Joe Cascio (@JoeCascio) describes in a blog post reasons why Coinbase is reporting an “overwhelming response” to their wallet and exchange service. Excerpts:
“I have found it to be the simplest, lowest cost, if not the fastest alternative for online purchasing I have tried.”
“They use convenient and very low cost ACH transfers to withdraw money from a bank account you designate to buy bitcoin, or into which to deposit money when you sell bitcoin. Because of the ACH transfer, it currently requires a US bank account.”
“When I input an order to buy, I’m told exactly how much will be deducted from my bank and I’m notified by email when the order completes. I can monitor the progress of the order on the site and even cancel uncompleted orders if necessary. There are no flaming hoops to jump through, no other ‘surprise’ services or fees involved.”
“I have been experiencing 3 or more business days delay between placing an order and having the bitcoin I purchased be available to me. This is due to the ACH transfer time and the old, creaky traditional banking system.”
“‘We definitely want to raise those limits, and will most likely do so in the next 2-3 months [… but] after your first trade completes successfully you can do $100 each day, even if the previous ones have not completed yet. [quote from Coinbase CEO Brian Armstrong]”.
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