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Joined 3 years ago
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Cake day: June 9th, 2023

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  • Generally the guidance is not to keep funds in an exchange any longer than needed. That’s what you should think of Coinbase as, so no, you shouldn’t keep coins in Coinbase long term. I’m not as deep into BTC, I only hold a little ETH, so my setup might be a little different to yours.

    I’d recommend Metamask for a wallet. I think they just added BTC support as well. You will get a recovery phrase when you set up any wallet, make sure you keep it in a safe place, this phrase IS your money. If someone gets it, they have your money. Guard it.

    Lemme address your other questions point by point:

    • I need a Coinbase account to receive BTC, but I don’t need to keep it there

    Nope. You don’t need Coinbase at all. Your wallet can send a receive directly. You need Coinbase to go back and forth between fiat currency (dollars or whatever).

    Does it cost anything to move my BTC out of Coinbase?

    Yes. All crypto transactions charge a fee. I don’t know if Coinbase charges on top of that, but probably a bit.

    is Coinbase safe?

    Eh, safe enough. They are publicly traded and US based so that should give you some comfort, but exchanges get hacked and fail, which is why even if they are the best company in the world, you shouldn’t let them hold on to your coins long term.

    Hope this helps!