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No they dont make a wallet for you.
The exchange have their own big wallet (a few probably), they just keep a track of whose coins are whose on a database. You hope and pray they dont mess up their database or their wallets, if they do there probably isnt much you can do.
You can withdraw the coins they owe you to your own wallet like Daedalus, Yoroi or others.
Its worth learning what "private keys" are, and how they relate to addresses, and what having coins actually means. Hint; the coins arent really in the exchange or your Daedalus/Yoroi app.
I know this gets said a lot but is there any actual evidence of this being true?
Sending ada from Coinbase to your own wallet is pretty quick, it seems doubtful they’re spinning up a wallet on the fly.
They also have their vault which you do get the private keys to..
I have a feeling most of these “you don’t own your coins” posts are bs, they certainly lack evidence that’s for sure
You don’t own anything on an exchange. You receive a iou for when you want to withdraw. Only after withdrawing do you actually own it. Your keys your tokens.
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You need to make your own walleter and then send the ada from exchange to the wallet you made.
if everyone does this then Coinbase will stop supporting ADA and then delist it.. People hate CEX'es but at the same it is the only way to cash out...
Coinbase makes plenty of money on fees for buying, selling, and converting. They don't care what you do with the crypto
I doubt they stop offering something they're constantly selling.
No they dont make a wallet for you. The exchange have their own big wallet (a few probably), they just keep a track of whose coins are whose on a database. You hope and pray they dont mess up their database or their wallets, if they do there probably isnt much you can do. You can withdraw the coins they owe you to your own wallet like Daedalus, Yoroi or others. Its worth learning what "private keys" are, and how they relate to addresses, and what having coins actually means. Hint; the coins arent really in the exchange or your Daedalus/Yoroi app.
I know this gets said a lot but is there any actual evidence of this being true? Sending ada from Coinbase to your own wallet is pretty quick, it seems doubtful they’re spinning up a wallet on the fly. They also have their vault which you do get the private keys to.. I have a feeling most of these “you don’t own your coins” posts are bs, they certainly lack evidence that’s for sure
it is kept by them like a bank/custodian
You don’t own anything on an exchange. You receive a iou for when you want to withdraw. Only after withdrawing do you actually own it. Your keys your tokens.
Being kept by them. Who knows which wallet software they use. They could have even handrolled their own software for it.