The largest U.S. based bitcoin exchange now has more users than big time broker-dealer Charles Schwab.
That is not a typo.
A few weeks ago Charles Schwab reported that they had 10.6 million active brokerage accounts through October of 2017. A figure that also represented a 5% increase from the same period a year ago.
A few days ago, Coinbase reported that they had 11.7 million users through October. Which represented 148% growth from the same period a year ago.
That means that Coinbase had/has roughly a million more users than Charles Schwab, which by the way is the second largest broker-dealer in terms of assets under management.
That sounds great, but here's the kicker, Coinbase isn't done...
In fact it's likely just getting started.
Looking at the numbers from yesterday (Sunday), Coinbase now has 13.3 million accounts. That means that in the last 2 and half months, Coinbase has added roughly 1.5 million users.
Which means they have been adding about 100k new accounts per week on average since that time.
Whoa.
It gets better...
The really impressive thing is that over the last half a week, starting around the thanksgiving holiday, Coinbase has added close to 300,000 accounts alone.
Growth is coming in exponentially right now!
Not quite apples to apples.
Coinbase is a long ways from competing with Charles Schwab in terms of assets under management, as Schwab currently has the second most assets under management of any brokerage with $3.26 trillion under management at the end of October.
While Coinbase merely has traded right around $50 billion worth of cryptocurrency, ever.
However, the really impressive thing is the rate of growth.
If this current growth rate of Coinbase were to keep up (more than doubling in the last 12 months), that would give Coinbase approximately 26 million users by this time next year.
A figure that would dwarf even Fidelity, which is the largest broker-dealer in terms of assets under management, and a firm that currently has 25 million accounts.
Put that in your pipe and smoke it.
Incredible growth indeed.
Stay informed my friends.
Sources:
Image Sources:
https://www.coinbase.com/dashboard
Follow me: @jrcornel
That's funny because awhile back, I took out all my fiat from Schwab and put it into the crypto world...and I am very happy that I did. Cryptos are on fire right now. Thanks for sharing
That is funny. I should include your quote her as a real world example of what is happening :)
Satoshi once said that bitcoin will either become huge or worth zero.
Seems we picked the first one.
Nice post! What will happening, if someone resteem your post?
exactly!
https://steemit.com/bitcoin/@kickassfacts/bitcoins-facts-infographic
Do you have the quote from him for that?
But them fees there are too big.. :/ Pretty good news for crypto anyways though since this is the most popular place to get started. :)
The other day I wanted to move my BTC out of Coinbase and I was going to have to pay $10.00! Frankly it is not financially viable to move anything less than $1,000 for a fee of $10.00, in my opinion.
What's worse is these fees are not going to get any better unless we change BTC scale problems particularly if the rumors about the "dragon slayer" conspiracy are to be believed.
We need a solution, to kill this debate and move forward in unity.
Agreed. Fees are much too large, but some wealthy newbies (who are driving the price) don't care and just want a piece of the action. However, CoinBase also provides a way to combat this (their GDax) which allows for P2P trading at a competitive rate (also great if you have to push a lot of volume).
Check out this to avoid all fees associated with withdraws and deposits and trading for Bitcoin for Coinbase and GDAX :https://steemit.com/bitcoin/@cryptoblew/how-to-avoid-all-fees-with-coinbase-and-bitcoin
I agree. The fees are pretty large and get bigger the more you trade. I suggest using GDAX even though it is ran by the same team.
I agree. Their fees are higher!
Yes, the only thing that gets new crypto enthusiast is the amount you need to start with GDAX. I would suggest starting with CoinBase then transfer it to GDAX from within the exchange.
Agreed. I think as these things gain in popularity we will see fees come down. Hopefully that is soon. Though moving large amounts of bitcoin across borders is still much cheaper than moving large amounts of cash.
I'm one of the Coinbase, 11.7 million users.
As am I :)
me too. The fees are crazy but its easier that most of the other exchanges at least for inputting funds, I find.
TenX is trying to create a system where you can easily convert fiat to crypto and back again, that will certainly a great step in the direction toward main streaming crypto because lots of people are interested in crypto but worry about being able to get cash back in a pinch, if that hurdle was removed I could see still larger masses of people flooding into the system.
2018 TenX is supposed to be global, and might have their own banking license. I hope so for the reasons above but also because I hold a fair bit of TenX.
