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Author Topic: Why do so many people hate Coinbase?  (Read 3928 times)
swogerino
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January 24, 2017, 06:57:45 PM
 #21

as I understand it, Coinbase has very strict with own Terms of service. One of the rule does not allow transactions with gambling sites. Many of people who's hate Coinbase broke this rules, and get suspended account
And add to a very slow and poor communication with customers, you get dissatisfied people
Didn't even know that they own the gdax exchange before reading it here.
So are they just as strict if someone wants to use that exchange? Do you need to hand in your i.d if you want to deposit or withdraw from a gdax account?
What if you have a coinbase account is it seemless to use them between eachother meaning if you have a coinbase account only verified by phone number (which is mine) will this be enough to bypass any verification needed for fully registering a gdax account?
Has anyone had any problems with coinbase locking their funds in a gdax exchange account before?














 

 

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January 24, 2017, 08:41:08 PM
 #22

I've never had a problem with them from buying with them through the years and don't really see the source of all the hate for the company. Could anyone go ahead and provide some insight into why people hate it?

Thanks.

Well it varies from an individual's point of view, I haven't had any issues with them thus far and I like their interface and all but I've also heard friends and fellow forum members criticize them profusely and their reasons are but not limited to high transaction cost, security issues because it's a centralized system unlike the blockchain, funds are sometimes stolen from their wallets in bits without their knowledge. Their sampled views goes on and on but I am cool with their services.



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January 24, 2017, 09:53:24 PM
 #23

Because they're a huge business with poor customer service from what I understand. Their fees are pretty high at 3.75% when I checked them last and they store your funds very insecurely on a web wallet. What's to like really?

What 3.75% fee?

How is their web wallet different from every other online service's web wallet? (Besides the notable fact that they've never been hacked.)

What poor customer service?

What's not to like? They make it easy to buy bitcoin using a credit card or bank account with only a 1% fee.

Don't get me wrong, they aren't perfect. I got hassled with a spurious lockdown on my account last year and they never did fix their mislabeling of my personal checking account as a "business" account (something for which there is no sane reason for them to have done.) But they were at least responsive when I learned my account was locked and I don't see justification for the hostility some people heap on them.

I think people just pour hate on Coinbase because it is trying to comply with the necessary financial laws/regulations that some people don't like. If you're a criminal and Coinbase requires your identifying info to open an account, I guess you're not going to like that very much.

In the bitcoin world there are mainly two categories of people. The first one they consider it as digital gold as an asset  or commodity and they are interested only for trading just as any other fiat currency and those who regard it as a global currency where there is no need to use any trustful third entity such as the banks. If anyone belongs to first one then maybe has not any reason to complain about Coinbase. On the other side if belongs to the latter does not mean he is criminal because he wants to be free to manage his money. If Coinbase's rules are so strict and behaves as a bank of bitcoins there is no reason to stay in bitcoin. I am pretty happy with my national bank and fiat money. 
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January 24, 2017, 09:58:03 PM
 #24

Because of the tyrannical way they do business. I know they are a business first and foremost but that doesn't give them the right to close accounts mainly without reason, just because they think that some people have gambled. But that's not all, they do not give users access to the private key of the bitcoin they buy there and when a user don't own the private key of his bitcoins, he does not own those bitcoins. These are reasons enough for me to stay away from them.

Max I can recommend is to buy bitcoin there because I have to be true and say they make buying bitcoin easy but once you do so transfer your bitcoins to a wallet you are in full charge, Electrum desktop wallet or a hardware one.




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January 25, 2017, 05:05:13 AM
 #25

actually not everyone hates coinbase, or at least not all of it.

i personally don't like or use coinbase but i have always suggested it as a wallet for the absolute beginners who are also lazy. because in my opinion it is a good service for these people to be able to buy bitcoin and then hold it right where they bought it and spend it whenever they want without knowing much about bitcoin and how to use it.

although it is best to use a desktop wallet but services like coinbase are good for average Joe who wants to get in as fast and as easy as possible.

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January 25, 2017, 05:07:52 AM
 #26

no one hates coinbase, some may not use it, but they do not hate it, this is one of those OP's that is just trying for attention and something to talk about, another attempt to get a useless conversation going about something that does not exist
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January 25, 2017, 05:23:23 AM
 #27

Where do we start with this? :

~ Poor customer support < Many complaints have been reported >
~ Centralized decision making & bad decisions < Accounts linked to Bitcoin gambling, will be blocked > 
~ KYC/AML requirements & strict verification procedures.

They grew too quickly and cannot handle the support needed for this kind of operation. Everything runs fine, until something goes wrong, then you are basically on your own.

If you do not have the private key for your bitcoins, you have zero control over it and then you are just a ledger entry on their database.

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January 25, 2017, 05:31:11 AM
 #28

Where do we start with this? :

~ Poor customer support < Many complaints have been reported >
~ Centralized decision making & bad decisions < Accounts linked to Bitcoin gambling, will be blocked > 
~ KYC/AML requirements & strict verification procedures.

They grew too quickly and cannot handle the support needed for this kind of operation. Everything runs fine, until something goes wrong, then you are basically on your own.

If you do not have the private key for your bitcoins, you have zero control over it and then you are just a ledger entry on their database.
since bitcoin is a form of freedom , they break it very unfotunate ,
tax regulation , gambling rules ban and a lot of things that tease the peace of bitcoin user ,
too much things that against bitcoin design there , that's why.

