Coinbase is a digital currency exchange and wallet service headquartered in San Francisco, California. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam.
Coinbase allows users to buy, sell, and store digital currencies such as Bitcoin, Ethereum, and Litecoin.
Coinbase is one of the most popular digital currency exchanges and wallets. As of April 2018, Coinbase had 13 million users. But what does that mean for you? Do you actually own your Coinbase wallet?
The simple answer is yes. When you create a Coinbase account, you are the owner of that account.
You control the private keys associated with your account, and no one else can access your digital currency without your permission.
However, it’s important to remember that Coinbase is a custodial service. That means they hold the private keys on your behalf.
So while you are the owner of your account, Coinbase has control over your private keys.
This could potentially pose a problem if Coinbase were to ever go out of business or be hacked. In those cases, you would not have direct access to your private keys and would need to rely on Coinbase to give you access to your funds.
For this reason, some people choose to move their digital currencies off of Coinbase and into a non-custodial wallet like Exodus or Trezor. This gives them full control over their private keys and eliminates the risk of losing access to their funds if something happens to Coinbase.
So while you do own your Coinbase wallet, it’s important to remember that they are ultimately in control of your private keys. If security is a major concern for you, then you may want to consider moving your digital currencies into a non-custodial wallet.