Is Tangem a Safer Bet for Storing XRP? | Users Voice Concerns About Coinbase
A growing coalition of crypto enthusiasts is voicing serious concerns over the safety of storing XRP on platforms like Coinbase. Recent discussions indicate a trend favoring Tangem wallets for their enhanced security features. Users seek safer alternatives to centralized exchanges amid rising Bitcoin and cryptocurrency valuations.
Cryptocurrency Storage: What Users Are Saying
There’s a clear divide in opinions about storing XRP. Many assert that Tangem offers better control and security. One user noted, "Cold storage for the win. 🏆" While some still view Coinbase as a viable option, caution prevails regarding custody risks.
Tangem vs. Coinbase: Key Insights
Ownership Matters: Users emphasize, "Tangem is a cold wallet so the XRP belongs to you, otherwise Coinbase is the owner." This sentiment reflects a growing understanding of self-custody.
Risks with Exchanges: Concerns persist about potential complications on Coinbase, such as account freezes and hacks. A participant illustrated the fear, stating, "Never Coinbase," which underscores the anxiety around centralized platforms.
Learning from Experience: One user shared valuable advice for shifting XRP from Robinhood to Tangem, mentioning several YouTube tutorials available to guide newcomers. "Always test send a tiny amount of XRP," they advised.
"Not your Keys, Not your Coins" - A popular warning shared among savvy investors, reinforcing the need for direct ownership.
Users Weigh Pros and Cons
Participants are candid about their preferences:
Transferring funds: Many recommend moving funds to Tangem for added security, especially those new to crypto investing.
Balancing strategies: Several users have begun utilizing exchanges to purchase various assets before transferring them to cold storage for safekeeping. "I use my 3 exchanges to buy and ship them over to Tangem to hold," noted one community member.
Exchanges vs. Hardware Wallets: There's a notable sentiment that cold wallets offer a safer investment strategy, particularly for larger holdings, such as a $10,000 investment mentioned by one poster.
Takeaways from the Discussion
⚡ Cold storage is popular: Users pushing for reliability prefer Tangem for direct crypto access.
🔒 Beware of exchanges: Growing unease about risks tied to platforms like Coinbase.
💡 Educate before investing: Many users encourage comprehensive research and practice to ensure safe transactions.
As more people engage in these discussions, it’s clear that safety remains the priority for digital asset storage. With ongoing concerns about centralized exchanges and the increasing popularity of cold wallets, the trend seems poised for a shift as security takes center stage in the crypto community.