Coinbase

Cryptocurrency
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Just in case anyone uses it, and has missed the email notification. They’ve updated the payment system for Faster Payments, assigned a virtual account number to each user.

Please note, the new virtual account number replaces your reference code for your Coinbase.com account. You do not need to include the reference code going forward. We will continue to display the reference code in the deposit instructions as we complete this transition.

For all future Faster Payments deposits, please use this updated information. If you continue to use the old instructions, we may not be able to credit your deposit.

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I got this email but so far the account number I can see is the same one I already have setup.

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I’ve not actually checked mine, I’ll go have a look

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Just checked, mines changed from that generic 00000014 to one starting 077

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I signed up recently so I wonder if I got a dedicated account number before they made the announcement official

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Possibly then if it’s not that generic version I’ve posted already.

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So, what’s the deal with Coinbase --they seem to be one of the bigger players on the crypto scene and appear to have their house in order. Are they a good place to sign up for an account, hand over my personal data and buy some ETH?

I have the Coinbase wallet set up, but that’s about it.

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Fees are a tad big for me, probably better off buying on some app that lets you purchase for free + transfer ERC20 stablecoins for free, buying a little bit of ETH and then going to UniSwap to exchange with less fees. Coinbase can be like 99p for a tiny trade

I do believe they’ll give you a tax form though so if you don’t want to hire an accountant at any point maybe it’s worth

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Cheers, I’m not too worried about the fees --they’re a feature of buying individual stocks too. I’m more concerned that my ID docs aren’t going to end up in the wrong hands. I’d rather go with a bigger exchange that is trustworthy, even if I end up keeping the bulk of my holdings elsewhere.

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Would personally just look after a cold wallet rather than keep any substantial holdings

There’s a good saying: not your keys? Not your crypto

If Coinbase did get hacked, they unlikely have the funds to replace everyone’s holdings