Bitcoin Forum

Given that all the major banks are so behind in the crypto-revolution do you think Coinbase will be the biggest bank in 2020?

https://hackernoon.com/will-coinbase-be-the-biggest-bank-in-the-world-5d147c9e6caa

Only if bitcoin becomes a reserve currency and if coinbase is able to survive for that long and all of that happens before 2020, as you can see there are many ifs in that statement, the money moving in fiat is still a lot more than the money moving in bitcoin so bitcoin will need to be huge for that to happen and then if that happened, do you think banks are going to stay out of the business without putting a fight, if that happens they are going to open their own bitcoin branches.

Every bitcoin wallet is consider as bitcoin bank because that is how every wallet pre designed in the wallet provider software and site. Not only Coinbase there are many mainstream wallets still available in the market.
You can use any one of that to make your own bitcoin wallet account. Still Coinbase is not that much popular than any other crypto wallet. There are many desktop wallet in the market which can support wide range of altcoins as well.

This. One reason many people went into bitcoins is that so they can have full control of their money. A bank basically holds your money hostage. Even government would only insure a small part of it. That's the last thing we want to see happen with bitcoins.

I think simply having a mechanism for more secure loans would be enough. Though I think that would be harder to do with cryptocurrencies.

Coinbase is already the largest commercial entity in the crypto market, which isn't exactly something I consider to be a good thing. If we look at their market dominance, it's safe to say that the market they operate in is pretty centralized, which makes Coinbase a very influential entity, and looking at how things go, they will only grow larger throughout the years. Everyone arounds me chooses to go with Coinbase because it's a wallet service, and an exchange at the same time -- for them it's an ultimate form of convenience. For that reason I welcome all other competitors to up their game to push Coinbase back a bit....

The Coinbase could be, but only if Bitcoin will adopted by a large part of population. Today, BTC is only a child near the fiat currency, in 2020 BTC will have 12 years old, and i belive the price wil be more stable, in this set I belive the CoinBase could be the biggest bank!

it is true that they have a great influence on the market and their products are more then good, so there are all the chances that Coinbase will be the biggest bank.

Only if the population starts using crypto currency in everyday life at all levels

You are right but at the same time people are very easy to deceive as a group, people do not want the responsibility of managing their own money, this is why despite the fact we are our own banks by having our own wallets there are many people that are going to prefer to not hold their money in their computers and rely on a third party service instead.

No, i dont think so, many people still dont know what a bitcoin is, maybe in 2030.

I think yes they can be the biggest bank. they're pulling in millions of users on their platform/site.

If talking about an online wallet to store bitcoin then coinbase is really a big bank but talking about most used wallets we should mention exchange websites.

I think it might be because the coinbase wallet is spreading on facebook because it's usually used by others because it's just a low fee and it's easy to use, but for sure because there are also coins.ph users too but I leave I just want to know that in 2020 it depends on which people I choose to wallet for banks.

Online storage yes but I think its still possible to overcome banking system in the future. Cryptocurrency technology really great that can help us more forward but it really takes time and all people should be using this for them to survive in the future.

I don't think so it seems that way now but that is because they are the top dog as of now. I firmly believe that somebody will come into the space with more capital and more resources and then undercut Coinbase because if you take a look at their services they are pretty crap. I mean they go down every time there is panic in crypto and their fees are absolutely ridiculous. I would never do business with them and if there was an alternative I would snap go to that alternative it is not even close.

First coinbase is not a bank and neither registered as a bank, they are like paypal that deals with cryptcurrencies and banks for some margin. They are registered as payment gateway and highly regulated.

They might have high volume and billions of members but ultimately people will not store those purchased bitcoin in their coinbase wallet as it is not the true bitcoin wallet that gives you full control over your bitcoin.

yeah coinbase is the BIGGEST COLLECTING FEE in 2020 .before that year
maybe no one would out their coins in that said wallet.because thats one of the
most expensive wallet in the whole crypto and i wonder what would their clients
response in the next two years or more,

Yes coin base is not a bank,just  a wallet. You can use that to store your bitcoin,Ethereum and Lite coin. It is good as compared to other wallet. But now I was getting often some errors in Coin base. I had requested the developer of coin base to fix that error.Many users using Coin base, if this error pursuit means,they will change the wallet. So the developer and support team should get through this error.

