Why you should stop using Coinbase

[OmegaStarScream]

Coinbase made a few modifications lately and I think some of them means that you guys should stop using them because It's 100% against your privacy and security (for long term).

Some people were using Coinbase and Xapo because they were paying the transaction fees on your behalf, well, not anymore. Coinbase decided to stop doing that.
Another thing worth mentioning is that they are planning to make people verify their ID using Live webcam! I suggest checking the links below for more information's about the other modifications that are going to touch Coinbase. If this is not enough for people to leave and stop using them, then I don't know what will make them do so. Without forgetting the fact that they have some serious problems with the IRS.

[1] https://blog.coinbase.com/coinbase-spring-cleaning-4f27710ff821#.1dt0693q8
[2] https://news.bitcoin.com/coinbase-triple-verifies-id-webcom-bail-centralized-exchanges/

[mindrust]

This is going to happen every exchange out there in the future and it will be the death certificate of all crypto currencies. Everyone used to be dreaming that crypto gonna take down FIAT and Gold. Sweet dreams. Like a random internet geek can win against mafia. (FED)

[bL4nkcode]

That's too much already they not contented with those uploading ID from their users but they demand to use their user's webcam or camera on smartphones.
And I don't really understand despites of those changes and from different unsolved issues and reports from their users why there are still many users who wants to continue to use this wallet centralize exchange.

[Iranus]

Coinbase are clearly having problems with authorities and some of their users have complained about their extremely slow support who have claimed that they are under heavy load and may take several days to respond (which is not something that should be expected from a major service).

[LeGaulois]

They are going totally against the ideology of bitcoin. If i want to let people/merchents know my identity, I would simply use a bank. If they continue they will be the enemy of the Bitcoin concept,  and are just shooting a bullet in their feets

[JavaLove]

This is a lot of information regarding Coinbase and so I decided to visit the links.

I suppose one of the biggest losses for us as Bitcoin consumers and potential Coinbase customers is the fact that they will no longer cover transaction fees. I mean, the fact that they will not support Bits anymore is a little odd because some people prefer that denomination and will just transfer over to Xapo (if it's still supported over there). Also, the SMS account access had probably cost them a fair amount of money to support because of the toll fees from many international texts, so I can understand that, even though they are continually providing a big inconvenience to us users. All in all, the only thing worth mentioning are the transaction fees. I can understand why they'd want to do this, but that was the only thing that made them semi appealing to me.

In fact, right now I've got about $50 of BTC on account in Coinbase. I don't keep a lot there because I have no trust whatsoever for the way they manage their site. My only reason for keeping the small money there was the free transactions. I will be promptly leaving Coinbase. Luckily these are going to be implemented on March 21st, 2017 and it is just March 20th, 2017. I have just sent all of my money on Coinbase to a Blockchain account.

And about those security measures, they can no longer really be classified as a "Bitcoin bank" because it goes against the whole premise of Bitcoin. If I wanted to be asked for a whole load of verifications and even facial recognition software to get in (a little creepy when you think about it), I'd have gone to my local bank.

All in all, I know Coinbase just lost me as a customer, and I hope there will be plenty more people who will see their deception which will cause them to leave as I have.

[The Sceptical Chymist]

they will not support Bits anymore

Fuck Bits.  I can't stand that denomination, and I think it's silly.  It's either satoshi or write out the exact amount of bitcoin.  No hassle, no mental conversions necessary.

As for Coinbase, I'm with you OSS.  They dumped my ass back in 2016, and I've been just fine ever since.  I don't care so much about the privacy aspect--it's the customer service that sucked the big one.  As I've mentioned a thousand times already, RIP Circle.   

[ScripterRon]

I just closed my Coinbase account after 2 service failures.  The first one was several months ago when I couldn't withdraw funds from my USD wallet (the Coinbase dialog did not complete and customer service told me there system was perfect and wouldn't even investigate).  But the final straw was today when they suddenly insisted they needed photo id in order to sell Bitcoin (I've been a customer for 3 years).  And they would accept only webcam or smart phone camera (no file upload).  I don't have a webcam and the link they sent to my smart phone said the link was expired (I tried several times with different links).  After my previous experience, I didn't even bother contacting customer support.  So goodbye. Coinbase.

