I am writing this post hoping it will be helpful for relative noobs (like me) who are either vetting currency exchanges based in the U.S. or are using Coinbase or Gemini and are experiencing issues.
I give you a bona fide: I am running a Full Node (BTC) to support the blockchain.
After reading several books from Amazon on cryptocurrency in general and Bitcoin in particular, it appeared that three currency exchanges were deemed trustworthy: Coinbase, Gemini, and Kraken. That is with the caveat that all exchanges are subject to hacking (versus the blockchain) and that it behooves a user to offload coin and private key ASAP.
I first registered with Coinbase. I was impressed by the layout and UI. However, when it came time to link my financial source, I found a page that was crude: no more than fields for mandatory card data. My CapitalOne debit card failed either with a generic “card not accepted” message or “JWT token fail.”
I then tried a bunch of permutations to try preventing the error messages from triggering:
a. VPN vs. no VPN = fail
b. CapitalOne vs. Wells Fargo = fail
c. Both banks confirmed that there were no security issues on their end.
d. Linux OS, Ubuntu LTS, vs. Windows 11 = fail
e. Chrome browser vs. Microsoft Edge = fail
Strong suggestion here that the problem was with Coinbase. I emailed tech support and still haven’t received an answer after two weeks.
I then aborted Coinbase and registered at Gemini. FYI, Gemini required uploading a photo I.D. (passport for me), which Coinbase did not. When I was ready to link my funding source within Gemini, I found a much more sophisticated layout than in Coinbase. There was a dropdown menu of many financial institutions, with their logos, and these items were actually links to the websites of those institutions. CapitalOne was on the list, I navigated to the site, provided identification information and other (my memory fails me) and I was linked. I made the required wired deposit, then another amount for coin. Through the entire process there were no issues, smooth as glass.
In addition, Gemini has a Cryptopedia section in which you can access articles on BTC, its history and structure, without logging in.
I found these articles to hit the sweetspot between not too simple and not too complicated. Coinbase also has tutorials.
Meanwhile, as I continue to bullet proof my Gemini account, I ran into a problem for which I cannot find a resolution. In the Security section of Settings I have the option to change 2FA from SMS (my default) to the Authy app. However, this has failed and I see no solution. The Gemini page instructs to “select” your option. However, there is means of selection. I have looked everywhere on the page, hovered my cursor. There is nothing clickable except a “learn more” link which is irrelevant to making your selection. So I’m unable to select my choice.
Then, when I go to the Authy app, I’m asked to add an account and input the QR code from that account or manually enter a code but I can find none of those items in the Gemini security setting. It seems that it is a critical error to offer “select” and then to have no means of executing that selection. Here, too, I tried different browsers to no avail. Any ideas?
I hope that my user’s experience, good and bad, may be useful to others.
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