Coinbase and Binance outraged Bitcoin community

By December 20, 2019Bitcoin Business
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  • Coinbase gets a patent for sending Bitcoins over email.
  • The community is not impressed by the solution.
  • Bitcoin is moving within the descending wedge.

The US-based cryptocurrency exchange Coinbase got a patent on a solution that allows sending Bitcoin via email. To make a transaction, both the sender and receiver must have a Bitcoin hot wallet tied to a specified email address. A sender makes a request and specifies the receiver’s email and the transaction amount. Notably, the system will process the request within 48 hours, while the administrator will be entitled to block suspicious transactions.

The solution is deemed to facilitate Bitcoin usage and take the cryptocurrency one step closer to mass adoption. However, the community seems to be skeptical about the innovative feature patented by Coinbase. Lack of privacy, long processing time, and centralized control are among the most frequent complaints.

A Twitter user Mairye (@Maiirye) writes:

“I know we are already doing kyc/aml with the exchanges, but linking your wallet to an email address moves us one step closer to “non anonymous” transactions. The patenting and the “vault” for holding unclaimed coins centralizes bitcoin transmissions… it’s a no for me.”

Also, people noted that Coinbase is late with the idea as the function has been already implemented in many solutions without tedious waiting periods and transaction supervision.

Binance recently froze a customer’s withdrawals on the ground that they used privacy-focused Bitcoin wallet Wasabi.

As freedom, privacy and decentralization are among the basic ideas behind the cryptocurrency, many people are opposed to the solutions that destroy this foundation.

From the long-term point of view, BTC/ISD found support at the lower line of the weekly Bollinger Band at $6,380. The coin has reversed from the lows and returned to the critical 61.8% Fibo retracement for the upside move from December 2018 low to 2019 high. The coin continues moving inside a large descending wedge. If the current pace of the decline is sustained, we may return to $4,500 by the time of halving.

However, the holiday season is nearly upon us. Along with gifts, joy, hope and expectations of Christmas miracles, it brings low liquidity and vulnerability to sharp movements. If the whales were waiting for a good time to pump, then they won’t want to miss the chance.

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The community is not impressed by the solution.

Bitcoin is moving within the descending wedge. The US-based […]

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