That's an impressive news snippet @jrcornel... and that growth rate says a lot about where cryptos are heading. I was cheering on the separate news that aggregate coin market caps just passed $300bn today... the bigger it gets, the less likely anyone can come in and cause destruction, disruption and mayhem. $10K Bitcoin next...
Agreed on both points here. We need it in as many hands as possible as quickly as possible. Then as that happens the chances of it being crushed go down and down until there is no chance and it replaces... everything. :)
That’s great news, would you have any idea if coinbase will add any new coins in the future? Cheers
I wish I knew... maybe we should petition them to get steem on there? Actually that would be huge for the price of steem... maybe we are on to something here... :)
Fiat does nothing sitting in bank accounts, rather have it in crypto world at moment.
Hi jrcornel,
Thanks for sharing
Very exciting times to be in this crypto space. I know all the arguments about bubble and I agree that there are some valid concerns over some of the cryptocurrencies being adequately scaleable, but facts like those posted here really encourage me and remind me that we are among the early adopters still.
300 Billion market cap is likely just the beginning. 3 Trillion I think is a real possibility by 2020.
Can you imagine? 10,000 times greater than the current market cap!
Am I dreaming? Maybe but I always come back to this: how many people do you know in real life that own Crypto? I know one. Most of my friends and family still think crypto is the boogey-man, and until that begins to change I would argue we have not reached "mass adoption", and growth is still coming.
Thanks for the post.
Not sure if you are or not, but a 10X steem price sure sounds like music to my ears. :)
Fuck coinbase, their fees are ridiculous
Growing pains aren't fun. I hope Coinbase's infrastructure can handle the droves that will come as a result of The Big Bang Theory's episode about Bitcoin on 11/30, and CME's exposure in December.
You and me both. I may have to DVR that episode :)
Cryptocurrency amazing growth has metamorphosed virtually all deals digitally.
Coinbase might surpass this figure next year, considering it's recent growth you mentioned.
Great post
Agreed. It has been growing exponentially as of late. If that keeps up it would easily pass that figure. :)
Wow, the user base is absolutely insane!
With this user growth, the price (market cap) must follow and this rate has BTC in the $trillions in no time! The future is bright...
Thanks for sharing!
Does this number include users of the GDax (CoinBase's more advanced broker)?
Coinbase is best but I can say useless because they are not providing buy sell option in india.
When bitcoin is $9200 on international price indian exchanges like unocoin and zebpay selling bitcoin over $10k.
Yeah but it’s a real joke still for Canadian users. Not to mention decentral working out of Toronto has Jaxx wallet which is going to eventually be the go to wallet for a lot of people when they integrate presearch into their wallet. Too centralized. That’ll change. Good post though. Excellent viewpoints
As not an US citizen, I've never heard about Charles Schwab, but definetly I've heard about Coinbase, so I would say that the difference in popularity which moat likely will continue to grow, I think it is justified!
Great news for us crypto traders!!
That’s great @jrcornel
Wow!!! Baby b is getting all growed up 😁👍
It was very helpful news for me
The Crypto revolution has begun.! Hold on tight people we are in for an exciting ride.! 🙆♂️🕺🙌
Now that is just super cool. We'll look back one day and we'll say, "Remember that moment when crypto becmae bigger than company x." Thanks for sharing this
Good post.... I use them when I have to.
That figure was without me. Now join me and recount @coinbase
Coinbase is good if you want someone monitoring every transaction you make and deciding for themselves if they approve.. https://steemit.com/bitcoin/@pawsdog/big-brother-i-mean-coinbase
Are there better ways in the United States to get fiat into and out of crypto?
Gemini, Kraken... Gemini seems easier direct withdraw, wire transfers etc. https://exchange.gemini.com I will give coinbase credit for having the better interface but I use cryptowatch or trade station for my charts...
That’s great news, would you have any idea if coinbase will add any new coins in the future? Cheers
coinbase..... its same bitcoin?
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I will say am still a baby in this new crypto world, am glad i find this post at the right time thanks to you @jrcornel
I agree but they still have high fees in compared to many other wallets
I do hope most of these people who are signing up know what they are getting themselves into. Understanding crypto takes time and effort. And tax season is nearly upon us!
Good point. Though if they are just buying and holding, taxes won't be an issue until they sell.