Do you need a wallet for crypto?
Isn't coinbase account enough? Why do I need a wallet? I am like a Nemo forget my password frequently
Not your key, not your crypto.
If you store it on a hosted wallet then someone else has your key and if they get hacked your key is exposed. Unlike fiat currency, there are no insurance policies or securities laws to help you.
Watch Andreas antonopolous’s YouTube videos on why owning your coins is important.
Coinbase is probably safe enough and there is nothing wrong with holding your crypto there. You get hardware wallet if you want full control over your private keys and want to remove third parties out of equation.
One of the biggest exchanges in Canada similar to coinbase shut down and is accused of fraud. Everyone thinks they are safe until they are holding the empty bag
Ledger Nano X