Ledger vs Coinbase

[James Anderson]

I've kept my crypto assets on Coinbase for roughly two years, but recently, I purchased a Ledger Nano X to move my assets to cold storage due to concerns about the security of keeping them online. However, I haven't transferred any crypto yet because I'm now uncertain.

On one hand, Coinbase appears to be a reliable and secure platform. If a major event, like a significant hack, were to occur, there might be a chance, albeit small, of recovering some funds.

On the other hand, there are widespread warnings about the risks of leaving assets online, which I acknowledge. Yet, the current concerns regarding Ledger's security are hard to overlook. Trust is crucial with a cold wallet, and if something were to go wrong—like reports of misplaced funds—I fear there might be no chance of retrieval.

I have a 14-day window to decide on my return option for the Ledger closes. I'm seeking opinions on this matter.

[SamReomo]

I've kept my crypto assets on Coinbase for roughly two years, but recently, I purchased a Ledger Nano X to move my assets to cold storage due to concerns about the security of keeping them online. However, I haven't transferred any crypto yet because I'm now uncertain.

On one hand, Coinbase appears to be a reliable and secure platform. If a major event, like a significant hack, were to occur, there might be a chance, albeit small, of recovering some funds.

On the other hand, there are widespread warnings about the risks of leaving assets online, which I acknowledge. Yet, the current concerns regarding Ledger's security are hard to overlook. Trust is crucial with a cold wallet, and if something were to go wrong—like reports of misplaced funds—I fear there might be no chance of retrieval.

I have a 14-day window to decide on my return option for the Ledger closes. I'm seeking opinions on this matter.

I would recommend you to go with an open-source software based wallet instead of going with an hardware wallet. Personal wallet is really important as the wallets in those exchanges aren't in your control because the exchange has the private keys of those wallets. I believe a software based wallet like Electrum is going to be a good choice for anyone who want to have their Bitcoin in a cold wallet.

I would definitely recommend you to format your drives and wipe out everything from those drives and then start a fresh copy of either Linux based distro or Windows OS. I must say that Linux is far safer and secure than Windows OS but still you can go with Windows OS. Once that's installed then you should create a wallet with Electrum and then try to understand that software based wallet fully before depositing your Bitcoin into it.

Your should also be careful about the private keys and seed phrases because saving them privately is very important. I would recommend you to save those on a separate SSD which should also be discounted from internet and should be kept in a safe place. Also you should write those on a paper and save that paper in a secure place. Disconnect that system from internet once everything is working and everything is going to be safe and okay.

[James Anderson]

Thank's for your suggestion I will look that

[$crypto$]

Coinbase is a centralized platform if you store assets there just store them in the bank because it is a third party.

Ledger is also experiencing problems earlier because many on X.com Ledger libraries have been compromised even though the problem has been resolved it is still a concern for Ledger users especially those who often connect to Dapps for other purposes, so you need to be careful with the Ledger devices you have and often check their information on x.com.

Source: https://twitter.com/Ledger/status/1735326240658100414

I am a user of the Trezor hardware wallet which until now has been safe enough to store bitcoin assets, a little advice then use a better hardware wallet without experiencing any problems, now Ledger is more avoided by investors to store their assets.

For software wallets called hotwallet, it is actually good as long as you can store it safely and your PC is protected from viruses, while for this incident you never know when it will come, to anticipate then use a cold wallet.