Coinbase, Exchanges

Is Coinbase Safe to Give SSN?

Cryptocurrency exchanges are no different than any other business in that they are subject to hacks, scams, and data breaches. In the case of Coinbase, one of the most popular and well-known exchanges, these events have occurred with some regularity. In 2012, Coinbase was hacked and nearly 4,000 Bitcoins were stolen.

In 2016, there was another hack in which 2% of all Bitcoin in circulation was stolen. And in 2018, over $30 million worth of Ethereum was stolen from Coinbase.

While these hacks are certainly cause for concern, it’s important to remember that Coinbase is a well-funded and well-run company with a strong track record. They have compensated customers for all losses incurred in past hacks and have implemented multiple layers of security to prevent future attacks.

NOTE: It is not recommended to give your Social Security Number (SSN) to Coinbase. Coinbase is a digital currency exchange and wallet provider, and is generally secure. However, it is not specifically designed to protect your SSN from potential security breaches or fraudulent activities. Therefore, if you choose to provide your SSN to Coinbase, you should do so only after considering the potential risks and taking appropriate precautions.

Overall, Coinbase is considered to be a very safe and secure platform on which to trade cryptocurrencies.

That said, it is always important to take your own security precautions when trading cryptocurrencies. This includes never sharing your private keys or passwords with anyone and only storing your coins in a secure wallet.

Overall, Coinbase is a safe and secure platform on which to trade cryptocurrencies, but it’s important to remember that you are ultimately responsible for your own security.

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