Coinbase crashes but still has ‘most downloaded app’ title

[mayuri27]

There are many ways to measure the success of companies, especially those in the online sphere.  Perhaps, in our increasingly smartphone-glued-to-your-hand world, the best way to determine this how many people have downloaded your app.

If this is the new measure of success, then Coinbase definitely has something to smile about.  The crypto exchange describes itself as a “secure online platform for buying, selling, transferring, and storing digital currency”.  This was probably music to the ears of those hoping to benefit from the rise and rise of Bitcoin, and for those following its upward growth trajectory over the last year.

The world’s most well-known cryptocurrency left dropped jaws and head scratching in its wake over the last two weeks when it continued to breeze passed its previous record-breaking heights.

It first achieved five-figure status by reaching $10k, then continued to climb in $1k increments until it reached $18k, even $20k on some exchanges.  One memorable day showed the price increase by 20% in just 24 hours!

These impressive numbers saw people scrambling to get in on that Bitcoin action, which resulted in the Coinbase app going into overdrive.  It took its maiden voyage to the top spot of Apple’s US App Store for free apps.  In addition, the platform is said to have opened approximately 300,000 new accounts in a single day.

[HabBear]

Yeah, Coinbase is pretty decent. They've not grown without challenges but they've been fairly transparent about it all. The biggest gripe people have about Coinbase is that their customer service is severely lacking. They just don't have enough people to respond to all the service requests, particularly when they're trying to fix an outage due to strains on their network from their extreme growth.

I'm glad you've shared a positive post about Coinbase, I feel they get yelled at on this forum more than praised. And obviously when things are going well, which is most of the time, there's no drama to post about.

I like Coinbase's mobile app too. It's almost perfect. The one thing they're missing is access to your referral link so you can text it to someone. I always have to go onto the website via a laptop to get that link...it's just not available in the mobile app.

Anyone else want to share a positive experience about Coinbase?

[Xavofat]

They've not grown without challenges but they've been fairly transparent about it all.

I don't know.  The thing about not having sufficient customer support is that Coinbase has been this way for quite a while now.  It would be pretty easy for a company raking in 1.5% fees on their transactions to hire enough staff to respond to support requests.

Unless they say "we don't have the money because of this reason" or "we don't care about you, you losers", I wouldn't call them all that transparent.

They also haven't activated SegWit in ages and have been very vague about their progress in implementing it.

Anyone else want to share a positive experience about Coinbase?

It's good that they fought the IRS for so long, and it's good that they have a generally user-friendly platform to deal with.

[junoreactor]

Victime of their own sucess...
and to think this is only the beginning of cryptos, they'll need to make some changes as soon as possible.
There was one or two weeks ago, Eth and Ltc transactions were blocked because of too high traffic apparently. Coinbase were not prepared.
Kraken also went through a lot of troubles this year but they say it should be solved now.