Coinbase to Allow US Users to Deposit Paychecks Directly in Crypto. - page 2.

SFR10

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Crypto Swap Exchange

Quote from: Hasan905 on September 27, 2021, 08:39:26 PM

The massive crypto exchange will enable its U.S. customers to deposit all or part of their paychecks in crypto or dollars without a fee.

Quote from: DaveF on September 27, 2021, 09:28:17 PM

If they had a good support department, that would be a different story.
~Snipped~
Good idea in theory, if it was Gemini I would think about it.

Let's assume for a second that there's no issue with their support or you're just dealing with Gemini, how much ^{[or a rough percentage]} a US-based customer could save by opting for the Coinbase route?

aoluain

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Quote from: Poker Player on September 27, 2021, 11:01:01 PM

Quote from: DaveF on September 27, 2021, 09:28:17 PM

Just what I want to do, direct deposit my paycheck into a company known for horrible customer service.

It's really not that much more work to put my check into a bank and then ACH it to coinbase.

It's not so much about what you (or I) want to do. The average Coinbase user is not as knowledgeable or as concerned about privacy as the average user on this forum.

I think it's good news, just like when Paypal announced it would offer Bitcoin to its customers. Neither you nor I would buy it through paypal custodial service, but it popularizes Bitcoin and helps normalization and mass adoption (another thing is that Paypal later announced that it would allow withdraw Bitcoin but that was later).

As for depositing (even part) of the paycheck in Coinbase, this kind of thing increases turnover. It's a known fact that people spend to the extent you make things easy for them. One of the reasons for Amazon's success is that people spend with a click, they can even fund with a click.

So, yes, it's not ideal, but it's good news.

I'm with Poker Player, I think its good news. Its an extra avenue for people to get
exposed to crypto. OK using an exchange for anything other than...exchanging
is risky but hopefully a portion on the people who avail of this service will know
what the right thing to do with their paycheck is.

Exchange part or all to Bitcoin and transfer to secure wallet and transfer the
remaining FIAT to wherever.

It isnt that difficult to do the reverse either but I suppose Coinbase is opening a door
for whoever wants to walk through.

avikz

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Quote from: Hasan905 on September 27, 2021, 08:39:26 PM

The massive crypto exchange will enable its U.S. customers to deposit all or part of their paychecks in crypto or dollars without a fee.

VP of Product Max Branzburg quoted:

“Our goal is to enable everyone to get more out of their money with the power of crypto – from getting your paycheck in crypto, to generating yield on your assets, to spending your crypto and beyond – all from a single account.”

Source : https://www.coindesk.com/business/2021/09/27/coinbase-to-enable-direct-paycheck-deposit-emb-1700-utc-927/

Another wise business decision to stay ahead of the curve! No offense but Coinbase is proposing a very risky business. Due to the volatility of crypto prices, it is indeed a very risky proposition to keep a part of your salary in cryptos. Possibly it will go well for the millenials who don't have much liabilities nad can take riaks. But not for someone who has liabilities. But anyway, it's the choice of the consumers and business of coinbase. Nothing is unfair!

BlackHatCoiner

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Farewell, Leo

Quote from: mk4 on September 28, 2021, 02:09:31 AM

The power of convenience is something we frequently underestimate.

It's not the power of convenience that'll make those users deposit cryptocurrencies in Coinbase. It's unawareness. Sure, Coinbase may make them feel really convenient with those stylish buttons and cozy layouts, but if they choose that way, then it's a matter of their ignorance. I bet most of the Coinbase users have no idea why Bitcoin was created or they're in the field just for quick profit.

Needless to say, that the majority hasn't read the whitepaper. (Not proved, but definitely obvious)

mk4

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Paldo.io 🤖

Quote from: DaveF on September 27, 2021, 09:28:17 PM

It's really not that much more work to put my check into a bank and then ACH it to coinbase.

If you think about it, it really isn't that much work to use a non-custodial wallet and write down the 12-24 words on a piece of paper too. But yet people still hold funds on exchanges. The power of convenience is something we frequently underestimate.

amishmanish

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To enable this, won't coinbase need its own check-collection and clearing system? Is it allowed to do this in the USA as a non-banking corporation? Also, What does "paycheck" mean here? Who gets salaries as checks in 21st century?

I think one of the important use-cases that Coinbase is trying to capture is people trying to invest in Alt-coins listed on Coinbase. A lot of people don't want to go through converting USD from banks to BTC and then pay the fee for further bridging to Alts or other chains. Once the funds are directly on coinbase, they can easily change to Alts or Bitcoin as they desire. IMO, This is just a smart additional step to make it easier to onboard customers.

Poker Player

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Quote from: DaveF on September 27, 2021, 09:28:17 PM

Just what I want to do, direct deposit my paycheck into a company known for horrible customer service.

It's really not that much more work to put my check into a bank and then ACH it to coinbase.

It's not so much about what you (or I) want to do. The average Coinbase user is not as knowledgeable or as concerned about privacy as the average user on this forum.

I think it's good news, just like when Paypal announced it would offer Bitcoin to its customers. Neither you nor I would buy it through paypal custodial service, but it popularizes Bitcoin and helps normalization and mass adoption (another thing is that Paypal later announced that it would allow withdraw Bitcoin but that was later).

As for depositing (even part) of the paycheck in Coinbase, this kind of thing increases turnover. It's a known fact that people spend to the extent you make things easy for them. One of the reasons for Amazon's success is that people spend with a click, they can even finance with a click.

So, yes, it's not ideal, but it's good news.

DaveF

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Crypto Swap Exchange

Just what I want to do, direct deposit my paycheck into a company known for horrible customer service.

It's really not that much more work to put my check into a bank and then ACH it to coinbase.

If they had a good support department, that would be a different story. But even if the issue is with the payroll processor and not them, not being able to call someone to figure it out. I'll pass.

Good idea in theory, if it was Gemini I would think about it.

-Dave

Hasan905

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The massive crypto exchange will enable its U.S. customers to deposit all or part of their paychecks in crypto or dollars without a fee.

VP of Product Max Branzburg quoted:

“Our goal is to enable everyone to get more out of their money with the power of crypto – from getting your paycheck in crypto, to generating yield on your assets, to spending your crypto and beyond – all from a single account.”

Source : https://www.coindesk.com/business/2021/09/27/coinbase-to-enable-direct-paycheck-deposit-emb-1700-utc-927/

Topic: Coinbase to Allow US Users to Deposit Paychecks Directly in Crypto. - page 2. (Read 203 times)