Bitcoin Forum

Coinbase has passed 30million users this month
(adding 5million users in the last ~10 months)


https://i.imgur.com/B1VBeyv.jpg


Founded in June of 2012, Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like bitcoin, ethereum, and litecoin. We're based in San Francisco, California.

Bitcoin is the world's most widely used alternative currency with a total market cap of over $100 billion. The bitcoin network is made up of thousands of computers run by individuals all over the world.

source: https://twitter.com/alistairmilne/status/1153312781573218307?s=20

Great news for crypto platforms. As the word is expanding there is more and more engagement by new investors and traders making crypto even stronger on the world scale.

Coinbase is the choice for US citizens which is why they continue to grow.
Are those 30 users are users as traders or users that's only using Coinbase services as an Online Wallet even though this is not a such safe things to save coin.

So we have 30 Million people stripped of their financial privacy.  ::)  Satoshi wanted people to buy and sell bitcoins between each other, without any third party services adding fees and causing security exploits for the users. <Note : Most coins hacked are through weak security on third party exchanges>

It was inevitable that services like this would be created, because it brings convenience to users that are used to the Banks and financial services, handling all their financial matters. True financial freedom comes from not having to use Bitcoin through third party services.

Coinbase pose a huge security risk, because they manage and secure lots of Private keys on behalf of Bitcoin users. <Note : I said "users" and not "owners" because you do not own the coins, if you do not have control over the Private keys.>  ::)

Wow! We have 30 million people who use one of the worst wallet services and work with one of the greediest company's in the world.

Coinbase just poured all their money into mainstreaming marketing, so person who would be new to crypto would have to make a wallet with coinbase. It's really sad to see the big corporation win when Bitcoin was made for the people. The irony...

So Coinbase is definitely a huge issue. Way too many of their customers do not understand that they do not actually own their money and haven't been exposed to other hardware wallets (electrum, mycelium, BTC core).

People need to put more research into blockchain technology, they are way too lazy when getting in BTC.

In general, for the Bitcoin Community, this is one of the greatest milestones that Bitcoin could achieve. I'm just saying Bitcoin because it's the main thing about Coinbase. It may not be the best exchange but at least there are 30 million users that know about Bitcoin already or made the first step forward.

I haven't used coinbase and I don't think I will soon but I'm just elated that it has passed 30 million users which could be beneficial in the growth of Bitcoin in General.

existence of these services which actually make adoption of bitcoin super easy for a lot of people who will never bother with complicated stuff is not such a bad thing in my opinion. and this stat (30 million) is the proof of two things, bitcoin adoption is still growing even with all the drama and FUD and also proves my point about a lot of people who want much easier ways of entering bitcoin.

One of the users of the coinbase wallet was me, but I didn't use that wallet anymore to save my funds there, because the transaction I had had a problem there 3 years ago and I no longer use it because the service is not satisfactory, if in 1 month their users increase 5 million users, that's because maybe the giveaway they give is free like XLM. BAT, EOS and others for all their users, I admit it's a good marketing technique

You are both right, and as we all know, storing your funds on an exchange or web wallet is a huge security risk. This isn't even the worst thing about using Coinbase, however. They admitted a few months ago they were selling their customers' private data without their knowledge or consent, and they have done nothing to compensate or reassure these users. They partnered with Hacking Team, who provide surveillance and tracking services to dictatorships to spy on their citizens. They list coins which their shareholders tell them to so they can dump their bags on Coinbase's customers.

Coinbase care not at all about their customers or the future of bitcoin, and only about making maximum profit. You would do well to stay away.

I think it is still a positive progress towards the community. Even if we all do know what Coinbase's current reputation when it comes to data privacy, some users will don't actually care too much with regards to their privacy and will still prefer to have a convenient way for their crypto transactions.

For me, this are just fine as long as you don't put all your coins on that site unless you really just wan to trade it directly to FIAT. Because it is still the easiest and safest way to do so rather than being scammed by someone doing the peer to peer trades

It would have been a great news if Coinbase remained as only bitcoin wallet.  But now you can use total 23 different coins in a coinbase account. There's no indication that these 30 million users belong only to bitcoin and not to other coins. So in general it is a good news for crypto but not specifically for bitcoin.


There's no doubt that coinbase had played a big role to make cryptos easy to understand for a lot of people who doesn't have much technical understanding. Till date I use a coinbase account for altcoins with less value because of their easy to operate interface. May be crap to many people, but we can't deny their contribution towards mainstream adoption of cryptos!

There are platforms that everyone likes and dislikes. But I think Coinbase is a reliable and important crypto platform. And they continue to develop slowly but very decisively. A platform for which I am very hopeful for the future.

