In the world of cryptocurrency, one of the most popular exchanges is Coinbase. They offer investors the ability to buy and sell digital assets, as well as store them in a wallet on the site. But what many people want to know is: does Coinbase have private key?
The answer is yes and no. When you create a wallet on Coinbase, you are given a 12-word phrase that is your private key. However, this phrase is not stored on the site.
Rather, it is encrypted and stored on your device. So if you lose your device or forget your phrase, there is no way for Coinbase to recover it for you.
This may seem like a downside, but it actually adds to the security of your funds. If Coinbase were to be hacked, the attackers would not be able to get your private key because it is not stored on the site.
This means that your funds would be safe even if the exchange was compromised.
In conclusion, yes, Coinbase does have private key. However, this key is not stored on the site but rather on your device.
This adds an extra layer of security to your account in case of a hack or other attack on the exchange.