Coinbase, at least for the western world, is largest platform for acquiring cryptocurrency. But if you've been using it for a decent amount of time you probably have a love hate relationship, and the mostly hate if you've been using it for a long time. But what other options do we have for fiat -> cryptocurrency?
Enter Ethos, formerly known as bitquence aka bqx. I think this coin/platform has a very serious chance of dethroning coinbase, let's see why.
Coinbase has been in the game for 6 years, and offers 4 cryptocurrencies you can purchase with fiat, which is quite frankly pathetic. Ethos platform is set to offer global fiat conversion into every single altcoin. That's quite frankly massive. A single platform offering every single altcoin for every possible form of fiat - USD, Chinese yen, pesos... Coinbase supports something like 26 countries and 4 altcoins, there's really no comparison.
Coinbase fees are practically robbery, and the reason they get away with it is because they know there isn't really any competition. If you're doing small purchases, 50, 100$ etc, they take a significant portion from you. And if you want to buy an altcoin, enjoy getting fee'd out the arse. A fee for the purchase, another significant fee to withdraw and send to an exchange, and then if you want to cash out another withdrawal fee. Unreal.
Ethos is slated to have very small fees, akin to that of binance whilst using the bnb coin (basically pennies for big purchases). They will use the ethos coin to pay for the fees, bringing value to the coin which has 277mil max supply. So you'll likely have to purchase some ethos to use the platform, but if the price per ethos goes super high, you'll only need to buy fractions of a coin to cover your fees, say .0002 ethos, or whatever, point is fractal purchases are offered.Coinbase customer service is flagrantly awful. In fact their service in general is awful, frequently having downtimes on their exchange, declined or canceled purchases/deposits etc. Sometimes they won't even let you transfer your own fiat money sitting in coinbase to your own bank account. The only reason they get away with this is lack of other options.
Now it's not fair to say ethos' service will be better than coinbases, but all things considered I think it's a safe bet. They are a capable and solid team with good backgrounds. They recently partnered with a global law firm to make sure they are compliant with any current and coming legislation. This doesn't sound like a big deal, but it's absolutely mandatory (unless you have an extensive internal law team) and I think it's a testament to how serious these folks are. Not to mention their marketing and platform design is much more appealing than coinbase (I suppose this is subjective, but at the least it's very evident they have put more effort in this area), akin to IBM vs Apple in the early 70s, coinbase being IBM....Curve ball for ethos, double time.
Ethos is offering, the world's first, universal coin wallet -> a single wallet to support every coin you own, not to mention it's using ledger type technology for security, far more secure than coinbases.
This is a currently a big problem/hassle in the cryptosphere, but it gets better for ethos. The coins that are proof of stake, you won't have to store them in their individual wallets, ethos' universal wallet supports staking for PoS coins. Amazing!
Ethos second curve ball - a cool, futures type, speculative price market. Basically you can bet on the price of a coin for a particular date in the future, and if you are right you get paid. I don't know the full logistics of it, but it's a cool idea and one I think speculative traders will gravitate towards.
So basically all things considered, I don't see how coinbase will still be relevant, unless they have a massive overhaul, and even then I would bank on ethos'roadmap being far ahead coinbases, based on current information out there.
As someone who has had pretty awful customer service with coinbase, I'm hoping ethos can put this dinosaur of a platform out of it's misery. Coinbases limited services are currently hampering the growth of cryptocurrency, altcoins in particular. I think once the general population has a user friendly interface with 1 click crypto purchase options, we will see this market grow faster than anyone imagined. I'm banking on ethos being that catalyst, and I think you should consider checking them out and possibly investing, this could be a sleeping giant.
Just my opinion not financial advice ;)
where can I buy ethos?
I get mine on binance but I think it might be on another one or two
Under the ticker "bqx" on binance. You can also get some on coinexchange which has the correct ETHOS ticker
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Yes it is lol, but many folks don't have much choice pending on where you live. And even the fiat exchanges most don't offer fiat -> altcoins, just btc or the top 3 etc
Not many options if you live in the US but regardless anything on their exchange gets pumped by USA New investors
Ethos might or might not be a good exchange. Nobody knows that right now. But to say its going to overtake a well established one in a year is highly unlikely. Gemini would have the best chance.
By the way, avoid coinbase fees by using their platform GDAX. Free to move bitcoin over and free to send bitcoin to another wallet. Another reason it will be hard to dethrone.
Yes time will tell and we can't say for sure right now.
However I think the universal wallet, coupled with the ability to buy any altcoin, is a massive advantage over the current platforms
I disagree, the establishment you speak of has not yet been established. Everything is still so new that it’s on open game. Look at how fast Binance came up! Don’t mean to argue friend be we are in uncharted waters, here there be monsters
Good point
Coinbase has first mover advantage, but I feel like the majority of the customer base is dissatisfied, so it's more like a first mover disadvantage lol...
with stuff like this it makes them vulnerable for a new player to take the lead!Not to mention what just happened with Coinbase with BCH. Insider Trading Scandal! https://www.theverge.com/2017/12/20/16800940/coinbase-bitcoin-cash-fork-insider-trading-probe
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