Bitcoin Forum

Coinbase Unveils New Layout In Response to Circle Bitcoin Bank Launch
https://www.cryptocoinsnews.com/coinbase-unveils-new-layout-response-circle/

Are you a fan of coinbase? why or why not?

I am not a fan of coinbase but I think it is a trust worthy site. I have my wallet on coinbse.

Trust them more how?


Use them to buy bitcoin then immediately send it to a secure wallet where you control the private keys. If you leave your coins on Coinbase or Circle, those coins aren't really yours.

I have used Coinbase whenever I have wanted to purchase BTC (lately). I also use their bids as my point of reference for the value of BTC.

But I do not leave any of my BTC in the account I have with them.

Circle is new. The site was not responding last evening, and today it wouldn't send the text that is needed to do the transaction, so yeah... Growing pains.

I like both of them, because they make it easy for the average dude to purchase Bitcoin. That is important. Very important.

I trust Coinbase. They have been around long enough and have a lot of capital behind them. I keep some bitcoins on there just because I haven't gotten around to moving them to a secure address.

It is also the only company I have been able to buy bitcoins from which is sad that there is only one US company I can use. I am glad Circle opened up and I hope they have competitive rates.

Fan no, customer yes.  Coinbase is barely acceptable.  While I have not had any problems with them I use them only for small transactions and kind of assume it is only a matter of time.  I do not like their delays and the reports I see here about reversed transactions when the market is moving against them.  In short, right now, it's "what we got."

Circle seems promising but it does not seem to offer any real advantage over coinbase, other than no delays, and I don't see how they are going to cover their expenses.  Still, more companies in this space is a good thing.

I love bitcoin, not any bitcoin company.

I trust Coinbase, but i have my coins in a safer place  :P

This new Circle Bitcoin Bank. Do they have license to operate in the US?

And what service do they offer?

I'm not a fan of one exchange dominating a market. Too dangerous.

So having more competition from Circle Financial is a good thing for bitcoin.

Circle's bank-linked account has a slight price advantage over Coinbase's bank-linked account. I've tested this many times including the latest instance:

https://i.imgur.com/Z5jaJjh.jpg

... combine Circle's price advantage with instant withdrawal... Coinbase is in for rough competition if they can't improve their 4-day purchase turnaround.

On the topic of trust, I trust Coinbase and Circle enough to purchase coins from them...
and I trust them to hold those coins just long enough to transfer control of those coins to me (in my wallet).

Not a fan. The impression that I got from friends who have used them is that they are far more concerned with catering to regulators than they are their customers.

Coinbase / Circle is good, but still not trustable enough  :( (for myself)
But, i think blockchain.info / hive / bitgo / green address is simpler & more secure

But, looks like Circle is better than coinbase now  ;D

Circle is said to be better and simpler than Coinbase. I am not a big fan of Coinbase. When the Circle official come out, I will certainly try out the new system.

I have coins in the Coinbase and Circle wallet.  I also have a little bit in Blockchain.  

I know a lot of old timers say that you should always have your coins in your own possession, but I actually feel a little safer with those companies.  Each has 2 factor authorization.  I don't have to worry about me deleting my bitcoin wallet, or my back up getting hacked or compromised.  Either way there is a risk, but for a person that isn't as technologically advanced as many people on here, I feel like Coinbase and Circle are safer.  (I think Circle says they are even insured)

My options are to... Get a computer not ever connected to the internet, install Linux, install a wallet, transfer private keys...... Or just leave in Coinbase/Circle.

I'm a fan of Coinbase, and will continue to use their service.

I have no doubt that they'll raise their daily buying limits now that Circle's service launched.

If I buy some BTC off of Coinbase, usually I withdraw it to my cold wallet the same day.  Not sure where the 4 day purchase period for Coinbase came from, as I've always bought same day and able to transfer or send the same day.  Maybe it was like that in the beginning, but Coinbase limitation for same day purchase is $1000, so maybe that's why.

Coinbase is decent. But the 4 day wait is atrocious.

I like Coinbase. I think they have done a fabulous job of evangelising btc and driving consumer adoption. 2mn wallets is no joke. However, with Circle launching last week, they will have their work cut out. Exciting times, can't wait to watch it play out.

