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Why I hate using Coinbase

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Why I hate using Coinbase

A Rant

Barbara Kang

12.10.17

Coinbase. It is a digital asset exchange that facilitates trading of digital currencies or cryptocurrencies, including the infamous Bitcoin. It is, unfortunately, my first-choice exchange platform to buy Bitcoins, since it is known to be the “fastest,” the easiest, and hopefully (continually) the safest. Compared to other exchange websites, it has layered security measures, and delivers transfers and exchanges in a couple of hours…if you’re lucky. I have horrible timing with exchanging and transferring Bitcoins on Coinbase.

1. Do not try to acquire Bitcoins during a fork.
Transferring Bitcoins during a fork—lags the already time-consuming process. During a fork, it can take up to extra days to even weeks. Too many BTC delays. Time is money.

2. Often, there are periods where they are required to redo identity verifications. And often, its ID Verifications simply do not work.
This may be due to high volume or their website just being terrible. Currently, I have been checking the “Status” section of the website for the past 48 hours.

3. Coinbase freezes accounts.
It will put your account on hold if it thinks some of the smallest transfers are “suspicious.”

4. Their customer service is non-existent.
I’ve made it a point to always contact customer service for any conflicts I come by in other companies, but the Customer Service representatives will never answer your emails. It is useless. A waste of your time. You must “wait it out.”

5. I have issues logging into my account.
I receive the irritating “red errors messages” sometimes when I try to login.

“We are currently experiencing high traffic. This is resulting in some customers having slow performance or issues logging into their Coinbase.com accounts. We are actively working on resolving this.”

I have my phone connected to its alert (status update) system to find out if there is any update in resolving its issues.

6. Delay in receiving your profits.
“I was supposed to receive $800. I received it 3 months later.” -Anonymous

I have to learn how to be patient with this dreadful website. If you ever see me in class or Mugar cursing under my breath while looking at my Macbook screen, it's probably because of Coinbase.