Introduction
The following is a public letter for all to see so there's a record of it on the Steemit blockchain but it will be emailed to Coinbase as a suggestion to work with cryptocurrency related platforms that reward valuable content - such as Steemit, Musicoin, Whaleshares etc.
The Letter To Be Sent
Hello,
I've been brainstorming with a few of my fellow content creators and we realised that one barrier to mass adoption is the way people need to have PhDs in crypto markets to make withdrawals.
We'd like to suggest that Coinbase works with platforms like Steemit, Whaleshares, Musicoin and others to create an easy to use "Withdraw" system that deposits any crypto earnings in to a PayPal address or bank account.
Each of these platforms should have an "account" section where they can easily "withdraw" or "deposit" at the click of a button and all the work of exchanging from the cryptocurrency to PayPal deposit should be done under the hood.
There should also be information like "X tokens = X fiat" so people know roughly how much they will be receiving in PayPal on the withdraw/deposit screen (after a commission payment, which I'm sure people will not mind paying to have instant withdrawals).
This idea was generated from discussions with @davenavarro, @bufinjer, @theturtleproject and written by @nickyhavey and e-mailed to Coinbase after publishing this open letter.
We hope this idea gets adopted and, if developed after Coinbase (or developers any crypto based platform) read through this, any credit that's due will be rewarded fairly to us who generated this idea.
We believe this would open up crypto to more people who are uncomfortable with how complex it is, and it would put Coinbase in the forefront of the crypto market if they developed this.
Yours
Nicky, Turtle, Bufinjer, DSM
Coinbase Response
Well I wasn't expecting a response so soon but fair play to the Coinbase team for getting back in contact with us on this! Here's their response:
If the image isn't clear, it reads:
Thanks for the feedback!
This is a really interesting request, but unfortunately it’s not something we currently offer. Most new features and improvements to Coinbase come directly from feedback like yours, so it’s very valuable to us. I’ve recorded your request so that it can be reviewed by the product manager when planning which features to build next.
While we can’t offer any specific timeline for the addition of new features, we are constantly working to build products our customers will love.
What do you folks think? Let us know in the comments below!
i really hope this does get adopted :)
With you there turtle man, we heard back from Coinbase already - check the update!
just saw . nice :)
Filed away in folder "B1N" no doubt :'D
Yes! This is a much needed option for the crypto market!
#cryptotopaypal
Well they got back in touch very quickly! Hopefully it does get considered by the product manager and there's huge opportunity for growth there to develop this to get to mass adoption (in my eyes anyway).
Great Stuff mate :)
Thanks @nakedverse! Let's hope it comes to something and we see this magical button developed. We know it won't be over night as this is new technology but we are all users and we have our thoughts that should be shared to make it as best as it can be :)
I say bravo to you @nickyhavey for reaching out to coinbase like that. It was nice back when PayPal was attached to coinbase and we could do instant sells.
I’m not so sure I’m buying the sincerity in the response.
I think it will be filed away in folder "B1N" personally but we can only raise awareness and get Coinbase thinking this is the way to do it (which it is really if mass adoption is to be had in cryptocurrency).
If it is something that gets done, it will be so lucrative! Being the first to be able to offer this service and then selling that tech on, wow, that will be big business in this Bluffer's eyes 😀
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howdy sir nickyhavey! this is another brilliant idea from you! Man, that would make such a difference. I wonder if they really will look at it. Probably if enough people do what you did. great job sir!
Hey Lord Janton! Thank you for stopping by and appreciate the feedback. Hopefully it will be developed because I think that's the true barrier to adoption.
Also think that people fundamentally lack knowledge on what blockchain and cryptocurrency actually is. They most likely think "crypto" means "cryptic" and that's not the case! But these blockchain sites don't make things easy by not explaining it in simple terms!
Anyway, I look at things from an ease of use point of view so hope that people see this post and either message Coinbase themselves, share the info and get this ball rolling!
you had me at the title nicky such a great idea from you and your collaborators
Haha, thanks @winkandwoo! We can only hope this gets developed because I can't see the masses adopting cryptocurrency if they need to learn markets, exchanges and all the different wallets but it's early days, let's hope something gets developed :)
its a great idea we will probably never make anything from cyrpto until this something like this happens, but coinbase is not available in Australia same as wirex is not available
Thanks a lot @peter-ella and glad you agree with it. I understand that this is still brand new technology and everyone's trying to understand how it can be integrated, how it even works. There aren't people with 10+ years of experience in this tech so it's a lot of trial and error but hopefully that will come on board.
Well, if it can be transferred to Paypal then that would be even better for those countries where Coinbase isn't available. How do you get your money out at the moment then? Must be a long convoluted process?
They were quick to get back which is not a common trait in crypto . Really good idea though.
Thanks mate and tea couldn't believe it when they got in contact within an hour! Could just be a throwaway email response but the hopeful side of me is keeping the positive thoughts that 2019 will introduce this feature!
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Check out COSS . Their api gone live 5 minutes ago and only 7 cent . Plus they do USD withdrawals pretty easily once you have the KYC in .
What is COSS?
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It’s an exchange like binance but with one difference . If you hold their coin then every week they divide 50% their trade commissions . Like kucoin . Kucoin went to 20 quid back in December . COSS went to 3 quid . Both were hit bad by the fall but COSS are working on a new exchange and they just launched their API this morning so things are looking up . I have a bag load so I’m invested . If volume increases on the back of this API release then things are looking rosey . Oh and did o tell you that you can trade with fiat
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... nice work nicky - legacy banking establishment trying to hinder crypto evolution - crypto markets are DIY stock markets - knowledge is king - keep up the good work ...
Thanks mate and good to see you dipping your toes in the water over here on steemit! All we can do is keep asking the questions and hope they get answered. Hope to hear more of your tracks as well
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