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January 25, 2017, 05:56:06 AM
 #29

I've never had a problem with them from buying with them through the years and don't really see the source of all the hate for the company. Could anyone go ahead and provide some insight into why people hate it?

Thanks.
There are a lot of haters in the world. I personally don't completely hate Coinbase, but I definitely dislike it. There are just a lot of websites that are better. If you want to buy or sell Bitcoin, you can use localbitcoins which normally offers good rates and you can even trade in person. The also isn't as high as Coinbase's. If you want to store you Bitcoin in Coinbase, then you probably aren't that smart. Unless you keep a very small amount for daily use. Otherwise, it is definitely not a good idea to keep it in Coinbase as they have a lot of issues and definitely don't not have the safest wallet.

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January 25, 2017, 06:09:28 AM
 #30

Ok, I hear a lot of negative stories but everyone seems to be referencing other people's stories?

So...a few questions for all of you skeptical of Coinbase:

  • Have any of you personally had your accounts frozen or cleaned out or closed by Coinbase?
  • Is the Coinbase Vault any good?
  • What about Circle - just as bad or much better than Coinbase?

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January 25, 2017, 06:10:40 AM
 #31

I've never had a problem with them from buying with them through the years and don't really see the source of all the hate for the company. Could anyone go ahead and provide some insight into why people hate it?

Thanks.

many people hate coinbase wallet
because coinbase can block and close account without warning
after not follow rule youre account is close withour warning
example if youre not understand, youre withdraw bitcoin from gambling site youre account is block and close
and then youre bitcoin gone

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January 25, 2017, 06:18:05 AM
 #32

I was never in trouble for using the services of Coinbase, most of my friends said the response is very slow and can't conduct transactions with gambling sites, probably because it was a lot of hate Coinbase. I think when it comes to fee Coinbase lower than wallet blockchain

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January 25, 2017, 06:28:52 AM
 #33

no one hates coinbase, some may not use it, but they do not hate it, this is one of those OP's that is just trying for attention and something to talk about, another attempt to get a useless conversation going about something that does not exist
true I think no one people hate Coinbase, each people has its own criteria for wallet they like. so when they do not use Coinbase, it does not mean they hate Coinbase

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January 25, 2017, 06:33:26 AM
 #34

Ok, I hear a lot of negative stories but everyone seems to be referencing other people's stories?

So...a few questions for all of you skeptical of Coinbase:

  • Have any of you personally had your accounts frozen or cleaned out or closed by Coinbase?
  • Is the Coinbase Vault any good?
  • What about Circle - just as bad or much better than Coinbase?
I personally haven't had any of those things happen to me, but that is because I moved away from Coinbase a long time ago. However, there have been some stories where those sort of things have happened to other people. Coinbase vault isn't that different to the normal coinbase wallet, this is because all it adds is another factor of authentication. You also have to wait 2 days to withdraw from it. A software or hardware wallet is much safer than the Coinbase vault. I have never even heard of circle, it doesn't seem to good so I would say that Coinbase is better.

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January 25, 2017, 09:21:28 AM
 #35

In my country, Coinbase does not support buy & sell but i still used for store and send BTC because it is safe, fast and use all the time


 Grin Grin Grin

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January 25, 2017, 09:41:30 AM
 #36

for me its all because of some US fed interfering the bitcoin world and they want every transaction being centralized to them so they will know who to tax. I saw some news about that and it feels like we need to go out on that site to avoid some surveillance and revealing our transaction to them.

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January 25, 2017, 09:41:57 AM
 #37

In my case, Coinbase does not seem to care about people's privacy. First of all you have to give them Id in some long winded process to sell and buy bitcoins. The prices for selling and buying are terrible. I haven't had an experience with their customer service, but the moment they warned me saying that I shouldn't be using my balance to gamble, I immediately left that site. They don't have a right to tell us what we can and can't do it.


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January 25, 2017, 11:04:19 AM
 #38

There so many people hated coinbase.because  there is error on buying bitcoin with it.  There are claiming that they bought already bitcoin in coinbase and then there is no bitcoin appear or not exact bitcoin. There are claiming that coinbase is stealing money priority if you store a big money on that wallet.

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January 25, 2017, 11:22:12 AM
 #39

I've never had a problem with them from buying with them through the years and don't really see the source of all the hate for the company. Could anyone go ahead and provide some insight into why people hate it?

Thanks.

The problem with coinbase is that there are many unsatisfied customers. Due to their strict implementation of their rules and with their poor customer support. Aside from higher fees in the transactions made , coinbase has the tendency to close your account without warning or notification. When your account is blocked your bitcoin cannot be retrieved and with poor customer support you wont even have a chance to explain and get it back.

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January 25, 2017, 11:28:38 AM
 #40

In my country, Coinbase does not support buy & sell.We use coinbase only for a wallet.Here people don't hate coinbase, they love coinbase a lot.Because coinbase has no transactions fees.So why most people like using coinbase wallet.I also like coinbase wallet.
But we face a great problem with this wallet.This wallet can't use for gambling.It's only the reason, people hate this features.
In my opinion, I don't usually use coinbase because it doesn't use bitcoin address. It's same as paypal, payeer, neteller, and etc. they used email for transaction. Some of people doesn't want to show their email address, and that's the issue why some people don't uses coinbase. Unlike in blockchain, or other bitcoin wallet, it only requires bitcoin address which keeps the anonymity of its user's wallet account

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