Coinbase is slowing transfers of BTCsteemCreated with Sketch.

in bitcoin •  last year

coinbase_logo_white.png

Get out while you can

Coinbase has now dramatically slowed transfers, according to people I know who are trying to get BTC out before the fork, and is requiring additional identification for transfers out over a certain USD amount.

With BCC futures trading on some exchanges ~2200 USD it is obvious that Coinbase does not want to lose one of the largest fundraising opportunities they could have. Speaking with those who went through the ETH DAO split I learned that it took many months for Coinbase to finally release private keys for members to collect their ETC.

What Coinbase is doing flies in the face of everything that is decentralized unbanked democratized financial opportunities.

Private Keys

Coinbase holds your private keys and does not release them. If they were to release them to customers accounts could be restored elsewhere after assets were frozen, seized., or service suspended by Coinbase.

The most well known example of this already occurring is the CoinTelegraph article: "Coinbase Freezes Free Ross Ulbricht account"

We Need a Completely De-centralized international exchange

Until we have a completely decentralized exchange, which everyone can join, we will not reach the potential of FinTech. In New York we only have access to Coinbase and they are able to act as a monopoly.

Does the technology exist? How could we develop this exchange? Do you think this could democratize access to FinTech like I do?

the Coinbase logo is being used under the fair use principle

Please Resteem and follow!

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Is there another wallet people can use? Here we have a problem. We need to supply solutions. So, if you have any good wallets. I trust you and would love to hear it. I'm sure the world would like to as well.

·

Exodus is one which you can quickly download. For security I recommend getting a trezor. Exodus would be a good immediate fix to take money off Coinbase. Then move it to a secure wallet with 2 step authentication or a hardware key.

Congratulations! This post has been upvoted from the communal account, @minnowsupport, by Bruckdashel from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.

Yah I've stopped using coinbase all together after a small .01 btc send transaction took over 12 hours!

·

It is a decent way of pegging fiat to crypto, but I'm lucky to only be working with tokens I've mined