If you are a bitcoin holder, you have to know where to safeguard them. The coinbase is one of the platforms which offers the traders to buy or sell the bitcoins with the fiat money.
They are like the broker and that is highly used to trading options. At first, this coinbase is launched as an electronic digital wallet and that supports the users to store the bitcoins online.
The special thing about the coinbase is they are running for more than half decades but still it is not get hacked by anyone, the main reason for this is the coinbase security.
There is a question from the bitcoin users that is it is safe to store Bitcoin on Coinbase platform, yes it is safe to store the bitcoins in coinbase because of their security status.
But still, it is not a good idea to store the bitcoins on the coinbase platform. The coinbase is the best exchange platform to sell and buy the bitcoins.
The reason why you should not store the bitcoin online is it can be easily hacked even though it not yet gets hacked but still experts suggest you do not store the bitcoins online. Few reasons are mentioned below;
Generally, the bitcoins and cryptocurrencies exchanges are a target for hacking and to hack them they make use of certain strategies and techniques.
Because when they hack the bitcoin exchange they can be get benefited from millions and billions of dollars’ worth coins. This is the reason why the hackers put a lot of trails even though the security status is very strong.
Your bitcoin wallet should the only thing which should control your bitcoins or cryptocurrencies, they are like the private keys.
Even though your exchange is get hacked they can take your bitcoins because it is going to inside the coin wallet.
Just use the exchange platform for the bitcoin exchange after completing your exchange you should withdraw all your funds from the platform.
Suppose you are storing it in a platform it will be a good clue for the hackers to hack your million dollar coins. These are the reason why it is always said to think of leaving Bitcoin Coinbase twice before leaving the coins.
Final thoughts
If you are looking to safeguard your bitcoins, it is good to prefer the bitcoin wallets and not to go with the coinbase like exchange platform it is a very bad idea.
You can grasp the idea of the relevant topic through reading this article.
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