Finance and Economics > The Money Board

Best alternative to coinbase for crypto wallet?

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Mental Arson:
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.
--- End quote ---
https://support.coinbase.com/customer/portal/articles/2754027

FreeLancer:
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.

Mental Arson:

--- Quote from: FreeLancer 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.

--- End quote ---
Thank you for the solid voice of experience. I'll check them both out.

David in MN:
I use block chain.info. It's not as usable but the team there gives a sense of security.

ID_Joker:
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.)

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