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Should You Leave Coinbase? Some Bitcoiners Say Yes

Should You Leave Coinbase? Some Bitcoiners Say Yes

Coinbase, one of the largest wallet and exchange platforms for cryptocurrency, currently finds itself in the eye of storm. On February 15, 2018, Coinbase confirmed in a statement on their Medium blog that it had massively overcharged the accounts of some users after complaints began to pour in on Reddit, Twitter, and other online forums. The platform said the issue was related to a recent change in the way credit cards code purchases of digital currency and that all accidental charges would be refunded. Coinbase faced the same issue in May of 2016. Recent events like these, combined with the relative infancy of this new trading paradigm, have quickly soured sentiment among many bitcoin loyalists. 

Although a popular destination for newer entrants and investors, the more tightly knit community of active traders is spurning the brand after several more notable debacles. Apart from a recently opened investigation into insider trading, many loyal bitcoiners believe the exchange has also been involved in outright manipulation and fraud alongside a host of other accusations of wrongdoing.

Despite its ease of use and access, Coinbase has been decried for apparently gating outflows from its platform. Its wallet solution is used by millions, but sending the supported coins from one location to another is routinely blasted for its sluggishness, often taking hours to move coins from a Coinbase wallet to another external wallet service. This alone has irked many users, who have come to expect more efficiency and dependability from the companies storing and handling their cryptocurrencies.

“Coinbase will always keep its status as one of the first and easiest platforms to buy and sell bitcoins, but it acts in a similar way to a bank. Bitcoin’s nature by design was to be its own bank, therefore providing security and privacy baked into the core of its DNA," noted Daria Arefieva, CEO and founder at CryptoFriends. "There is a place for Coinbase, as with any other centralized exchanges, but until standards and regulatory frameworks are put into place, it's best to keep control of your own coins."

Continued: https://www.investopedia.com/news/should-you-leave-coinbase-some-bitcoiners-say-yes/?partner=YahooSA&yptr=yahoo