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RE: Using OpenLedger for the First Time: Basic Transactions
I use Coinbase Heidi , what is the benefit of using openledger over Coinbase ? Also is it possible to use openledger just to trade btc to eur then back to btc without cashing out to bank, you know when there is volatility and i dont want to lose value it would be nice
If you want to hedge against volatility try out bitshares bitusd. Dollar pegged assets on bitshares decentralised exchange (dex). It is backed by at least twice the value of 1usd in bitshares at such is fully decentralised and there is no counterparty risk. You really should try it .
Well Coinbase is definitely a wallet, but since it's all online/hosted by Coinbase, that can be VERY restricting in case their site is down, that means you don't have access to your money during that time. This has happened already a bunch of times during peak crypto volatility. I'd recommend having everything stored on offline wallets such as Trezor, a "paper wallet", or something equally safe and off the web.
The primary advantage is security. If you don't hold the private keys (i.e. coinbase or open.xxx) you don't OWN THE COINS. The advantages of the DEX are transparency, BitAssets (safety from volatility without counterparty risk, unlike the other pegged assets) and speed.
Along with the great responses already in this thread I would add that you are limited to three coins on Coinbase. BTC, ETH and LTC.
Coinbase is probably going to be affected by this:
Why the $BTC Fork Will Cause a Short Squeeze in Bitcoin That Affects You