start using trezor with coinbase

Bitcoin Questions and AnswersCategory: Questionsstart using trezor with coinbase

Harry Coyle asked 1 year ago

like to know if you use a trezor are the coins physically moved from coinbase,I am new at this thanks

1 Answers
Steven Hay answered 1 year ago

Hi Harry,
Well, there’s not much physical about bitcoins at all. To answer your question, the bitcoins don’t in fact exist within your wallet, whether it’s a Coinbase online wallet or your personal hardware wallet (we recommend storing coins on the later, as it’s much safer). Bitcoins exist as transaction records within their associated addresses, the full public ledger of these transactions and addresses is stored in the blockchain.
What your wallet in fact stores is the private key which allows you to send bitcoins from those particular addresses with which your private key is associated. If your coins are on Coinbase, then Coinbase in fact controls the private key, which is why we recommend storing them on a hardware wallet instead. That way, the coins are under your full control.
For more details (it can be quite a tricky subject to wrap your head around, given how it’s unlike existing systems) check out our video / article explainer here:

What is a Bitcoin Wallet – Bitcoin Whiteboard Tuesday

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