Why all the Hate for Coinbase? Common Guys They Aren't That Bad
Lately I've been seeing a lot of people hating on Coinbase. I personally am a big fan of Coinbase. Could their customer service be better, well of course, it's not their strong suite but honestly I've yet to deal with an exchange who has done a better job.
I've been using Coinbase for a couple years and thus far they have been good to me. They provide a clean dashboard and interface, they make the process of buying Bitcoins for a beginner very easy, and while they aren't the cheapest option around, they are pretty well priced. They also have not been hacked or in any way caused me to lose money.
Lately with the whole fork issue a lot of people are hating on Coinbase. Some seem to be mad Coinbase is not supporting the fork and giving them their Bitcoin Cash, while others were upset about the delays on cashouts and sends. I was personally affected by this, I had a transfer from my Coinbase account to my Trezor Wallet take over 42 hours. While it was a little disconcerting, I wasn't pissed at Coinbase, nor do I hold any ill will towards them.
When I first got into Bitcoin years ago either Coinbase wasn't around or at the very least I wasn't aware of them but buying Bitcoin was a pain in the butt. I would have to use LocalBitcoin and pay a pretty big upcharge and was never super comfortable with the process, or I would have to do some roundabout process like deposit money onto one site, then move it to another site, then move it to a third site to finally buy them and then move it back to my wallet, it was just a huge pain.
Coinbase accepting ACH transfers as well as credit and debit cards just makes things so easy and convenient, I also love how they unlike some other exchanges allow you to setup daily/weekly/monthly recurring transactions for Dollar Cost Averaging.
I know some people are/were kind of annoyed Coinbase wasn't going to support Bitcoin Cash and while I agree I wish they would have as well, at the end of the day they are under no obligation to deal with every altcoin that comes off of a fork. I'm sure it would cost them a lot of time and money reconfiguring their site and finding a safe way to get this all setup and allow for it.
I feel like Coinbase gave us plenty of heads up they woudln't be dealing with Bitcoin Cash. If people decided to not heed their warning and leave coins on Coinbase then they have nobody but themselves to blame for getting it stuck on there. I had some coins sitting in the Coinbase Vault. As soon as Coinbase sent out the email saying they woudln't be dealing with Bitcoin Cash I moved a little bit out of Coinbase. I then got lazy and said "ahh, I'll wait til later and move the rest" despite Coinbase saying close to the end of the month will be high volume and delays. I wound up waiting until July 28 and wound up waiting 42 hours plus for a pending Bitcoin send to finally clear. Again, while it was aggravating it was my own fault.
I guess my point is at the end of the day Coinbase is better than any other exchange I've tried and while they aren't perfect, in my opinion it's better than the alternatives. Every exchange out there from Kracken to Gemini to Poloniex to others I've heard complaints about from everything regarding customer service to verifying accounts to freezing money.
One last thing I think many of us fail to realize and appreciate. For those of us who live in the USA we have a lot of unnecessary bullshit laws meant to treat citizens like stupid children who can't be trusted with their own money, things like accredited investor rules and such. These exchanges have a ton of rules and regulations they have to abide by from Money Transmitter Laws which not only exist federally but within all 48 states who all have different rules, laws and regulations plus whatever SEC rules and laws may affect them as well. They have a maze of stuff to get through to try to avoid getting fined literally millions of Dollars so if Coinbase or any other exchange for that matter holds your funds or needs verification while it can be frustrating just realize they are probably just abiding by KYC or know your customer rules or laws they are required to abide by.
Follow the number one rule of crypto which is control your own money and you'll alleviate the majority of these problems. If you choose to keep your money on Coinbase or any other exchange realize your involving an unnecessarily third party and complicating your life. And give Coinbase a break, they aren't all that bad.
Overall Coinbase has been good to me for the most part. I'm not sure what was behind the decision to not give people their Bitcoin Cash but they did come out with a statement saying they might participate and if they do people will be able to get their Bitcoin Cash and if they don't they won't keep the Bitcoin cash so at least we know it won't hit the market.
