Nagle (OP)
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Activity: 1204
Merit: 1000
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December 02, 2014, 06:41:08 PM |
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Coinbase has announced a "USD wallet". Now you can put money into Coinbase without buying Bitcoins. This makes them a Bitcoin broker/exchange. As with other exchanges, don't keep any funds there you're not actively trading. Coinbase does not offer the insurance or legal protections of a bank account, and over the history of Bitcoin, more than half the exchanges have gone bust. |
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CoinDiver
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December 02, 2014, 07:00:12 PM |
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"To start, the following 16 states are supported:
Arkansas (AR)
California (CA)
Delaware (DE)
Georgia (GA)
Idaho (ID)
Illinois (IL)
Indiana (IN)
Massachusetts (MA)
Missouri (MO)
Montana (MT)
New Mexico (NM)
Puerto Rico (PR)
South Carolina (SC)
Washington (WA)
Wisconsin (WI)
West Virginia (WV)"
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leex1528
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December 02, 2014, 08:11:47 PM |
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Does anyone see value in this at all? I don't see why you would want to put money into an exchange instead of a bank account. Seems rather dangerous to me....
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TimS
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December 02, 2014, 08:45:12 PM |
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Does anyone see value in this at all? I don't see why you would want to put money into an exchange instead of a bank account. Seems rather dangerous to me....
Instant trades between USD and BTC without involving the slow banking system. This is the only real reason to 'store USD' at Coinbase for any period of time. I'd say that your average Bitcoin user doesn't need this feature, but it does expand the potential of Coinbase as a trading platform (store some money there and trade when you think the prices are right), instead of just a place to buy and sell Bitcoin. |
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leex1528
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December 02, 2014, 08:54:53 PM |
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Does anyone see value in this at all? I don't see why you would want to put money into an exchange instead of a bank account. Seems rather dangerous to me....
Instant trades between USD and BTC without involving the slow banking system. This is the only real reason to 'store USD' at Coinbase for any period of time. I'd say that your average Bitcoin user doesn't need this feature, but it does expand the potential of Coinbase as a trading platform (store some money there and trade when you think the prices are right), instead of just a place to buy and sell Bitcoin. I guess thats one, but isn't Instant buy available at Coinbase already if you have a bank account + credit card? |
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ChuckBuck
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December 02, 2014, 09:03:21 PM |
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Does anyone see value in this at all? I don't see why you would want to put money into an exchange instead of a bank account. Seems rather dangerous to me....
Instant trades between USD and BTC without involving the slow banking system. This is the only real reason to 'store USD' at Coinbase for any period of time. I'd say that your average Bitcoin user doesn't need this feature, but it does expand the potential of Coinbase as a trading platform (store some money there and trade when you think the prices are right), instead of just a place to buy and sell Bitcoin. I guess thats one, but isn't Instant buy available at Coinbase already if you have a bank account + credit card? Interesting move by Coinbase. One step closer to a true trading platform. Guess having the funds "inside" makes exchanging to Bitcoin that much faster. I know it's still a couple minutes process with checking Authy with 2FA and what not, so I guess this eliminates that step. Also the obvious bypassing the banking ACH system part to avoid the wait time. |
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wesk1212
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December 02, 2014, 09:07:08 PM |
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Does anyone see value in this at all? I don't see why you would want to put money into an exchange instead of a bank account. Seems rather dangerous to me....
In coinbase perspective this is great. They don't need to hassle with the bank. |
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leex1528
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December 02, 2014, 09:23:51 PM |
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Does anyone see value in this at all? I don't see why you would want to put money into an exchange instead of a bank account. Seems rather dangerous to me....
In coinbase perspective this is great. They don't need to hassle with the bank. Why don't they, nothing has changed in regards the way it handles the bank? They still have to deposit money into their Coinbase account right? |
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cryptworld
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December 02, 2014, 10:20:33 PM |
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didn't they already have a usd wallet?
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Swordsoffreedom
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Leading Crypto Sports Betting & Casino Platform
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December 02, 2014, 10:20:43 PM |
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Coinbase has announced a "USD wallet". Now you can put money into Coinbase without buying Bitcoins. This makes them a Bitcoin broker/exchange. As with other exchanges, don't keep any funds there you're not actively trading. Coinbase does not offer the insurance or legal protections of a bank account, and over the history of Bitcoin, more than half the exchanges have gone bust. True enough unlike Banks they do not have FCIC insurance It does make me wonder if they should apply for some since this is purely on the fiat side. |
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ajw7989
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December 03, 2014, 01:41:49 AM |
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Great news however does not effect me for 2 reasons. First I am not in one of those states unfortunately and second my instant buy is 1000 a week which is more than enough for me. Being able to hold fiat in there tempts me somewhat though
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Soappa
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December 03, 2014, 11:21:36 AM |
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didn't they already have a usd wallet?
Not really. In the past when you sold bitcoin on Coinbase, the USD would be send to your bank account directly. You can't keep it on your Coinbase balance for later re-purchasing. |
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1Referee
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December 03, 2014, 12:22:27 PM |
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didn't they already have a usd wallet?
Not really. In the past when you sold bitcoin on Coinbase, the USD would be send to your bank account directly. You can't keep it on your Coinbase balance for later re-purchasing. Never used Coinbase, but isn't that something a Bitcoin exchange should offer by default? There are a lot people who doesn't want their USD to be sent directly to their bank account. |
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