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Coinbase is probably the most reputable company that deals with BitCoin. Right now they are going through massive user growth, so they may be slow to help you in the case that their software acts erroneously. However, to the best of my knowledge, many people who have vocally complained loudly about some issue with them have gotten their issues resolved, albeit a bit slower than they would have liked.
"Coinbase is probably the most reputable company that deals with Bitcoin"...according to who? Perhaps some would want us to believe that Coinbase is the only alternative out there, and perhaps there are employees of Coinbase who post here, but as I stated, these are facts. Sorry, but the fact is, Coinbase sucks. And, Coinbase supporter, would you care to explain to me why all attempts at communication over the past three g*d* days are ignored? Yeah, that's so reputable... |
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I can tell you my experience with Coinbase, and it is lousy.
On Dec. 10th I placed an order with them for .30btc, after following all their procedures to the letter and linking my bank account. The order became "pending" on Dec. 12th, and on Dec. 16th the order was cancelled. The reason given was that the transaction was cancelled because it was "high risk", meaning, according to their definitions, a reversable transaction because the funds came from a bank withdrawal. Now, according to that definition, since any bank-withdrawal-based transaction is by their thinking "reversable", that would mean all bank-linked transactions would be "high-risk" and therefore Coinbase shouldn't even allow that option.
Of course, it doesn't end there. ALL attempts at communication, through their site and through e-mail support are ignored. You can open a case on their site, but of course the case is also ignored. So I spent $291, Coinbase took it, cancelled the transaction, has my money and will not respond to any attempt at contact.
This is not some angry rant. This is a factual account of my interaction with Coinbase. I will give them a bit more time to refund my money, and then I will contact the California State Attorney General's office to try to initiate proceedings against them.
However this turns out, Coinbase's conduct in this matter, and their cavalier lack of conduct, is at best thoroughly unprofessional and at worst actionable.
Out of curiosity, what bank where you using? I've heard that some US banks are stopping people's transfers to Bitcoin exchanges. I think I heard Chase was one of them. I used Bank of America and my transfer went through fine. I did still have to wait 4 business days to get my coins though, even after the money cleared my account  . Charter One, and the transfer went through just fine, the money was debited from my account, and Coinbase still has it. |
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Well, none, since F'in Coinbase won't let me buy any.
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I see it as essentially the power of the people vs. the power of governments. It's pretty clear by this time that the people want what Bitcoin provides, and I believe if left unmolested, Bitcoin's price, popularity, acceptance and ubiquitousness will expand gigantically. The wrench in the works will be governments' fear of Bitcoin and their consequent actions to regulate, tax, and perhaps manipulate or even eliminate it. Frankly, I can't see how any government in these knee-jerk reaction times wouldn't see Bitcoin as a huge threat to the perception of their own currency's stability and their citizen's confidence in it.
So I predict that the future events we're talking about here will be specific government actions, whether more or less benign (hopefully) or draconian.
One thing that does have me bamboozled, though, is the difference between the price of Bitcoin and the relative acceptance and dissemination of Bitcoin. I'm not sure there's a substantial link there. The US Dollar is, of course, widely accepted throughout the world, but that univeral acceptance has no bearing on what that dollar is actually worth. Whether 100,000 merchants accept the dollar or 10,000,000 merchants accept the dollar, that dollar is worth the same.
Ultimately, of course, the price of a Bitcoin is perception. It will be those events that will mold that perception and affect the price accordingly.
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I can tell you my experience with Coinbase, and it is lousy.
On Dec. 10th I placed an order with them for .30btc, after following all their procedures to the letter and linking my bank account. The order became "pending" on Dec. 12th, and on Dec. 16th the order was cancelled. The reason given was that the transaction was cancelled because it was "high risk", meaning, according to their definitions, a reversable transaction because the funds came from a bank withdrawal. Now, according to that definition, since any bank-withdrawal-based transaction is by their thinking "reversable", that would mean all bank-linked transactions would be "high-risk" and therefore Coinbase shouldn't even allow that option.
Of course, it doesn't end there. ALL attempts at communication, through their site and through e-mail support are ignored. You can open a case on their site, but of course the case is also ignored. So I spent $291, Coinbase took it, cancelled the transaction, has my money and will not respond to any attempt at contact.
This is not some angry rant. This is a factual account of my interaction with Coinbase. I will give them a bit more time to refund my money, and then I will contact the California State Attorney General's office to try to initiate proceedings against them.
However this turns out, Coinbase's conduct in this matter, and their cavalier lack of conduct, is at best thoroughly unprofessional and at worst actionable.
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