There is good as well bad services were experienced by the coinbase users. Beyond this it has served the cryptocurrency community for around seven years. This is not easy achievable, 30 million cryptocurrency users when the same has got opposition, support and legal bans. This way it has crossed several hard situations and has reached a big milestone. Among the 30 million how many were active in the market needs to be calculated.

Although it is good news for the cryptocurrency market as volume often precedes an increase or a decrease in price(I am a moon boy so I'm hoping for a move to the upside eventually), the number of users is not a true reflection of purchases, sure it implies that there is an increase in interest but no more. I own a coinbase account that I've never funded or used.

That's the wrong attitude to have. Prices comes with demand. Demand comes with adoption. Adoption comes with more users. Increasing price without increasing adoption leads to big crashes and bear markets. That's what happened during the end of 2017; a parabolic rise based entirely on speculation, which lead to a year long bear market and a fall of 80+% from ATH.

There will always be speculators who only care about the price, but I would encourage you to read up on the technology, and understand why most of us are interested in bitcoin.

I half agree with what you said here. More people using bitcoin, sure is good, helps grow the community and creates a snowball effect of even more people using crypto, which when you take a very general viewpoint at - seems good. The problem is that the audience and market that is being attracted by coinbase users is not a community that will actually benefit bitcoin adoption too much because of most/all of the people that are a current coinbase user are either too lazy to do the proper research (which are likely lazy investors who are only holding/buying BTC to make a profit off of), or people who support Coinbase's business practices, which is a great example of corporate greed and lack of user security.

Very well said, I completely agree with your sentiment that more people need to focus on the technology behind it, then just turning a quick buck.

In general, those are the main things. I agree with you wholly knowing that knowing that it’s coinbase, it wouldn’t be that good of a community (not like here in Bitcointalk) if they start it with here, I think it would be great to start in our forum, not just because I started to learn Bitcoin here but also a lot of things starts here like projects, bounties, etc.

That’s the reality that we live in today, people getting lazy all the time, wanting you to spoon feed them with information. I think it’s necessary for people to learn by themselves from time to time, so that their learning could improve. I’m getting off topic with these, it’s just my emotion knowing the reality and I couldn’t avoid it too. I don’t want to be lazy but there are just times that you do it. That’s just my opinion.

Coinbase is really simple for new users that want to buy crypto but we should encourage them to use coinbase pro and save on fees.  I know a real exchange setting can look very intimidating at first but its something you need to learn if you want to take your investments seriously.

I don't use coinbase because it's not supported in my country, I see comments from people complaining about them, but I believe they are no worse than exchanges like paxful, localbitcoin and cex.io... so whenever I see someone needing to buy bitcoin, I Ask if this person lives in any country where they have coinbase support so that person can buy bitcoin on coinbase. I don't know if those 30 million users are all active, but I think that's good news.

The more the government say they are not a fan of the bitcoin, the more users sign up and learn how it works. They just make it popular the more. The volume of users keeps growing bigger and bigger.

To be fair I'm in stuck, don't know if I have to like this or not because bitcoin is great creation, it was amazing at start when it wasn't so popular. It's spelling when only some people know amazing thing but when it gets widely known, usually that get's abused and it's spell starts to disappear. But still it's nice at some point that more and more people start using of bitcoin and more are seeing innovative things. But these regulations, bans (like India did, jail for bitcoin use) ruins every positive feelings.

30 Million users? That would exclude who have multi-account, people who do make use this one a web-wallet(including me).So this number isnt really that accurate but somehow this signifies that Bitcoin awareness does increase even how much we do hate Coinbase when it comes to its service but we cant deny that this company does perform well even its heavily regulated.

How many of those 30 million users are actually real?
There might be people with more than one Coinbase account or users with dormant accounts that aren't using Coinbase for years.Coinbase looks like Facebook,with endless bragging about how many users they have.
I wouldn't say that this is good news for the crypto world.It's good news for Coinbase alone.

30 million users are truly remarkable achievements and that has exceeded the total supply of bitcoin. But we need to know that not a few people have multiple accounts in coinbase, especially for airdrop hunters, surely many of them misuse the coinbase airdrop event. So that one person can make up to 10 accounts to get more airdrop prizes. So 30 million is not the actual amount, maybe it could be half.

This is a good news! Coinbase was always my favorite choice. Because we can send ETH, BTC or other Cryoto currencies to aour friends or family without any Fee. I think it is the main cause why it gets more popularity.

Not a good news for these users. They have no clue bout recent scandal with stolen from Coinbase KYC info.

This is a huge number but actually it doesn't reflect the true number of users. Coinbase has many accounts that are opened but not actually used and also there are some users who have multiple accounts. That we need to have in mind.
No matter to that, Coinbase is one of the most successful exchanges and probably will stay so.