I agree I would have liked to see them deal with it and I think it would have made life a lot easier and less stressful to a lot of people who are new to Bitcoin and cryptos.
I saw the CEO put out a statemetn today and I know some people will say it's just talk and they wanted to steal everyones money but I see where they are comming from and honestly Coinbase has come out of their own pocket and done right by customers a time or two already from what I've heard so I'd giv them the benefit of the doubt that this is genuine.
I honestly wouldn't be shocked if they do wind up offering Bitcoin Cash that they may credit peoples accounts with what they had in there on August 1.
That is interesting.
They are real slow on adding new coins. I'm surprised they haven't added Monero and Dash yet to be honest.
Hi rulesforrebels I see your thumbnail is not showing. The secret is to remove the "(3)" in the name of the file before uploading. Just worked it out as the same thing happened to me recently.![Thumbs up gold lighter.jpg](https://steemitimages.com/DQmeG52cxbjABkpxS9AUY1MaVmADWHVNbeQDXABCrpLgqUK/Thumbs%20up%20gold%20lighter.jpg)
Hey thanks for mentioning that that's been driving me crazy but I don't have a 3. Here is what I have for my thumbnail..
http://imgur.com/a/A0UWm
You know why it's not showing up? I'm using IMGUR. Do you have a suggestion of somewhere else to host the pic? I've been meaning to change my pic anyway but no matter what I try can't get a pic to show up
The name of your image that briefly appears on steemit before the image shows is Untitled design (3).jpg Remove the (3) bit. I just did a post on it. https://steemit.com/steemit/@readallaboutit/solution-to-no-thumbnails-on-steemit Let me know if this works?
Instagram works well. Just copy the address of your profile photo.
I was talking about your missing thumbnail on this post. If you are talking about your profile/avatar photo then follow these steemit instructions: https://steemit.com/faq.html#How_do_I_change_my_avatar_image_and_other_profile_information
I started trading because of them 2 years ago. They gave me the security to start on crypto.
I haven't had any issues with Coinbase over the years until this Fork. I have a feeling they will make it right to their customers. Or else they are going to get a Class Action Lawsuit again. Also Rules Cool to see comment on Ozzie the BS FIlter live Video. That guy is awesome!!!!!!
Hey buddy yeah glad to have found that guy pretty cool channel. I don't know why but livestreams I find them very entertaining even though it's a whole lot of nothing going on lol. I've been meaning to try one out for myself and go live. I've been feeling under the weather the past week or so, so as soon as I'm feeling better I'll try to do one.
Sometimes I just kinda get goofy and make stupid comments in them I hope I didn't offend him asking if he sold coke lol and is that how he gives away all the free money. Seems like a very cool dude and was very responsive to people watching which was cool. I subbed to him and rang the bell so I'll have to check out more of his stuff.
As for Coinbase I too wish they would have dealt with Bitcoin Cash but at the same time I can see their side as far as why they didn't, the CEO put out a statement essentially saying their goal is to be cautious and they didn't feel comfortable with how quickly things came together with BCC/BCH and weren't confident in having a secure site and secure cold storage setup.
I'm gonna give them the benefit of the doubt and say they aren't scamming people. I agree I think if they do decide to deal with it later I wouldn't be surprised if they credit customers with their BCC/BCH.
If anyone isn't familiar with the dude @vogeltron1 mentioned here's the livestream we were watching last night...
Have put about $5000 through coinbase and never had a problem. I like them and will always recommend them.
I haven't had any issues with Coinbase.. I've bought and sold and cashed out there.
Coin base isnt to bad i guess i like to purchase from coinbase but sell elswere
Coinbase definately fulfills a role, especially for when you introduce new friends or family to Bitcoin, it's IMHO probably the easiest and most user friendly place to buy and I think they are a pretty decent company. Every exchange has complaints about it from kracken to poloniez to bittrex. personally I use coinbase and bittrex but seems like people really hate on Coinbase.
I just recently finally started taking an interest in how you can play the arbitrage game between exchanges
I give upvote and comment you many post plz give me some back