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>It's unclear where Coinbase will get long term growth. By being the easiest cryptocurrency broker to use, by far. By being based in the US, and not in some SE
by Dirlewanger 6y ago
>It's unclear where Coinbase will get long term growth.
By being the easiest cryptocurrency broker to use, by far. By being based in the US, and not in some SEA country (not saying that's inherently bad, but I'd rather keep my money in the US if at all possible). They even have an insurance policy for everything on their platform. Let's see the Binances of the world provide that.
- astrange 6y agoThey’re definitely one of the easiest if you actually want to do accounting and tax reporting properly. Decentralized exchanges don’t make it easy to get transactions off of and non-US exchanges have to be reported as foreign bank accounts.
- Scoundreller 6y agoI’ve heard some aggressive interpretations that your personal Bitcoin wallet could be reportable as a foreign asset by saying that Bitcoin is in the cloud, not anyone country. Saying your keys are in the USA is kinda like saying your Swiss bank account’s login and password are in the USA. If that Swiss bank account is still reportable, why not your Bitcoin too? What matters is where the asset is, not where you can control it from.
- hnracer 6y agoThe latter is largely due to regulatory capture, US customers being banned from Asian exchanges due to US regulations. Almost nobody outside the US actually prefers Coinbase, the fees and liquidity is just much worse. The volumes on Binance speak for itself.