloud to keep it safe? Is it possible to hack my coinbase? This all seems so vulnerable. It's hard enough that it's not tangible, and I can't hold it in my hand. Kinda scary.
I know this is a rookie question so thanks ahead of time for any help you can provide.
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It does not matter if it is coinbase, or any other exchange. None is safe.
Remmember Mt.Gox ?
To big to faill?
I never keep substencial amnt of funds in exchange.
Becauce anything wihout a private key in my own SOLE control - it is not my money any more.
It' s like a lottery. Maybe i win (get them back).
Maybe not.
...You chose a crazy time to get into crypto my friend. You see, your Ethereum and Litecoin should be safe for know, but I would get a hardware wallet like the Ledger Nano S (you can pick one up with my referral link if you love me: https:/www.ledgerwallet.com/r/69d5). You see, there could soon be a Bitcoin hardfork and if there is, you could lose all the Bitcoin you have in hot wallets like coinbase. What you need to do is either convert your bitcoin to something else, like ethereum, sell it, or put it on a wallet where you have the keys like a full node or a hardware wallet.
I appreciate that but the ledger doesn't ship til Aug
Coinbase is about as safe as an online exchange and wallet can get, however you really should get an independent wallet whether that's desktop, mobile or offline. If you have poor security practices this could be riskier than leaving your coin at Coinbase but the real reason is to get yourself into the habit of not relying on central entities (and forcing yourself to improve your security practices). If you don't transfer your coin to a wallet it's easy to start treating Coinbase as a bank when digital currencies are more like cash. The exception is if you don't plan on holding and instead plan on trading in and out because you'll have to pay the transaction fee to get it back to the exchange when you want to sell.
Ok, I'll look into the wallet and good security practices. Thanks for the info
Do not ever store BTC on any exchange.
Ok, so a wallet is a must. Dually noted. Thanks a lot
...taking notes too