Author Topic: Best alternative to coinbase for crypto wallet?  (Read 11291 times)

Offline Mental Arson

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Best alternative to coinbase for crypto wallet?
« on: March 27, 2017, 07:43:50 PM »
I'm fairly new to crypto currency, and I recently received a notice from Coinbase informing me they must close all accounts belonging to Hawaii residents due to Hawaii's effort to be able to tax everything.

What do you recommend is the best alternative to Coinbase?
...and I wonder if any Crypto company will have the same issue.

I never thought I'd have to ask...but how to people in China own crypto with their country's controls?

Quote
The Hawaii Division of Financial Institutions (DFI) has communicated regulatory policies which we believe will render continued Coinbase operations there impractical.  In particular, we understand that the Hawaii DFI will require licensure of entities which offer certain virtual currency services to Hawaii residents. Although Coinbase has no objection to this policy decision, we understand the Hawaii DFI has further determined that licensees who hold virtual currency on behalf of customers must maintain redundant fiat currency reserves in an amount equal to the aggregate face value of all digital currency funds held on behalf of customers. Although Coinbase securely maintains 100% of all customer funds on behalf of our customers, it is impractical, costly, and inefficient for us to establish a redundant reserve of fiat currency over and above customer digital currency secured on our platform.
https://support.coinbase.com/customer/portal/articles/2754027

Offline FreeLancer

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Re: Best alternative to coinbase for crypto wallet?
« Reply #1 on: March 27, 2017, 08:59:47 PM »
If you only need storage without trading, Blockchain.info is an online bitcoin wallet I can recommend.  Make sure to use a unique random password and 2-Factor Authentication, which you were hopefully already doing at coinbase.  There is also a phone app that is just as easy to use as coinbase's.

If you want more control and security, consider generating various paper or brain wallets at bitaddress.org.  This route lets you be as paranoid as you think you need to be, with many advising only running this page's JavaScript wallet generator on computers and printers that are air gaped from the web.  There are numerous YouTube videos explaining how to do this.

I know there are other secure options, but these are the solutions I've used.  Neither one requires any personal identification information from you to establish the wallet, so Hawaii will never know and there's no way of compelling disclosure, either. 

Whatever you do, take your time setting up new wallets and then experiment with small transfer amounts when trying it for the first time.  Write stuff down until you're sure it's secured in your mind or safe place.  There are no do overs if you screw up.


Offline Mental Arson

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Re: Best alternative to coinbase for crypto wallet?
« Reply #2 on: March 28, 2017, 12:50:58 AM »
If you only need storage without trading, Blockchain.info is an online bitcoin wallet I can recommend.  Make sure to use a unique random password and 2-Factor Authentication, which you were hopefully already doing at coinbase.  There is also a phone app that is just as easy to use as coinbase's.

If you want more control and security, consider generating various paper or brain wallets at bitaddress.org.  This route lets you be as paranoid as you think you need to be, with many advising only running this page's JavaScript wallet generator on computers and printers that are air gaped from the web.  There are numerous YouTube videos explaining how to do this.

I know there are other secure options, but these are the solutions I've used.  Neither one requires any personal identification information from you to establish the wallet, so Hawaii will never know and there's no way of compelling disclosure, either. 

Whatever you do, take your time setting up new wallets and then experiment with small transfer amounts when trying it for the first time.  Write stuff down until you're sure it's secured in your mind or safe place.  There are no do overs if you screw up.
Thank you for the solid voice of experience. I'll check them both out.

Offline David in MN

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Re: Best alternative to coinbase for crypto wallet?
« Reply #3 on: March 28, 2017, 06:28:01 AM »
I use block chain.info. It's not as usable but the team there gives a sense of security.

Offline ID_Joker

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Re: Best alternative to coinbase for crypto wallet?
« Reply #4 on: June 05, 2017, 02:21:35 PM »
Anybody have recommendations for actual purchases of bitcoin or other cryptocurrencies?  Seems like there is a plethora of wallets that allow you to exchange between coins.  However, if you actually want to buy coins, the options go down and the most visible choices have terrible fees.

It's several hundred miles to the closest person doing local bitcoins in person.  :(

(I have been using Coinbase for a couple years, but they are shutting down purchases in my state as well due to government regs.)

Offline Speaker0311

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Re: Best alternative to coinbase for crypto wallet?
« Reply #5 on: June 06, 2017, 10:41:53 AM »
I believe kracken would be an option. Ive never used it.

Offline ID_Joker

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Re: Best alternative to coinbase for crypto wallet?
« Reply #6 on: June 06, 2017, 02:21:21 PM »
Thanks Speaker.  I'll check out Kracken.  I did a transaction on Changelly this morning that went ok. 

Seems like one huge hurdle to crypto adoption is going to be simplifying the process of acquiring it. 

Offline SurvivorStudent

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Re: Best alternative to coinbase for crypto wallet?
« Reply #7 on: January 31, 2018, 05:31:06 AM »
For purchasing crypto check out some of the ever increasing ATMs at https://coinatmradar.com/ or www.bitcoindepot.com/‎. This may be more difficult if you are not in an urban area. Sending the bitcoin to an individual is a trivial matter, getting the cash/payment to the bitcoin holder is the harder part.

Id suggest if you are looking into holding any cryptocurrency for a mid to long term that you use a paper wallet, see https://www.coindesk.com/information/paper-wallet-tutorial/. I have personally faced the woes of a company holding your cryptocurrency going under/ getting hacked/etc.  A paper wallet is a way to control your money yourself. Alternatively running the actual bitcoin,litecoin,etc. application on your pc keeps these things under your control, regardless of what external companies do.  The only caveat is what I'd recommend for life anyway is educate yourself about security and how to protect what is yours.



EDIT: fixed broken link
« Last Edit: January 31, 2018, 09:14:40 AM by Mr. Bill »

Offline fritz_monroe

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Re: Best alternative to coinbase for crypto wallet?
« Reply #8 on: January 31, 2018, 06:26:44 AM »
I had heard in the past about bitcoin ATMs, but had no idea there were so many of them around.

Offline FreeLancer

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Re: Best alternative to coinbase for crypto wallet?
« Reply #9 on: August 01, 2018, 02:44:15 PM »
In the process of claiming my share of the Bitcoin Gold fork recently, I wound up using the Coinomi iPhone wallet for sweeping my Blockchain.info private keys into a BTG wallet. Worked great and Coinomi allows exchanges via Changelly or Shapeshift from within their app, which saves a couple of hops and aggravation. I wouldn’t keep a lot of value on a phone wallet, a hardware wallet is much more secure, but it was super handy for this process.

Just remember, before claiming coins after a fork, make sure you move the bitcoin to a new safe address prior to sweeping those bitcoin private keys into the forked wallet. A lot of people have lost all their bitcoins by trusting that the forked wallet folks wouldn’t turn around and use those same private keys to move bitcoin out of those addresses.  Yes, it will cost money in bitcoin transaction fees to do this every time you want to claim the latest forked coin, but that’s the safe way to go about it at this point.

Offline Ralph

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Re: Best alternative to coinbase for crypto wallet?
« Reply #10 on: August 20, 2018, 09:37:19 AM »
I started buying from Coinbase then transferred everything to a paper wallet.  Paper wallets have their drawbacks, loss, fire, theft to mention a few.  However you can scan the paper wallet or take a picture of it as a backup- then encrypt the image.  By all means do some research of your own before deciding on a paper wallet, or any other wallet.