[Hazir]

I find it funny that you can open a standard bank account online with less bullshit included.

To open your online bank account you need just your basic information: social security number and driver's license.
Bitcoin trading will soon be more problematic that starting & managing your own company. Way to deter potential customers...

[erikalui]

Recently, coinbase has made many changes in their website due to which I have lost access to my account. 2 months ago I transferred all my funds and I thought may be I was wrong but the current changes prove that my decision was right. Along with introducing fees for transactions, their verification requirements are horrible. They earlier had said that they respect user's privacy and used to act as if they care about their customers but now webcam verification is the heights. I don't even need so many documents for verification by banks and stock exchanges.

[chaser15]

They are going totally against the ideology of bitcoin. If i want to let people/merchents know my identity, I would simply use a bank. If they continue they will be the enemy of the Bitcoin concept,  and are just shooting a bullet in their feets

Legit exchanges are not meant to follow what bitcoin privacy should be. That is common in the business where money is involved. I don't see any problem with that to Coinbase as that is the standard measure and protocol to follow if you are in business that involves securing money of your clients.

Our local exchanger have the same principle like Coinbase. If there is another option to buy and sell bitcoin at your place that can surpass the service of Coinbase then stop using Coinbase. Just simple as that.

[amacar2]

Coinbase was never my first choice and i have never used them for big transactions. Both coinbase and xapo should be treated as centralized payment processors like paypal, skrill who can simply close/froze your account in the name of investigation. 

I will suggest everybody to just use electrum or hardware wallets.

[BitcoinNewsMagazine]

Anyone have any complaints about Gemini?

[LTU_btc]

ID verification via webcam is terrible thing, even PayPal don't have such thing. If they will ask for verification for every user, it would be even worse than banks. Coinbase works 100% against ideology of bitcoin. I'm used Coinbase for last two years to keep part of my bitcoins, but after recent news, I leave it.

they will not support Bits anymore

Fuck Bits.  I can't stand that denomination, and I think it's silly.  It's either satoshi or write out the exact amount of bitcoin.  No hassle, no mental conversions necessary.

+1 I never understood why conversions like bits or mBTC was made.

[mrcash02]

Very expected... It couldn't be different from a wallet following a lot of regulamentations, you can't do this, you can't do that... It's going against the Bitcoin purpose, so there isn't reason to use CoinBase anymore.

It's a right theirs to ask for ID, Ok, but it's a right of Bitcoin users to don't agree with that and stop using their services. Don't worry, there are more web wallets disponible!

[ChronoLite]

Our local exchanger have the same principle like Coinbase. If there is another option to buy and sell bitcoin at your place that can surpass the service of Coinbase then stop using Coinbase. Just simple as that.

Absolutely, here you can easily buy bitcoin without need to upload any verification ID and post your photo. For those who stay anonymous, local exchanges is good for them and if there are any convenient exchanges near your location why you choose coinbase? .

[OmegaStarScream]

Anyone have any complaints about Gemini?

What kind of complaints exactly? If you are speaking about their verification process etc... then I doubt they are any good then Coinbase because they are based in the U.S and we all know how "privacy" is handled there.

[BitcoinNewsMagazine]

Anyone have any complaints about Gemini?

What kind of complaints exactly? If you are speaking about their verification process etc... then I doubt they are any good then Coinbase because they are based in the U.S and we all know how "privacy" is handled there.

The usual as complaints with CB: slow customer support, unreasonable demands for verification, delays on fiat transfers in and out. Since Circle is out Gemini seems to be the alternative to CB for US users.

[bering]

coinbase further policy similar such as my local exchange policy because to verified our account it required users photo with personal ID indeed those policy very burdensome to us as the users because we as bitcoin users want it stay anonymous but they says with this feature it will makes more secure our account and to avoid the hackers and in my point of view want or not we must accept the policy because we need them to save or to trade our bitcoin