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I like the Coinbase method of (1) your password, and (2) a text message code sent to googlevoice / gmail.
That works for us, password and a text message code to our cell phone.
It's worthless at the moment, since we can not buy any crypto, due to their unusual photo ID requirements. As we were told by a computer genius, "anyone" can sit in front of a web cam but not everyone can provide a color copy of a driver's license, the one registered to the account. We have the latter with impeccable quality.
I'm not sure how we solve the photo issue.
Transferring funds between your bank and Coinbase takes about 7-8 days. Bank funds are initially deposited to your USD Wallet. You can place buy orders from there. When you sell, you can either deposit directly to your bank or deposit to your USD Wallet. Depositing to USD Wallet keeps your funds available immediately in Coinbase for another transaction if you wish to keep trading.
Buy and sell orders on Coinbase are usually instantaneous. However sometimes your order can get backlogged and take days to complete. This happened to me once and it took 8 days to complete the transaction. Your funds are tied up in limbo during a backlog, but you lock in the price at the time you placed the order. The risk during a backlog is if the price changes radically you cannot sell until the transaction completes. In the world of cryptos 8 days is an eternity and much can happen.
The 7 day wait is for buying not selling and waiting to hit the bank account.
In regards to Coinbase or GDAX if anyone actually wants to be able to buy on dips I'd suggest loading USD into your Coinbase/GDAX account and then letting the money sit there so if Bitcoin spikes you can buy and aren't locked into holding it for 7 days, you can sell right away if you use your own funds.
Again in terms of buying everyone should be using GDAX and not coinbase, you can trade for free as opposed to paying 1.25%, you can also send for free as opposed to paying a fee to send.
Thanks for setting up this thread Doodlemagic! I have a coinbase account that I use to trade BTC and LTC. What smart phone based wallet can I use to trade Ripple and other altcoins?
Personally I don't do anything on my phone. I don't feel my phone is as secure, and also I have had two buddies make HUGE mistakes, when your messing with decimals ie 0.0000475 Bitcoins to buy Ripple or whatever else you can easily make a mistake and cost yourself money.
You can login to any exchange from your phones web browser, as far as which ones have official apps maybe Binance but I'm not 100% sure as I don't personally trade on mobile.
You can hate or love Seeking Alpha. One of their articles stated this:
"Bitcoin production is capped at 21 million, but studies show that 4 million have been lost forever so the true base may be closer to 17 million."
If true what happened to that lost 4 million? Lost how....
I guy in England had 7 Million USD worth on a stick drive, today it's probably more like 80 Million worth. He threw it in the garbage. He's currently trying to get permission to dig it up..
Coins can be lost because people forget about them and lose a computer or stick drive with private keys or seed and they can never again be recovered.
21 Million Bitcoins total, Satoshi has 1 MIllion, probably 3-5 Million lost, some whales hold alot so that takes even more out of circulation. Not saying that Bitcoin will forever be an asset the masses want to hold but if that happens there is not enough Bitcoin for every millionaire in the world to own one. I believe there's about 15.8 Million, Millionaires in the world.
This is very helpful, thank you. Are the USD wallets insured by FDIC?
Most of those losses apparently occur from 2fa authentication methods requiring cell phone scans. Whether or not they were designed for specifically this reason, that is the result. I'm not going to use any method with such a requirement and high security risk. From my point of view, a single secure password is much better.
I like the Coinbase method of (1) your password, and (2) a text message code sent to googlevoice / gmail.
One thing I would add or maybe correct is 2FA through Coinbase is not really a risk, it actually secures your account. No 2FA IMHO your asking to have your coins stolen.
2FA with a cellphone number is more secure but cellphone numbers can be spoofed and they can still be stolen.
2FA with Google Authetnicator is the best method, when you create your 2FA account SAVE THE CODE. Otherwise you'll never be able to get it again. If you lose your phone your locked out of your account. You can send Coinbase and ID or Passport and have them turn off 2FA but with their poor customer service it could take a month. Authy is centralized so not as secure though still fine in most instances and you can recover your 2FA code.
How bitcoins get lost is when you control your own wallet and lose your keys/seed
***All that said I do agree with your assessment of being overly secure. I have a Trezor which is probably the most secure way to store your crypto next to a paper wallet or maybe Ledger. I have a recovery seed should I lose the Trezor or should it be damaed I can recover my wallet.
