Will Coinbase be Americas Major Exchange? - page 4.

sherbyspark

hero member

Activity: 910

Merit: 1000

Quote from: thegolden24 on December 12, 2013, 05:41:47 PM

With their new funding of 31 million, will Coinbase become the United States Major exchange? Will this start a frenzy among Americans to join the bitcoin craze? How will it effect the speculated value of bitcoin? Will other exchanges emerge and compete? Will more day traders emerge and push up the trading volume? Can this benefit the legitimization of bitcoin? All these questions are swimming through my mind Roll Eyes

Just saw this thread .Wasn't aware they had a 31 million funding before as well.
Doesn't this take their funding to a 100 million ?

Guido

legendary

Activity: 1061

Merit: 1001

Quote from: Sitarow on January 25, 2015, 05:28:34 PM

Quote from: Melbustus on January 25, 2015, 05:20:11 PM

Quote from: Melbustus on December 12, 2013, 06:43:08 PM

I can't think of much better to do with a fresh $25M injection than getting full money-transmission licenses in most US states, complete with the surety bond coverage. The regs on that stuff (ie, the time and expense to get proper licensing) is why there's no major US exchange so far.

Answer to OP: Yes.

"First U.S. Bitcoin Exchange Set to Open":
http://www.wsj.com/articles/first-u-s-bitcoin-exchange-set-to-open-1422221641

"Coinbase’s founders say they have been working for five months to win licenses from state financial regulators. They have regulatory approval in half of U.S. states, including large population centers like New York and California"

interesting times ahead

wunkbone

sr. member

Activity: 420

Merit: 250

Quote from: Melbustus on December 12, 2013, 06:43:08 PM

I can't think of much better to do with a fresh $25M injection than getting full money-transmission licenses in most US states, complete with the surety bond coverage. The regs on that stuff (ie, the time and expense to get proper licensing) is why there's no major US exchange so far.

I don't think they need licenses in states other then where they have their bank accounts located in.

Look at mt gox for example. They were based in Japan however they had their US bank account seized because they were operating in the US without a proper licence

Sitarow

legendary

Activity: 1792

Merit: 1047

Quote from: Melbustus on January 25, 2015, 05:20:11 PM

Quote from: Melbustus on December 12, 2013, 06:43:08 PM

I can't think of much better to do with a fresh $25M injection than getting full money-transmission licenses in most US states, complete with the surety bond coverage. The regs on that stuff (ie, the time and expense to get proper licensing) is why there's no major US exchange so far.

Answer to OP: Yes.

"First U.S. Bitcoin Exchange Set to Open":
http://www.wsj.com/articles/first-u-s-bitcoin-exchange-set-to-open-1422221641

"Coinbase’s founders say they have been working for five months to win licenses from state financial regulators. They have regulatory approval in half of U.S. states, including large population centers like New York and California"

Melbustus

legendary

Activity: 1722

Merit: 1004

Quote from: Melbustus on December 12, 2013, 06:43:08 PM

I can't think of much better to do with a fresh $25M injection than getting full money-transmission licenses in most US states, complete with the surety bond coverage. The regs on that stuff (ie, the time and expense to get proper licensing) is why there's no major US exchange so far.

Answer to OP: Yes.

"First U.S. Bitcoin Exchange Set to Open":
http://www.wsj.com/articles/first-u-s-bitcoin-exchange-set-to-open-1422221641

halfawake

hero member

Activity: 490

Merit: 500

I wouldn't be surprised if they do. I've seen a lot of people give them flack on this forum, but I had a good experience with personally. Though I only bought once, so I don't have a ton of Coinbase experience. But from what I've been able to tell, it's certainly the easiest way to buy bitcoins in the United States right now, though certainly not the quickest.

And I think accord01 is right - you can buy bitcoins from Coinbase, but they aren't really an exchange like btc-e or bitstamp. I do like Coinbase, personally, but they're a fairly expensive way to buy bitcoins because of their 1% fees compared to the exchanges. I didn't mind that back when the price was $100, but now that it's over $900, if I end up buying more, I'll probably be buying them from btc-e.

bitpop

legendary

Activity: 2912

Merit: 1060

They arent an exchange per se

thegolden24

member

Activity: 98

Merit: 10

follow me on twitter @BitcoinBender

Quote from: ?? on ??

