Coinbase Going Backwards
Coinbase Going Backwards – Elimination of Key Client Services + Needlessly Complicating Merchant Transactions = Disaster
Coinbase going backwards has made life much more difficult the past few weeks. Up until March I could sell Bitcoin and turn it into usable cash in less than 30 minutes right from my laptop. Then Coinbase utterly eliminated PayPal which now means I need to wait DAYS for a bank transfer. In the “good old days” of just last month I could’ve sold Bitcoin on Coinbase, had the proceeds transferred directly to PayPal within seconds and then have the money sitting in my checking account in less than 30 minutes. All I would need to do is agree to PayPal’s pittance of a 25 cent transfer fee via debit card.
But alas PayPal has disappeared from Coinbase altogether which has rendered this quick, inexpensive solution impossible.
But wait it gets better. An email I received from Cheapair just last week is further proof of Coinbase going backwards:
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So Coinbase lost a large corporate client and Bitpay wins one. That’s the very nature of the free market at work.
Regular readers will easily recall how I bought a plane ticket with Bitcoin via Coinbase on CheapAir.com earlier this month in a simple, hassle-free transaction.
I am truly disappointed in Coinbase. For so long I’ve been seeing them do so many good things to move cryptocoin forward into mainstream acceptance. Up until recently I have truly been a fanboy. All of the recent announcements of promising new hires not withstanding, it’s impossible not to see that Coinbase going backwards is a real thing. And a real sad thing.
Coinbase going backwards needs to stop. Coinbase gave up so much ground they won by their asinine actions lately. They need to resume forward thinking and decisive action if they hope to maintain their dominant position as a cryptocoin exchange.
As an extension of my thinking I am going to visit a Bitcoin ATM machine here in the Las Vegs valley. I expect an attempted robbery vis a vis their published exchange rate, transaction fees, etc. Expect a full report from me within the next 48 hours. Personally, I expect to give Coinbase an expanded business model as a result. Stay tuned!