According to me coinbase has a good chance given that bitcon doesn't crash suddenly and steadily grows and is accepted in majority of the countries.

not the biggest "bank" but the biggest "bitcoin bank", which they already are. by definition you are giving up control over your money when you open an account with Coinbase and keep your bitcoins there and you get an account and some virtual numbers in return which Coinbase promises to guarantee their value.
the only difference is that they don't give profit on the money you give them (like your bank account does) and also they don't offer things like loans (which banks do). in any other sense they ARE a bank.
and being first and big, gives them that edge too. if they wanted they could become a huge company worth billions of dollars. of course being in US has its restrictions too...

I think it is already the biggest online wallet for bitcoins. Xapo is the second best but it is not as widely used as coinbase. Also previously coinbase transactions were free and there were no tx fee as coinbase paid the fee themselves. Later on when the bitcoin tx fee increased, they are still charging nominal fee from their clients.

I think this speculation may come through as many has said that coinbase is the largest coins bank in USA and some developed countries. I have been thinking that in 2025 most of the current bank will no longer be there as the blockchain technology will kick them out of business and some of them may revert to crypto currencies and build their bank business around it.

It's can be true, considering how Coinbase grow since last year. It's already biggest cryptocurrency exchange,  and as bitcoin rise more and more users come to Coinbase. If bitcoin continue his rally, maybe we will see as Coinbase become biggest cryptocurrency bank by the end of 2019.

Even do I agree that now they are the biggest exchange platform of all and much well-known,, it won’t be the case for the coming years.. I don’t even know why they’re not being condemned about the past fork(that has been cancelled)that they’ve support Segwit2x and even thinking to replace bitcoin core.. I’m hoping they’ve learned the hard way but in time they will try it again and again.. A Coinbase Banks sounds alarming and it will massively increases the move of centralisation..

Coinbase could be that big in 2020, but remember that cryptocurrencies don’t need banks to hold our money. Even though more people are jumping into this cryptocurrency market, that doesn’t mean they are holding their coins on an exchange. Lots of people may be keeping most of their coins in offline wallets.

It’s true that we need exchanges/banks like Coinbase to buy and cash out our Bitcoins, but that’s all I use them for. As soon as I buy, I move the coins off Coinbase and into a paper wallet where it will sit for years.

Ya it's true. Previously this service for transcation of bitcoin is free,now they charging, the transaction from coinbase to trading sites also make you some charges. If this continues, many will change the new bitcoin wallet address. We are facing some errors in this coin base. But it's safest as compared to other bitcoin wallet.

I don't think it will happen because a big thing that I know , may be few people will know about it if they got scammed indirectly by the coinbase .
If anyone here will be old user of the bitcoin who used ever btcjam then surely he knows that if you have coinbase account and have btcjam account with the same email id then if anyone will take loan from your account of btcjam then without need of any permission from the coin ASE account the btc will transfer into the loan taker perosn address , what is this ? , Only a type of scam Because I don't know how someone hacked my account , or it was the team of the btcjam who hacked my account and made withdrawal of the btc through the loan taking and approve from my own account that was backed by them/hacker and steal my 0.26btc , And when I asked them about this and aksed about the details of that person who take the bitcoin by mine account then they refused me to give any detail and help at all .
So here we can understand well that how the coinbase was in contact with the btcjam like stupid and fraud service , so we can understand that coinbase can make such things in future also .
Note: here I am not saying that coinbase is scam/bad service/anything wrong , but probably that should be responsiblities of the coinbase to merge Thier service with good and reputable thing , so here i will no more support coinbase , but no doubt that coinbase have really a better service to make buy and sell of the bitcoin in worldwide

probably not, sincerly I think that sooner or later coinbase will be shutted down by the US goverment.
Actually I don't know how it it didn't happen yet.

