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Author Topic: I have a coinbase account and also a coinbase wallet  (Read 77 times)
skytrooper15 (OP)
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December 24, 2024, 04:48:58 AM
 #1

 Hi
I transferred bitcoin from my Coinbase account to my Coinbase wallet a few days ago and my Coinbase account showed a public address ending in effg and it transferred to that address in the wallet.The transfer went ahead as usual and I have the amount I sent to my wallet in it.Now I was looking at all of the features in the wallet and it showed a list of receiving bitcoins and several other coins into the wallet and I clicked on bitcoin from the list and the public address was different ending in 0gsg and the top of the list said use this address when receiving bitcoin from the bitcoin network.I'm wondering if I start mining bitcoin in the future if this is the wallet address I should use to receive any bitcoin from the network when mining.After reading so many posts on this fine forum about stolen and lost bitcoin I will be going to a good hard wallet if I do start to mine.So do I use the public address that's in my bitcoin wallet or should I use the address that the bitcoin was sent to from my coinbase account app or do I use the wallet address.I'm thinking I need to use the address that is in the wallet but I was looking for advice from you more experienced members on the forum.Thanks
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January 03, 2025, 10:14:36 PM
 #2

If this is all about Bitcoin, I wouldn't suggest using the Coinbase wallet, even though it is  a self-custody wallet. If you are looking for a more secured wallet, I think Electrum should be enough as your option to receive the BTC you mine. Hardware wallet is option but if you don't have a budget to buy a hard wallet, you can try making a cold storage wallet like Electrum. To create cold storage, you need two devices. You can use your PC or mobile phone just make sure one of these is your watch-only wallet and one is your offline wallet that is willing to sacrifice to never connect it to the internet forever just for the safety of your wallet.

If you want some guidance on how to create a cold storage wallet on a PC, just download Tails and install it to a USB drive it has a built-in Electrum. Make a wallet there, and make sure to write down the seed phrase on the piece of paper for future recovery.
And then take the master public key and import it to any online device you want, like on another PC and install Electrum and import the MPK it should give you all addresses on that wallet you created in Tails Electrum wallet as your watch-only to monitor your wallet.
It is free; you don't need to spend to buy a hardware wallet if you already have a spare USB flash drive. If you do not want to have a problem later, do not use a local USB flash drive, which can easily corrupt files.

This would be the best and secured option if you want to keep your BTC in your wallet while mining.

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January 10, 2025, 04:08:21 PM
 #3

I'm wondering if I start mining bitcoin in the future if this is the wallet address I should use to receive any bitcoin from the network when mining.
I will not use Coinbase wallet for any purpose, Coinbase wallet is closed source, just like wallets like Trust wallet and Atomic wallet; it is not recommended to use closed source wallets because we cannot be sure of what happens behind the scenes. So for whatever you intend to do and receive BTC in return, use self custodial, open source BTC wallets, for cold storage you should get an open source hardware wallet or set up your own airgapped wallet if you have the knowledge to do so.

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January 15, 2025, 07:49:13 AM
 #4

the public address was different ending in 0gsg and the top of the list said use this address when receiving bitcoin from the bitcoin network.
Most of the HD wallets for mobile are designed in a way to show new addresses for every time when you are about to receive funds and it's happening as a privacy practice. This is the reason why you finds new BTC address everytime once the previously generated funded.

I'm wondering if I start mining bitcoin in the future if this is the wallet address I should use to receive any bitcoin from the network when mining.
FYI, BTC addresses never expire so even though you are not shown the previously used address still you can use it as long as you want since it's self custodial wallet and gives you the master seeds for recovery. Like others mentioned coinbase is not a good choice as BTC wallet, just choose something that is non custodial and open source like Electrum, Sparrow and Bluewallet for IOS.

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January 16, 2025, 10:59:24 PM
 #5

If you have the means of buying a hardware wallet then get one and use it for most of your transaction, although i suggest have a mobile wallet where you can transfer your fund from HW to mobile wallet for regular payments since it's not advisable to bring your HW anywhere just to make a payment outside or anywhere.

If you are mining, say you have bunch of rigs, registered to a mining pool with your receiving wallet address for the shared rewards, better use the address from your HW. Just don't forget one thing, don't share your seed to anyone, make it private by writing in a pc of paper and keep it in a safe place.

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