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Coinbase is technologically kind of a joke. Their matching engine is crap. They haven't even adopted bech32. They just do the bare minimum to keep things workin
by britneybitch 4y ago
Coinbase is technologically kind of a joke. Their matching engine is crap. They haven't even adopted bech32. They just do the bare minimum to keep things working for 99% of users, and for the unlucky 1% they follow the same customer support strategy as Google (aka automated emails but no actual humans). Unfortunately Coinbase is YC and they do a lot of marketing, so people who are just getting started tend to think they're a frontrunner.
If you want an exchange that keeps up with the ecosystem you should use someone else. Kraken qualifies: https://blog.kraken.com/post/13502/kraken-now-supports-instant-lightning-network-btc-transactions/ https://blog.kraken.com/post/13502/kraken-now-supports-insta...
- drexlspivey 4y ago> They haven't even adopted bech32 What? They’ve been supporting segwit addresses for years
- janandonly 4y agoYou can do a Segwit transaction with an “old” Pay-to-Script-Hash (P2SH) transaction. That is an address that starts with "3". You only get the transaction size discount with “native” segwit transactions that are BECH32. https://www.ledger.com/academy/difference-between-segwit-and-native-segwit https://www.ledger.com/academy/difference-between-segwit-and...
- drexlspivey 4y agoI know and they support both for a while now. Why would they not support it if it saves fees?
- nlitened 4y agoI believe, for compatibility reasons
- britneybitch 4y agoAfaik they support the backwards-compatible parts, but nothing new. I'm talking specifically about "Receive to P2WPKH/P2WSH" in this chart: https://en.bitcoin.it/wiki/Bech32_adoption#Exchanges https://en.bitcoin.it/wiki/Bech32_adoption#Exchanges
- drexlspivey 4y agoWell that chart is plainly wrong or outdated. This is a random coinbase transaction from 2021 and it pays out to all kinds of addresses including P2WPKH/P2WSH. https://blockstream.info/tx/62c16aeb80944ed8e6d4c896dbd8866116352bbc6b5d2e2d088d81eb3f7a2aaa https://blockstream.info/tx/62c16aeb80944ed8e6d4c896dbd88661...
- seeingfurther 4y agoCounterpoint. After cobbling together a bunch of Coinbase products, we successfully use Coinbase to receive and send payments for our online marketplace in much the same way you would use a PayPal type service. The user experience is great and technologically there is no match. We literally could not do what we do with any other service. If Coinbase focused on payments they could dethrone the kings of the international payment space in no time.
- britneybitch 4y agoFair enough. I was criticizing their consumer side and the exchange specifically. I don't know anything about their business products.
- seeingfurther 4y agoYour point is still valid. They have all this technology "sitting around" and they seem to be avoiding focus on the obvious growth areas in favor of trading. See below yao420's point.