RP said:
Brand new to all of this and have a question. I downloaded the coinbase app and transferred $2k from my checking account into Bitcoin. I'd like to just leave it there and let it grow (or shrink) for a while. Totally ok with a complete loss but I'm trying to understand if this is considered my Bitcoin wallet. There's the other app called Bitcoin wallet and about a million videos on YouTube so I'm not sure where to look to get answers.
Is my portfolio with 100% BTC the same thing as my wallet or do I need to setup something else?
I'm not an expert either and don't use coinbase so somebody can correct me if this is misleading.
Think of your coinbase account money as money in the hands of your money manager, think of "coinbase wallet" as a bank account for various crypto, and think of a hard/cold wallet as cash buried under your mattress.
You're the one calling the shots on your account and portfolio allocation so you're the money manager so to speak, but you can't just transfer that money anywhere; it's for purchasing crypto on their exchange. Bitcoin in a coinbase wallet can be sent to any wallet address however, so you can purchase goods or transfer it to other wallets from there. A hard wallet is more secure and puts the Bitcoin in your actual possession. Similar to cash stuffed under a mattress, you might have to work a little more to go get it and buy something, but it can be transferred anywhere just like from coinbase wallet.
If you're 100% btc that btc is going to appreciate/depreciate the same if it's in a wallet or your coinbase account. I haven't looked, but I'm guessing coinbase wallet is slightly more secure than your exchange "hot" wallet.