Fees are to high however promotion is making up for it and at the end of the day they aren't putting a gun to anyone's head

Thumbs up here.

Their decision to throw Toshi open to developers was a fantastic decision and should hopefully drive a plethora of real innovation really soon

Im sometimes paranoid that if you have large purchases with Coinbase, Chase will eventually close your account, no questions asked.

As a newcomer to the community I find coin base intuitive to use and theUI is very pretty and so I am very much a fan

They're basically a bank and have full control over your money. Including whom you exchange it with and how fast. If they don't like you, they can steal your money without recourse.

I thought we are building Bitcoin to avoid giving control of our money to third parties that fail and fuck us over every time. And bare minimal fees.

Also because they transfer funds off-chain, they increase coin velocity and create paper coins without paying miner fees, thus lowering the price and utility of Bitcoin.

This shit is repeating itself over and over. Satoshi gave you guys DIGITAL GOLD and instead you guys prefer to give it away for IOUs... the opposite of "smart" and "intelligent", if you know what I mean. Shame on you.

I agree with you completely.

But the fact remains that it is difficult to find a way to buy in at market price. Coinbase makes it easy, despite having to wait 4 days.

The only other option is to wire $ to an exchange (pain in the ass) and it is pretty much impossible to get coins at market rate on localbitcoin.

I agree with you, sometimes options are limited.

I live in a third world country (2.5 maybe) and I have the following options in a small 150k population city:
- Circle - 1 minute
- friend transfers over phone or chat to transfer cash later - 5 minutes
- face2face through phone contacts or local communities (one of which I built) - 4 hours
- localbitcoins.com - 4 hours
- national exchange - 26 hours
- international exchange - 50 hours

You can get coins on localbitcoins BELOW market rate if you can wait (1-2 days), and AT market rate if you are smart (negociation).

If you dont have your coins in a local wallet that you and only you control, you actually dont own any Bitcoin.

It's good to have the competition between the two. Maybe by trying to compete against each other they will promote Bitcoin more to people who are new to it.

It is even better when you sell, since there is no buy/sell spread like Coinbase.

I like them doesn't mean I trust them. It's true that they have more user friendly options but I certainly don't trust any online wallet to store my Bitcoin...

Ok I get it.  There is nothing like an off line paper wallet for security, but the hassle for the non familiar is a major detriment to using Bitcoin.   That is why I believe Circle and Coinbase have started the insurance of their accounts to make Bitcoin more usable.  And If people were losing their bitcoins from their coinbase or circle accounts it would be made known far and wide, and Mt Gox is already the example to avoid for these companies.

I know the paper wallet is the ultimate, but I am more likely to lose my bitcoins by losing the key or a hard drive crash or screwing up the process to create the paper wallet.  It looks complicated to the uninitiated.

There will have to be trust in these institutions in order for the average idiot like me to have trust in Bitcoin.

With Coinbase if I buy during a dip, it usually gets cancelled.

With Circle I can buy anytime and get my coins instantly.

i have a wallet there and my bitcoins  and is really trusty... idk why but is my favorite

If you only link a bank account it is at least a 4 day wait before the coins are walleted.  If you link a bank account and credit card, you can do it the same day. 

The reason is they have to make sure the money they withdrew from your account actually clears and the money is really their money now.  With a credit card linked, they feel confident that if your bank account comes up short of funds, then they will just charge your card. 

The limits to do an "instant transfer" as you describe are much lower then buying with a "4 day hold" because they are still taking a huge risk.

From what I can tell Coinbase seems to do a very good job at risk management and not allowing "unauthorized" transfers to be processed

Not a fan, tho I've bought a ton of bitcoins from Coinbase.

They are a broker (or middleman) for the exchanges.  I've since gone straight to the source. With wiring fees, it's about the same cost as Coinbase (depending on how much you wire) but I prefer the instant gratification of coins over a 4 day hold.

No for 2 reasons.
1. As an exchange, the service is still not available in my country.
2. As a wallet, I don't have the private key of my bitcoin.