The Trezor also has an option to add a passphrase, however if you lose/forget the passphrase your seed will still not open the wallet. I already have the device, plus a pincode so to me aslo adding a passphrase is being overly secure and defeates the poitn of having the seed in the first place.
That works for us, password and a text message code to our cell phone.
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Hey if you are using an SMS text sent to your phone you should be advised that this is not very save 2FA.
People have had their phone numbers ported to another carrier without their permission.
This enabled the attacker to pick up the SMS code.
Hey if you are using an SMS text sent to your phone you should be advised that this is not very save 2FA.
People have had their phone numbers ported to another carrier without their permission.
This enabled the attacker to pick up the SMS code.
Great point Jman, I would say it's better than nothing, and for the majority of people it's probably gonna be okay, but Google Authenticator is probably the best provided people retain the code they get when they set it up. Authy is another great option but many people don't like that Authy is centralized ie could be hacked, though probably unlikely. You can however recover your recovery passcode on Authy where as Google save it the first time or you'll never see it again
One thing I would add or maybe correct is 2FA through Coinbase is not really a risk, it actually secures your account. No 2FA IMHO your asking to have your coins stolen.
You misread my post. I like the Coinbase method of (1) your password, and (2) a text message code sent to googlevoice / gmail, which is 2FA, two factor authentication. I like this better than no 2FA. However, the major stock exchanges use single secure passwords, no 2fa, and likewise they don't have these ambiguous security loss issues that are prevalent with cryptocurrencies.
Quote:
Originally Posted by doodlemagic
2FA with a cellphone number is more secure but cellphone numbers can be spoofed and they can still be stolen. 2FA with Google Authetnicator is the best method, when you create your 2FA account SAVE THE CODE. Otherwise you'll never be able to get it again. If you lose your phone your locked out of your account.
The risk of losing your coins is far greater then having them stolen. By using cell phone scans and google authenticator, you're asking, in fact begging, to not only have your coins stolen, but lost. In addition, it seems to me that anyone who could steal your cellphone could steal your password too. I see these methods as adding more risk, and being too risky.
We never bought any bitcoin lacking understanding of wallet, chain, how it is secure when being held at Coinbase.
Why they can not leave town when, for example only, 10,000 account holders each with 1 bitcoin and they paid, for example only, $10,000 and it goes to $250,000 and they want to sell. Total there would be $2.5 billion if the math is correct. Tidy sum held with a company that only communicates by e-mail. We were told by one of their basement level phone support persons that even they can not "call" higher ups. All e-mails.
And as we all know they have had technical issues for weeks now where trades got delayed, etc.
Getting money from your bank to your Coinbase account not to mention photo ID being their lowest priority when there are people trying to open an account.
As if they can not handle the volume. Lack of equipment, lack of employees, etc.
I believe last week there was a spike to near $20,000 and a drop to near $10,000. Some sellers at the higher level could not sell and some of the buyers wanting in at the lower level could not get in.
What does it take for them to be reliable all the time?
I have my password on my home computer. What makes that guaranteed when it is nothing but a chain of characters and what prevents people or companies from refusing to allow me to sell it through their trading service? What are my rights and ability to sell?
You misread my post. I like the Coinbase method of (1) your password, and (2) a text message code sent to googlevoice / gmail, which is 2FA, two factor authentication. I like this better than no 2FA. However, the major stock exchanges use single secure passwords, no 2fa, and likewise they don't have these ambiguous security loss issues that are prevalent with cryptocurrencies.
The risk of losing your coins is far greater then having them stolen. By using cell phone scans and google authenticator, you're asking, in fact begging, to not only have your coins stolen, but lost. In addition, it seems to me that anyone who could steal your cellphone could steal your password too. I see these methods as adding more risk, and being too risky.
Kind of off topic but I noticed Vanguard recently started offering 2FA.
In regards to having 2FA on your phone, the person who stole your phone would still need to have your exchange password and/or access to your e-mail to reset them but you bring up a good point. That said I'd probably take my chances that the person who finds my lost phone can defeat my passcode, and access my e-mail/exchange over leaving my accounts not secured by 2FA
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