Coinbase Hit 10 Million Users - Struggles To Keep Up
(Napoleon Hill)
Coinbase - A Success Story
(Source - Cryptocoinsnews.com)Just about a month ago the U.S. Bitcoin Exchange Coinbase became the first crypto unicorn on the market. Brian Armstrong, CEO of Coinbase, announced those news after the last successful funding round of the company, which added $100 Million to the Pot and lead to an increase of the overall Funds to more than $1 Billion.
Coinbase is probably one of the most frequented Bitcoin Exchanges out there, adding thousands of Users every day and more than 800.000 just recently this August, through the increased exposure in the mainstream media. This being said its not very surprising news that the Platform just recently reached 10 million registered users with a total volume of more than $20 Billion in its exchange and wallet services.
Struggles on the Way to the Top
But this amazing success story as well lead to many struggles that Coinbase had to overcome or still to deal with in future. Legal disputes with the U.S. Internal Revenue Service (IRS) on the handling of client information or scaling issues of its business operations due to the fast growing user base are just some struggles that may be mentioned.
Besides those general issues it seems like the company definitely has to focus on the development of a professional customer service in order to improve the quality and reaction time on the increasing number of questions, claims, etc.
Luckily it seems like Coinbase is aware of all those issues and plans to resolve most of them within the next months. Knowing of the huge additional Capital they were able to collect just recently it should be possible for them to build a very solid foundation for the future and further upcoming challenges.
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Great post, kind of explains why they STILL haven't verified my GDAX
Weird, they verified my friend yesterday in like 3 minutes.
I tried and tried but couldn't get it to work. Customer service got back to me after 6 weeks and said, "Try again - we don't know. Also, it's not our fault." Awesome. So fuck 'em, I'm on Bittrex now.
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I work at the bank, and I've noticed an explosive number of usage in coinbase from last month. So the narrative that coinbase received a lot of new users in August certainly fits here.
But only complaint with coinbase is, I hope that they offer more diverse range of cryptocurrency to sell, instead of just bitcoin, ethereum, and litecoin.
I think that this is actually the good thing about Coinbase. It's a starter exchange that doesn't overwhelm new users but rather keeps everything simple.
That is true. Coinbase can lure new customers like a 'free sample' and get them hooked after one taste.
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So what, they have a very bad support, I still want to restore my account, last time I waited 2 months to restore it, and they changed something again ! I didn't use the google authentificator, I used sms before, now they ask for that but I didn't have it, and when I wanted to verify my identity they didn't accept, they said I am in an other country, so what I did send them my id and everything and I can prove that is me.
Thanks god I don't have a lot there !
I hope you'll be able to sort thos all out with them soon.
Congrat. to Coinbase for a job well done. What they need to do now is to make their website easier to use so buying, sending and receiving coins will become fun and less cumbersome.
Coinbase closed my account....they said inappropriate activity. All I did was send Bitcoin from one address to another address. That's all I did on the site. Why have a send/receive application if you can't use it. Coinbase?????
Congratulations!
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I like Coin Base and I hope they start to offer more investment opportunities.
Got to give it to them... they have recurring payment plans. One of the cornerstones of healthy investing. If you believe in bitcoin long term, that's key. Set it and forget it, dollar cost average it. And Coinbase wins as they bring in more business due to these passive trades, with the commision.
That's allot but the truth is Coinbase fees for sending are very high!