Quote:
Originally Posted by PeanutButter
How would someone be able to hack the wallet on your PC without your Private Key?
I was under the impression that the wallet can only be opened with your private key?
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Oh shoot, I forgot coinbase has a super low limit... There's no way around that really. My friend's limit is $1000 but that's after he had the account for awhile.
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The wallet itself may not have its encryption solved, but there are ways to get you to do it for them, for instance a keylogger when you're entering the password, or forcing you to do it, etc. This is especially dangerous if you have your wallet on a "main" computer that sees a lot of use, putting it at risk with everything from visiting sketchy websites to pirating software (REALLY risky). It would be like walking around town with your entire bank balance in your back pocket. Sure you're most likely not going to get robbed, but who knows right?
Online wallet is probably the most convenient for actually spending bitcoin, just don't keep too much of it in one. If you don't own the private keys yourself, you don't actually hold anything. They own your bitcoin, and are letting you spend and receive it.