Coinbase NO to long hexadecimal addresses

NeuroticFish

legendary

Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

Quote from: Asuspawer09 on February 27, 2020, 02:23:09 PM

What are your thoughts about this?

It's a big fuss about a feature that's not really special, other companies also have for transferring money between their own customers.
One example that comes into my mind is Revolut, where you can transfer to a phone number (may be considered less private, but it's the same thing).
The catch is that both sender and receiver have to be customers of that company since the transaction is off-chain.

cryptoaddictchie

legendary

Activity: 2072

Merit: 1315

Quote from: BitMaxz on February 27, 2020, 03:43:49 PM

This new feature is only working to those who use coinbase but if you are sending BTC from coinbase to other client or wallet you will still need the long BTC address to send BTC.

So this feature is only restricted to coinbase users. Not a good one for me, as I can send btc with other addresses even though its traditional method. It just an upgrade but the effectivity is restricted to their users.

Take note, that many countries arent even allowed by coinbase to register.

Quote from: logfiles on February 27, 2020, 06:16:38 PM

I guess the long hexadecimal nature of addresses also add in some bit of anonymity to people using them as they are not forced to use regular usernames that can easily be connected to individuals.

I still prefer the hexadecimal address and having username can also be a confusion to other users with mostly almost username. I remember eos blockchain in this idea, which confuses some due to difference of one letter or number and could end up sending to wrong person.

logfiles

copper member

Activity: 1960

Merit: 1638

Top Crypto Casino

Quote from: Asuspawer09 on February 27, 2020, 02:23:09 PM

What are your thoughts about this?

Quite useless to most of us who use other much better wallets like electrum. If this was used throughout the bitcoin network where hexadecimal addresses can be represented by short readable account names just like in the EOS blockchain then it would be worth the attention. I guess the long hexadecimal nature of addresses also add in some bit of anonymity to people using them as they are not forced to use regular usernames that can easily be connected to individuals.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: LTU_btc on February 27, 2020, 04:46:33 PM

Is it really new thing? I remember they already had Coinbase to Coinbase off-chain transactions maybe 5 years ago. As one of benefits, these transactions were free.

It just adds a new feature (usernames) to the existing internal transfer system:

Quote from: LTU_btc on February 27, 2020, 04:46:33 PM

It may be convenient for Coinbase users, but actually it's not real transactions, because it's made off-chain.

It's still a real transaction, just not a Bitcoin transaction. Tongue

If both users already (or plan to) trust Coinbase with their funds, then it makes perfect sense to keep the transaction off-chain.

LTU_btc

legendary

Activity: 3038

Merit: 1330

Slava Ukraini!

Is it really new thing? I remember they already had Coinbase to Coinbase off-chain transactions maybe 5 years ago. As one of benefits, these transactions were free.
It may be convenient for Coinbase users, but actually it's not real transactions, because it's made off-chain. And obviously, people shouldn't use centralized exchange as a wallet.

BitMaxz

legendary

Activity: 3248

Merit: 2971

Block halving is coming.

This new feature is only working to those who use coinbase but if you are sending BTC from coinbase to other client or wallet you will still need the long BTC address to send BTC.
And honestly, Coinbase is not actually a wallet its an exchange website.

I think this post below is the reason why coinbase add this new feature.

- Can I send coins to a username in Coinbase Wallet?

avikz

legendary

Activity: 3080

Merit: 1500

Now they have come up with username as an identifier. But you can also send bitcoin to the user's email address since almost inception of coinbase. Long back, when faucets were not a waste of time, I have used my coinbase email ID to withdraw earning from faucets. I am sure many others have experienced the same feature.

It's just a new feature on the same concept. It's great to see Coinbase working effectively towards the betterment of user experience!

Asuspawer09

sr. member

Activity: 1638

Merit: 425

Cashback 15%

In the CoinBase new feature :
Coinbase can now send using a short human-friendly address instead of the common bitcoin address that is usually a long address.

We all experience the fear when we are sending our bitcoin or altcoins using this traditional long address (ex.0x89136a83664fa0673930be34463e444260775dc or 3GVBSgLLLjAoNRKxw5hm7kANN2P2mEQJy)
Afraid to make a mistake or somehow copy-paste something wrong but in this Coinbase new feature you could now send it using a username (like @walletfan) instead of using the long hexadecimal addresses.

You could also keep your username private, they added a privacy toggle setting in the menu of the Coinbase application.

Reference:
https://blog.coinbase.com/send-crypto-more-easily-with-coinbase-wallet-c90a0c84927f

What are your thoughts about this?

Topic: Coinbase NO to long hexadecimal addresses (Read 186 times)