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That's absolutely true, though. You are trusting the bank (and the federal insurance backing it) that when you want to draw your balance that you can. It's no d
by spilk 11y ago
That's absolutely true, though. You are trusting the bank (and the federal insurance backing it) that when you want to draw your balance that you can. It's no different when you have bitcoin in Coinbase.
I just can't see a scenario where buying bitcoin with USD on Coinbase and then using a debit card to spend it in USD is better than spending USD in the first place. Unless you buy into the pyramid-scheme "it'll be $10000 any day now" nonsense, in which case you have no incentive to spend bitcoin anyways.
- aianus 11y ago99.9% of people would disagree with you that the balance they see in their Wells Fargo account is 'not actually USD'. In a way Coinbase BTC is closer to BTC than Wells Fargo USD is to USD because Coinbase doesn't operate a fractional reserve. > I just can't see a scenario where buying bitcoin with USD on Coinbase and then using a debit card to spend it in USD is better than spending USD in the first place. Sure, that would be silly. But imagine you're a rich Chinese kid in California whose parents own a sweatshop in Shenzhen. To easily get around capital controls they buy BTC in China and send it to your Coinbase account. You pay for your day-to-day USD expenses on this card. Use your imagination.