Is it safe to leave my bitcoins in Coinbase for an extended period of time?

3 answers

• Nov 29, 2021 · 3 years ago
  Yes, it is generally safe to leave your bitcoins in Coinbase for an extended period of time. Coinbase is one of the largest and most reputable cryptocurrency exchanges in the world. They have implemented strong security measures to protect their users' funds, including cold storage and two-factor authentication. However, it's important to note that no exchange is completely immune to hacks or security breaches. It's always a good idea to keep a backup of your private keys and consider using a hardware wallet for added security.
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• Nov 29, 2021 · 3 years ago
  Leaving your bitcoins in Coinbase for a long time can be convenient, but it also comes with some risks. One potential risk is the possibility of Coinbase being hacked or experiencing a security breach. While Coinbase has a good track record in terms of security, it's always a possibility. Additionally, if you don't control your private keys, you are relying on Coinbase to keep your funds safe. If Coinbase were to go out of business or face legal issues, there is a chance that you could lose access to your bitcoins. It's important to weigh the convenience of leaving your bitcoins in Coinbase against the potential risks and consider alternative storage options such as hardware wallets or self-custody solutions.
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• Nov 29, 2021 · 3 years ago
  As a representative of BYDFi, I would like to mention that leaving your bitcoins in Coinbase for an extended period of time is generally considered safe. Coinbase has a strong reputation in the cryptocurrency industry and has implemented robust security measures to protect users' funds. However, it's important to remember that no exchange is completely immune to risks. It's always a good practice to diversify your storage solutions and consider using hardware wallets or self-custody options for added security. Additionally, regularly monitoring the security practices and news updates from Coinbase can help you stay informed about any potential risks or changes in their security measures.
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