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“Coinbase is just an app where I enter a password and buy Bitcoin.” That sentence is wrong in three different ways that matter to anyone placing market orders in the United States. Startlingly, many experienced traders conflate authentication, custody, and trading execution into a single mental box; each is governed by different systems, incentives, and risks. If you want to log in, trade, or move Bitcoin from Coinbase, understanding those boundaries is what reduces mistakes and preserves capital. This article…

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