Should I keep my Bitcoin in Coinbase or Ledger Nano S ( Hardware Wallet)?

Unlike most exchanges, Coinbase is insured (How is Coinbase insured?). There is also some risk (I would think) of not getting your money in the case of a major hack, despite the insurance

There are still risks

  • Your computer is hacked and Coinbase password is stolen
  • Coinbase company goes bankrupt
  • FBI or other enforcement agency confiscates coins
  • Your computer or cell phone is stolen while you are logged in and thieves then steal your coins

Presumably, this is small, but who knows.

If you do use Coinbase, I would be sure to turn on as much 2FA as possible. For instance, you should enable second-factor authentication with an app like Google Authenticator. An alternative is to use SMS for authentication, but this surprisingly turns out to be very unwise. (Hackers Have Stolen Millions Of Dollars In Bitcoin — Using Only Phone Numbers).

If you have a lot of holdings, you might also look into a Coinbase Vault (Coinbase – Buy and Sell Bitcoin, Ethereum, and Litecoin).

The Nano is simple to use, holds a variety of currencies, and is inexpensive. Personally, I consider this method to be less stressful, though I would be comfortable storing large holdings on Coinbase as well (if I had any). I would not consider storing much currency on any site other than Coinbase.

You have two options

So, If your Amount is small use Coinbase only, and if you have huge investment then store it in Hardware wallet like Ledger Nano S, Trezor etc.

Buy Ledger Nano S now

One thought on “Should I keep my Bitcoin in Coinbase or Ledger Nano S ( Hardware Wallet)?

  1. Pingback: How do I buy Ethereum on Coinbase? | Bitcoin WikiPedia

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s