The wallet and the vault of Coinbase have the same objective: to save your cryptocurrency. These reminders are a free service that anyone with a Coinbase account has access to and can store all cryptocurrencies with Coinbase, such as Bitcoin, Litecoin, Ethereum, Bitcoin Cash and Ethereum Classic.
Each Coinbase account can have 1 wallet and 1 vault for each cryptocurrency. For example, you can store Bitcoin in the Coinbase wallet folder and in the Coinbase vault. And as I mentioned earlier, it seems that you should either use one (or use) both a checking account and a savings account when dealing with your fiat in your bank account.
The big difference between the two lies in the fact that the vault offers additional security measures to prevent theft of funds. Greater security is a good thing, but it also makes your funds less “liquid”. They can not be moved so easily and, therefore, the wallet and the vault must be used together.
Greater security advantage with the vault.
If you have been working with Coinbase for some time, then you are familiar with its wallet. It is quite easy to use. If you withdraw the cryptocurrencies from your wallet, all you have to do is enter the address of the destination wallet and confirm the transaction. There nothing big and tasking in it.
There is more to do when using the vault due to additional security measures that exist. These include …
The vault allows you to configure several signatures before lifting. You can have your friends, family and / or professional relationships. You can do this through an email, which you will receive as soon as the withdrawal has started. However, you, the account holder, are still the only person who can organize a withdrawal.
This multiple signature feature is optional. You can use the safe individually and you do not need this function. When doing this, you still have to always verify the withdrawal from 2 different email addresses. This makes things much safer against hackers. If a hacker had access to your personal account, they would not be able to withdraw without these signatures or without confirming the withdrawal from multiple email accounts.
48 hours hold
All withdrawals will be held for 48 hours and you can simply cancel within this time frame. This will ensure that you are the one who initiated the withdrawal, and if you did not, if someone hacked into your account, you can stop it immediately.
Even if the multiple signature function is configured and disconnected, you must wait until the end of the 48-day period before any sign of successful transaction
98% offline storage
Coinbase indicates that 98% of the money deposited in the vault is stored offline in a cold room. This means that, for reasons of liquidity, hackers only have access to approximately 2% of funds held online if they are hacked. Can you see with all these measures, using the vault is more secure than the wallet. This is probably one of the reasons why payments have been suspended for 48 hours. Because they have to transfer the funds online from the cold room to continue the process.
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