Coinbase is a very hot company as of right now. That is not always for the right reasons either, unfortunately. The company recently provided a product update to explain what the future holds for this firm as of right now.
Addressing Recent Coinbase Issues and Reports
The year 2018 has been rather eventful for Coinbase in many different ways. Perhaps the biggest issue is how the company got caught up in some recent Visa-related drama. Hundreds of users complained about issues using their payment cards. Some even got charged twice or more time for specific transactions, which is unacceptable. It seems Visa will continue to crack down on all cryptocurrency activity for quite some time to come.
None of these issues were the result of Coinbase doing anything wrong either. Instead, the issue was completely with Visa and WorldPay. Both companies are resolving the problems as we speak. Most duplicate transactions have been reversed without problems. Some lingering issues still need to be resolved in this regard. Coinbase can’t do anything about this issue as of right now, yet they will keep an eye on things.
There are also some concerns regarding the “cash advance” fees associated with Coinbase transactions. More specifically, some users suffer from an extra fee when buying cryptocurrency through this exchange. This is, once again, not Coinbase’s fault. They are working with their card processing company to iron out these problems. This process will take some time, though, and some banks will continue to charge them regardless.
All users can do is report such incidents to their banks. It is then up to the financial institution to explain the situation or address it accordingly. Buying cryptocurrencies with a payment card will always be a bit cumbersome. It is convenient, but the current fees make it unfavorable. Some users may be entitled to a fee reimbursement, although your individual mileage may vary in this regard.
PayPal Support Will be Removed Temporarily
There is also an update regarding PayPal support. A lot of users are not too impressed by Coinbase’s integration of this payment method. For now, the option will be enabled for a few weeks. After that period, PayPal support will be taken offline and go through an entire revamp. It is a bit unclear what to expect from this change, but it should lead to an improved user experience altogether.
Last but not least, using a bank account with Coinbase is still a solid option. This process also received some big updates, and the entire process is a lot more streamlined as of right now. By setting up the bank account through “instant connect”, users can purchase Bitcoin and other supported currencies right away. Overall, using a bank account with Coinbase is still the best option, for now, at least until all of the issues are resolved accordingly.