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I bought £100 of Bitcoin in September via Coinbase, pretty much just to have a play with Bitcoin itself, and try a couple of transactions. To my horror, I disc
by marcosscriven 9y ago
I bought £100 of Bitcoin in September via Coinbase, pretty much just to have a play with Bitcoin itself, and try a couple of transactions.
To my horror, I discovered that transaction wasn't actually in the blockchain, and that Coinbase essentially has an internal system you just have to trust, which seemed to be contrary to the whole idea of a global ledger.
I setup my own wallet and transferred it to that (thus achieving my initial goal of seeing my own transaction in the block chain). There's no way I'd put any significant amounts into Bitcoin, let alone Coinbase.
- lend000 9y agoWould it also horrify you to learn that when you transfer money from your savings to your checking account (at the same bank), those transactions are not cleared by the Federal Reserve?
- tome 9y agoI doubt it would, firstly because that hasn't been touted as the "point" of dollars, and secondly because FDIC insures deposits.