Bitcoin Forum

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Would you trust an exchange based in an English-speaking country which does not care enough to even proof-read their FAQ on such an important subject which concerns everyone to a man who entrusts Coinbase with their wallets?

At least 100 000 users per day are trying to trust Coinbase  ;D

i've read that news. But i'm wondering...why coinbase have all this success? only because accept paypal?

For example i don't trust them so much...

I would still trust Coinbase as a method of purchasing(and NOT a way of storing) bitcoin, but damn that's definitely some very unprofessional stuff. Especially talking about Coinbase which is one of the biggest(if not the biggest) digital asset broker/market located in the United States.

Here's the FAQ link for those who are interested: https://support.coinbase.com/customer/portal/articles/2892985-segwit-2x-faq

Coinbase's success is due to their legal status. I have trusted them up to 6 figures because they obey the law. A legal company offers me legal leverage and the ability to pursue them in court if they misbehave. They are the most above board exchange and as such they are crushing the market and have emerged on top. From here they could become one of the largest companies in the world.

I like this --> " Bitcoin Segwit2x does not have any built-in replay protection, but Coinbase has implemented our own replay

protection system. You can safely send any BTC or B2X from Coinbase without worrying about replays on the other chain. "

A lot of people might fall victim to this, so it is welcomed that one of the biggest Bitcoin exchanges is doing something to

protect their users.  ;)

The point at which Coinbase got to today is not somwothing that is that easy. Its as a result of consistency and integrity in the discharge of their function that have made them what they are to the extent that the moment a statement is release by Coinbase in support of a project, then expect it to blow your mind. Thats how far they have gone and the trust keeps increasing but that does not mean they are perfect. No.

On the part of being an English speaking country, I personally don't discriminate, I have use a Chinese exchange before, I have use a Chinese accelerator services before, the moment I can understand what is being passed and they can deliver what I need, it does not matter if its even Arabic.

I have been using Coinbase for a while and currently have them connected to my Shift Card. I believe they get much more hate on these forums than they deserve and I feel like a good part of it is because of how closely they follow government regulations. Sure, that might be against some people's ideals, but the service works and I have never had any issue with them myself. Small typos like the one shown in the OP do make you question the quality of the services they may provide, but my experience with them offsets that for me. I honestly don't know of any better alternative for my current situation to exchange Bitcoin and fiat, and although I don't keep a significant amount of funds with them, I have never experienced any random loss of Bitcoin/USD from my wallet.

whatever they do they are based in US, you will have to deal with everything that comes with that. the least they are going to do is reporting every single thing you do to the IRS and a couple of other 3 letter agencies. that is why they are offering a bitcoin wallet on top of an exchange service anyways. that is actually how they caught the kickass torrent owner too! they had all the reports of all the bitcoins he ever received and spent through KAT website thanks to coinbase ;)

I am not trying to justify a breach of privacy or anything of the sort, but we are talking about extreme edge cases that are overly illegal. If you are just casually using Coinbase to trade and are not involved in any of the fishy illegal online businesses such as pirating everything known to the world or running a massive drug marketplace (Silk Road) then you should not be too worried.  It is true they could very well lock you out until you prove to a government agency how the Bitcoin were obtained, but for the average person, this should be no problem and could be worth as an alternative to the bunch of inconveniences that other USD-BTC exchanges require of their customers as well as subliminally large fees. Of course, you should look elsewhere for a long term wallet if you have significant Bitcoin holdings.

This completely sums it up.

You would most likely have no issues with buying bitcoins or selling bitcoins with coinbase, becasue you're going to be dealing with reversible methods that can be easily contacted and get your funds back in case something bad happens.

But storing your bitcoin, you are likely to experience some troubles. And the support is just isn't there for you.

Coinbase is shit. They closed my account without giving any reason. They are letting me remaining funds but still bad for me as I have my Coinbase bitcoin addresses linked to several affiliate sites and faucets and I won't be able to do anything about payments I receive to those addresses in future   https://prnt.sc/h90exg

Part of it is because they got established early - pre-2013. Part of it is that they are literally the only exchange/wallet provider that has insurance for their hot wallets. That means that if they get hacked and their hot wallets are drained, the insurance will pay out so that members don't lose out.

No other exchange has bothered to get insurance, and most of them have woeful security.

The problem with Coinbase is their support that is a like ghost so if you have any problem good luck to resolve it. And another one is that it seems they like to make changes without really informing their customers. Like closing their account without telling why, if they decide to make changes regarding the countries accepted or not is fine but not telling about it and letting the surprise to people is not so professional.
If a bank decides to act like Coinbase it would be a scandal in the country.

I heard PayPal was Own Coinbase. If this is true then there is not a wonder why Coinbase turned into a Shit Site...

Actually, Paypal hasn't bought Coinbase (yet) but they are in a close relationship.

Coinbase has always been shitty, even since the start of their services. They are the only web wallet who restricts where your coin comes from

Thanks for the exact info i didnt knew just that they are very near someone tolded me that Paypal bought them 100% behind the doors
but who knows one things is for sure Paypal is hording Bitcoin like crazy over Coinbase and Paypal have shity Rules so kinda Paypal wants to make
Bitcoin maybe more Transparent and less anonym... But its just a Theory  :)

I Don't know why people even use it, it's probably because it's very to buy from there but then why not just buy from there are move you coins to other wallet. Coinbase probably has the worst security as well.

It is important to know that many people use Coinbase as an “on-off ramp” so to speak. That means people buy their Bitcoin from Coinbase, transfer it out, and then send it back when they want to sell it.  Any funds they hold will be stored in exchanges and/or other wallets.

However, I do consider Coinbase to be one of the most safe online wallets that doesn't give you your private key (although you can get it if you use a "vault" instead of a normal address).

Actually, that's what people has been doing, Coinbase's main target is US based customer, and it worked as most of US citizen's who bought Bitcoin for the first time did it on Coinbase.
Some of them decided to keep their coins in Coinbase to ease their selling process, others use Desktop/hardware wallet because either they want to secure their coins or Bitcointalk Members told them so :P

Coinbase is popular because they make it easy. They make it feel like paypal. So to a new user who is maybe afraid of Bitcoin already, when they see something that's so easy to use.... They use it. They trust that it's secure and don't understand why no one wallet is secure enough to hold your whole balance.

I use Coinbase to buy and sell into USD. But I don't store my money there at all. It's just my middleman.

I was at coinbase and most of the time had good experience with their service. Support was working well, when there was qn issue. Only changed my wallet to hold private keys.

Although Coinbase is charging now transactions fees, I think it's a good service for beginners. However, I would not entrust higher amounts to any third party.

As someone who uses Coinbase somewhat regularly to buy and sell bitcoins, why wouldn't I? It has way better rates than any other service available to me and has a very nice interface and is very easy to use. I know of no other exchange that allows people inside the U.S. to easily trade buy bitcoins at such low fees. If you look at alternatives such as LocalBitcoins, you'll see that these usually require trades to go through annoying processes such as converting into gift cards or prepaid cards instead of sending or receiving actual cash for the traded bitcoins. Furthermore, while the bitcoins are not technically owned by you since you do not have access to their private keys, they do seem to care about giving out the proceeds from any forks. While I do understand the reasoning behind not using Coinbase as a wallet, as an exchange it is actually very convenient and I still have not been able to justify any of the complaints that others have about them.