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I'd hope for a conversation rather than a copy and paste effort. The answer is Coinbase has insurance on approximately 2% of its coins and it doesn't cover you specifically if your account his hacked.
You asked about the insurance so I posted it straight from the horses mouth. In regards to your account being hacked that's your own fault, use a strong password and 2FA with Google Authenticator and Authy and not a text message and it's pretty much impossible to be hacked.
In regards to your account being hacked that's your own fault, use a strong password and 2FA with Google Authenticator and Authy and not a text message and it's pretty much impossible to be hacked.
Doodlemagic, then you very much for making these threads and being so helpful.
I feel a cavalier attitude about losses is not good, and tends to overlook security insufficiencies. For example requiring a license photo, which could easily be forged, makes me question the other safeguards as well, though complicated but perhaps not that secure. I want to invest in crypto and the security is a big concern for me.
The best options appear to be (1) keeping a hardware wallet, which is more convenient but costly, and risky to lose (or have to replace at more time, trouble and cost), or (2) leave everything on the exchange, which makes it subject to delays and difficulty of using when desired. I definitely want to use crypto and to find ways to alleviate these concerns and dangers, so here are a few more questions.
3) My current email addresses have been hacked at least once. Where can I get dedicated addresses, and how many will I need for different exchanges? Can they all be forwarded to one place?
4) Do I need to have a privacy password to sign up for GDax, or only when funding?
5) How can I make up my own privacy passwords and remember them?
You asked about the insurance so I posted it straight from the horses mouth. In regards to your account being hacked that's your own fault, use a strong password and 2FA with Google Authenticator and Authy and not a text message and it's pretty much impossible to be hacked.
And you simply copied and pasted that of which is readily available and did not answer my questions
Doodlemagic, then you very much for making these threads and being so helpful.
I feel a cavalier attitude about losses is not good, and tends to overlook security insufficiencies. For example requiring a license photo, which could easily be forged, makes me question the other safeguards as well, though complicated but perhaps not that secure. I want to invest in crypto and the security is a big concern for me.
The best options appear to be (1) keeping a hardware wallet, which is more convenient but costly, and risky to lose (or have to replace at more time, trouble and cost), or (2) leave everything on the exchange, which makes it subject to delays and difficulty of using when desired. I definitely want to use crypto and to find ways to alleviate these concerns and dangers, so here are a few more questions.
3) My current email addresses have been hacked at least once. Where can I get dedicated addresses, and how many will I need for different exchanges? Can they all be forwarded to one place?
4) Do I need to have a privacy password to sign up for GDax, or only when funding?
5) How can I make up my own privacy passwords and remember them?
Use Gmail and use 2FA for your login. This means unless someone has your phone they can't get into your e-mail even with your username and password.
It's a pain in the butt but use different passwords for your e-mail than for exchanges and use a diff password for each exchange.
If your investing any significant amount into crypto it's well worth getting a hardware wallet. Blockchain is here to stay so you'll likely be able to use it in the future to securely sign off on documents and things like that anyhow so may as well get one now. Also if your going to invest thousands into crypto what's $58 for a ledger or $100 for a trezor to protect that.
And you simply copied and pasted that of which is readily available and did not answer my questions
Common man, if you read what I pasted in it explains EVERYTHING you asked about, I didn't know I had to break it down for you personally. ALL crypto on the exchange is FULLY INSURED and they only keep 2% in a hot wallet so YES your crypto is protected.
In terms of fiat or USD it's insured up to $250,000. If you have $250,000 or less you are insured for USD as well.
Common man, if you read what I pasted in it explains EVERYTHING you asked about, I didn't know I had to break it down for you personally. ALL crypto on the exchange is FULLY INSURED and they only keep 2% in a hot wallet so YES your crypto is protected.
In terms of fiat or USD it's insured up to $250,000. If you have $250,000 or less you are insured for USD as well.
Common man nothing, insurance on 2% and what is the dollar limit? Who's insuring this? And what about the other 98%. Insurance isn't unlitmed and given the fact they can't even keep their website so I'm a bit skeptical on the coverage and the massive amount uncovered.
The fdic is somewhat irrelevant unless you are just sitting on USD at coinbase of which I don't see why you would do that
The Trezor 1. More userfriendly than Ledger
2. Doesn't store as many coins as Ledger, stores BTC, LTC, ETH, Dash, ZCash and a couple others.
3. About $100, they also have a new Trezor 2 out as well.
4. Anyone who plans on being in the space for a while or has big money in needs one of these.
5. The trezor is open source meaning not reliant on a company, and you can examine the code.
Thanks doodlemagic! When you say Trezor doesn't store as many coins as Ledger, do you mean the variety or the amount?
Where should I buy a Trezor? Are there fees for moving coins back and forth from a hardware wallet?
Last edited by Gabriella Geramia; 12-23-2017 at 09:51 AM..
I have gmail and googlevoice, but don't have a cell phone. Can I use 2FA with these on a desktop computer?
I might have seen in a different thread where you make your own 12 or 24 digit passwords.
If so, how can I learn about this and do the same thing?
John, unfortunatley for 2FA you would need a cellphone to either receive a text message or to get Google Authenticator. The idea behind 2FA being that if someone were to somehow get a hold of your username and password that they would not be able to login as they would not have the 6 digit code Coinbase sent to your cellphone via text message or Google authenticator.
In regards to seeds that is to secure a wallet which is different than Coinbase. A wallet stores your private keys and controls your Bitcoin, a site like Coinbase is simply an exchange, you technically don't hold your private keys, you basically have an IOU for Bitcoin with Coinbase.
Thanks doodlemagic! When you say Trezor doesn't store as many coins as Ledger, do you mean the variety or the amount?
Where should I buy a Trezor? Are there fees for moving coins back and forth from a hardware wallet?
Hey Gummy, I meant it doesn't store as wide a variety of keys. That said I do think it's more secure, I like that it's opensource, and I also feel it's easier to use. With the Ledger, don't get me wrong a great wallet, but you need to add apps for new coins where as with Trezor you just have a dropdown. Lastly I like that Trezor is open source.
As far as fees for moving Bitcoin, Litecoin, Ethereum, yes there are. Bitcoin fees are quite high now and transactions really slow. I would suggest for moving coins from one place to another buy Litecoin, send, then trade back to Bitcoin. Will be faster and cheaper. Kind of silly I know but the Bitcoin network is being spammed by Bitcoin Cash right now and that's the situation we find ourselves in.
In regards to where to buy a Trezor or Ledger, you can buy them on Amazon, heck even Walmart has 3rd party sellers selling them though the prices are typically inflated and personally speaking I made sure I bought mine from the actual company who makes them and not a third party who potentially could tamper with it. If you buy off Amazon look for one from "SatoshiLabs". Otherwise, I bought mine from the company direct, it shipped from Czech Republic and I had it in 2 days.
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