Comment by OhMeadhbh
17 hours ago
I mean... wasn't coinbase sort of scammy to begin with? Several years ago I gave them some USD, turned it into BTC, saw the value of the BTC go up, but when I tried to cash out was told that wasn't a thing that was supported by their platform. Later I was told I could apply for a $399/year credit card and could partially pay off the balance with BTC sale proceeds. I'm sure this was all disclosed somewhere in the terms of service I clicked through, and I only lost $1000 to their scheme.
But I've always wondered why people think this is how investment vehicles work. I monkeyed around with stock market bets and even Robin Hood allows you to cash out of your positions.
Coinbase most certainly permits cashing out.
Are you sure you didn't fall for a scam version?
I dunno why you had problems, but I've been using Coinbase with no problems at all for years. It's linked to my bank account, so if I want to pay for something with bitcoin, I can easily buy and send bitcoin with just a few clicks. I don't invest or speculate in bitcoin, so I only maintain a small account balance. And selling bitcoin and transferring the proceeds to my bank account has been just as easy and trouble-free.
It's more likely you didn't "lose" $1k, but that you had "missed profits". And if you missed the profits because you didn't verify yourself earlier for withdrawal, then that's on you.
Coinbase supported direct bank withdrawals well before they launched their crypto debit cards.
Your profits are your profits. Coinbase can hold them until you verify yourself for withdrawals, but they can't just take them.
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