What would be more interesting is to know how many active users Coinbase has and that required removing the unused accounts as well as the multiple accounts handled by just one user because I'm sure that some users here don't have just one Coinbase account in their bags. The number could be misleading as it be because 30 million is just a number we couldn't simply translate to 30 million real actual people actively involve in the cryptocurrency market.

I don't use Coinbase even though it's available in my country because of the high fees associated with buying on their platform. I'd much rather just deposit money from my bank account to another exchange that has lower fees and where I can put up limit orders instead of market buying, such as GDAX (Coinbase Pro) or Gemini.

I'm glad the site's gaining users and likely accounts as well, but those using Coinbase do pay in the form of fees and I've directed some of my acquaintances interested in buying crypto towards other exchanges because of this.

Exactly coinbase is a choice of US citizen and nothing to regret on the choice because even I am not a US citizen I use coinbase to stored my coins safe.

This is actually good news for coinbase, not "crypto". If anything, it is bad news for "crypto", as it means even more people going to centralized services and risking their assets to third parties.

Remember, if Coinbase were to disappear tomorrow, it is not the coins fault. Most common people seem to fail to make the difference.

Good news for crypto is when those 30 million learn to use decentralized exchanges (aka. DEX), or better yet, stop exchanging from/to fiat anymore...

Why is more users on a centralized exchange 'Good news to crypto'? Ridiculous! ::)

it is not and it is at the same time!
basically when the adoption grows it means the number of all types of users is growing. both those who are in for the decentralization and want to fully benefit from it, and also those that don't get the point of decentralization but at the same time they still want to use bitcoin.
not to mention that many of these users will slowly learn more about bitcoin and migrate to "real bitcoin wallets" and that means Coinbase was a great starting point to introduce bitcoin to a lot of people who want an easy entrance instead of being subjected to a lot of complications on their first day.

Wrong!
Only a slow adaption would be good for a healthy development of Bitcoin. And Coinbase is representing exactly what Bitcoin wants to eliminate: The middle man. You should educate people on decentralization, open source software, encryption and topics like 'Don't trust, verify', instead of promoting centralization.

What is the good news here?

I mean this is expected since there are a lot of price changes in the past months. The users are adding up but the price still is not making any changes so I don't see that as good news, well, the price of Bitcoin is getting stable, so maybe that is a good price so I'll consider it. Just hope it continues to increase and I also hope the demand do the same.

I'm pretty sure there has not been any user data stolen from Coinbase - I've certainly not heard anything, and a search of the usual places doesn't turn anything up either. However, this user might be referring to the fact that Coinbase themselves admitted that they have been willfully selling users' data to third parties, which is even worse than it being stolen. You can see the interview with one of their executives where she admits it here: https://cheddar.com/media/coinbase-adds-support-for-ripple-s-xrp-despite-regulatory-uncertainty (1:59 in the video).

However, having said that, given that Coinbase were selling users' data without their knowledge or consent, if data had been stolen, I'm sure Coinbase wouldn't bother to tell anyone and just try to sweep it under the rug.

Point of correction. Coinbase is among the top crypto currency exchange site with advanced security, platform, transaction etc. Besides, is one of the most popular and well knew exchange site with genuine users. However, I don't want you to rely on CMC ranking of exchange site cause there are some exchange which was once accused of fake volume.

Yabut. Most of the 30 million are simply applications of people that Coinbase has denied service to for one reason or another.

8)

Just let it go dude, they don't know what they are talking about and they are just going with the post. How can a crypto-wallet who can't even give you your private keys be number 1? Sure they can take the top spot for the mainstream users but Coinbase isn't really the best out there if you are looking at the best value for your cryptocurrencies.

Yes, this is a good news for all who related with crypto. The more people come to join, the higher the demand and price of crypto. So it's a blessing to have a huge community to use.

What about binance?i really want to know how many users are on binance exchange any clue?binance will be able to surpass coinbase

Of course, I believe that this is a very good indicator for the cryptocurrency market, but I am sure that even with such results we are still at the very beginning of the development of the cryptocurrency market and the number of rating trading platforms will increase, as the cryptocurrency user community will increase.

If I am not wrong, KYC is mandatory with Coinbase. So the vast majority of these 30 million users may be real individuals, rather than bots. Also, it is heartening to note that the growth in the number of users didn't slowed in 2018, when we had a prolonged bear phase. The numbers have almost doubled when compared to what we had in 2018 January.

A rough estimates for the total number of BTC users, based on this stat would be somewhere around 200 million (including inactive users).

There's not much I know about Coinbase, but 1 thing I know is that KYC is mandatory for every user, maybe 30 million are real users and the good news about cryptocurrency growth is increasing every year