She was one of the pioneers in the field but today we have many options of banks that are similar to or better than her in several aspects, public service, agility in negotiations and ease, cards that are more accessible and usable in other countries and also in the question rates. An example of this and the Xapo an excellent portfolio and that has grown every day more. Xapo already has a great differential that is to have Debit Card, we can use our Bitcoin balance to make purchases in any place that accepts VISA.

However CoinBase since its creation she proved to be very robust and safe, in the middle period several others fell for several reasons. I believe she has a very great potential to take the top spot.

This is why not many people are going to use bitcoin as it was the original intention of satoshi, the idea is to be our own bank and yet many people choose to use online wallets or wallets from exchanges to store their wealth, so coinbase and similar services are banks by default and it is incredible people do not see this contradiction in their behavior.

Yeah exactly, coinbase along with all other exchanges are the banks of bitcoin. Though coinbase is not originally an exchange with a vast cryptocurrency accounts but in case of bitcoin you sell and purchase through coinbase makes it exchange and ultimately a bitcoin bank.
No one here is still his own bank, the only difference coinbase makes from traditional banks is that it deals with a decentralized currency unlike the traditional system.

I don't see this happening not because I am limiting the amount of growth Coinbase could witness, but because of several factors which include:

1. Coinbase with its base in the US will have to compete with other big banks that have been in existence for centuries, they hold major positions in government, they donate to political parties, they have the capacity to lobby laws. The moment their positions is being threatened, then you see the big hand of the law coming.

2. I dont see myself using Coinbase not now, not in the future and a lot of other crypto users not in the United States because of the stiff KYC policies that they have in place.

3. The issue of banks originally negates one of the founding principles of bitcoin. Keep your fund yourself is the rule and who says Coinbase who will continue to a target for hackers. Hopefully it will remain stronger.

Firstly I don't really consider coin base to be a bank in the traditional sense and secondly no, some of the biggest banking operations are absolutely huge. About 1/3rd of all bitcoins market cap would have to considered in coin bases worth and that's just not realistic.

First point is of coinbase will still be in functioning condition by that time, then if bitcoin becomes generally accepted by all countries, and coinbase starts supporting other countries. Then, coinbase might be able to be looked at.

They're not a bank first, and they can never get banking license. USA government wanted coinbase to deliver all the user's ID and detailed personal information. This is a significant action for coinbase. They will go under USA government.

They have already implemented that bro. Last when tried to make the 500 USD transaction to the different person, its asked me to go with the any of personal identity to verify for proceeding the transaction. I have done that and then only the transaction moved further.
US government tried in 2015 to tied with the blockchain.info but they refused that was the news that time but Coinbase may take us to legal issues with having the bitcoins. Will that be happen!

Most people in the forum are interested in trading and take active part on that which means that an important part of their bitcoin holdings needs to be in an exchange, this is worrying since exchanges can be seized or hacked and then you lose your coins with no hope of getting them back, and when we take into account that most traders are going to be losers in the long run then putting your money in an exchange makes even less sense.

Coinbase may be the biggest cryptocurrency bank by 2020 only if bitcoin remains relevant by then and bitcoin can only remain relevant if more transactions are executed using bitcoin. The only way for bitcoin to remain relevant is by having more people venturing to the bitcoin world.

There are many wallets for crypto currencies which act like a bank to them but coinbase is a different thing. If coinbase and bitcoin both will able to survive till 2020 then yes coinbase will become the largest crypto currency bank in the world.

There no need to bumped this thread since its already 3 months from the day on where the last person posted. For the sake of the topic, if we do talk about biggest bank inline with traditional banks then its an impossible thing but talking on a bank which do focus only on on crypto field then its possible and no one knows if this would able to attain such position.We do know that coinbase is under US regulations.

Bank? I think there have a lot of other markets which will be a big cryptocurrencies bank in 2020, not only Coinbase. Binance, Bitfinex are also may be a big Bank, because they are very securely and famous markets.