LogFAQs > #889142013

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Topic	Should I buy bitcoin? have any of you turned a profit?
clearaflagrantj 10/25/17 7:26:47 PM #9:	kinetika_ posted... So what's this wallet thing? I already bought bitcoin on coinbase, but do I need a wallet too? https://bitcoin.org/en/choose-your-wallet A wallet is something you are in total control of. The "wallet" on Coinbase (along with the Bitcoin "vault") are not wallets, they are just "I Owe You's" from Coinbase, i.e. you have a checking account at a bank with a balance of $1000, you do not physically have the $1000, but the bank owes you $1000 whenever you want it. But let's say hypothetically the bank explodes, along with every other bank in the world, and the FDIC shuts down, you would never be able to get your money. That is why you should have your Bitcoin on your own wallet. <cite>clearaflagrantj posted [p:889142013] in Should I b... [t:75919510]...</cite> <quote><cite>kinetika_ posted...</cite> <quote>So what's this wallet thing? I already bought bitcoin on coinbase, but do I need a wallet too?</quote> https://bitcoin.org/en/choose-your-wallet A wallet is something you are in total control of. The "wallet" on Coinbase (along with the Bitcoin "vault") are not wallets, they are just "I Owe You's" from Coinbase, i.e. you have a checking account at a bank with a balance of $1000, you do not physically have the $1000, but the bank owes you $1000 whenever you want it. But let's say hypothetically the bank explodes, along with every other bank in the world, and the FDIC shuts down, you would never be able to get your money. That is why you should have your Bitcoin on your own wallet.</quote> ... Copied to Clipboard!
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