Quote from: other_side on December 12, 2013, 09:39:24 PM

Quote from: thegolden24 on December 12, 2013, 08:35:24 PM

Even though this time they are taking a long time to credit my deposit (7 business days) hopefully they are just slowed down due to more users making accounts and depositing.

Now they have access to your bank account.

So does the power company. And the water company. Etc etc etc.

Yeah exactly I'm not too worried about them having my account number. I just don't want to become one of those people who scorns a certain exchange because they had a bad experience even though the majority have better experiences.

beetcoin

sr. member

Activity: 434

Merit: 250

i don't know much about the exchanges, but i like their design and style the most. the staff is public and the design on their site is much, much, much better than any other site i've seen. it's basic and to the point.

other_side

full member

Activity: 285

Merit: 100

Quote from: thegolden24 on December 12, 2013, 08:35:24 PM

Even though this time they are taking a long time to credit my deposit (7 business days) hopefully they are just slowed down due to more users making accounts and depositing.

Now they have access to your bank account.

pa

hero member

Activity: 528

Merit: 501

I have had good experiences with Coinbase and do not regard it as shady in any way. They have growing pains and need to hire more support staff. That is not the same as being shady.

oliversl

newbie

Activity: 52

Merit: 0

It only works with US banks, so, mtgox should be bigger.

thegolden24

member

Activity: 98

Merit: 10

follow me on twitter @BitcoinBender

Well I have no prior experience with Coinbase personally so its good to hear your guys opinion on it. I've only used Bitinstant(when it was available) and Bitstamp. Even though this time they are taking a long time to credit my deposit(7 business days) hopefully they are just slowed down due to more users making accounts and depositing.

Carlton Banks

legendary

Activity: 3430

Merit: 3080

No.

Especially not when they're so fond of cancelling peoples orders, just when they happen to buy in at a good price.

HappyScamp

sr. member

Activity: 314

Merit: 250

Quote from: accord01 on December 12, 2013, 07:33:47 PM

https://bitcointalksearch.org/topic/m.3903735

coinbase is not an exchange. They are a shady version of paypal in the bitcoin community.

Agree. There is so much bad rap about them out there that they would have a hard time clearing their name.

Desensitizer

newbie

Activity: 42

Merit: 0

I think that its a distinct possibility. It is true that they are not an exchange now, but there is no real strong competition in the United State in terms of other exchanges and with the $31 million they have a lot of funds with which to expand their current services. I would not put becoming a full fledged exchange by 2014 past them.

thegolden24

member

Activity: 98

Merit: 10

follow me on twitter @BitcoinBender

They accept wire transfers from your bank then allow you to buy/sell, I thought that's what an exchange is. They also act as a "secure" wallet and a kind of "paypal" like you said for merchants.

accord01

full member

Activity: 238

Merit: 100

https://bitcointalksearch.org/topic/m.3903735

coinbase is not an exchange. They are a shady version of paypal in the bitcoin community.

thegolden24

member

Activity: 98

Merit: 10

follow me on twitter @BitcoinBender

Do you think they will incorporate a trading platform? I would much rather do my trading within the US than to send wire transfers to foriegn lands.

Melbustus

legendary

Activity: 1722

Merit: 1004

Quote from: thegolden24 on December 12, 2013, 06:48:19 PM

Quote from: Melbustus on December 12, 2013, 06:43:08 PM

I can't think of much better to do with a fresh $25M injection than getting full money-transmission licenses in most US states, complete with the surety bond coverage. The regs on that stuff (ie, the time and expense to get proper licensing) is why there's no major US exchange so far.

Thats very true. I believe you have to be licensed in every state you do business in but I think some states are exempt(not many I wanna say 3)

Yeah, I think there are a few states that don't require licenses. And then for the rest, there's a whole lot of variety as to exactly what you need to get a license for, reporting requirements, bond coverage, etc. It's an expensive mess to navigate.

Topic: Will Coinbase be Americas Major Exchange? - page 4. (Read 5923 times)