Coinbase's New Subscription Service is Not For Everyone

Did you know there's a paid version of Coinbase? I didn't either.

Coinbase One

I had a little bit of free time today so I spent it researching some things to write about. Running a struggling business among other things in my life leaves me with little time to do much on Hive these days. Despite that, I have am holding myself to a minimum of 1-2 posts every single day. Regardless of how tired I might be. Anyway - I appreciate everyone who reads, comments, and votes. In my scrolling for different topics, I found a post on Reddit where the user was talking about Coinbase having a subscription service. At first I just kept scrolling but something told me to go back. You know how you see something mildly interesting and don't stop. Then you end up going back to it a moment later because you're bored. That's kinda what happened. In my head I was like "What could they possibly sell as a subscription?". So after a little Googling, I found out that this is something that has been in closed beta for a while for select accounts.

Check out the official website for all the details. I'm just here to share what I think about it and whatnot. So this paid subscription gets your $0 trading fees (on the Coinbase app), 24/7 phone support, and $1 million in account insurance. Ok, first off.... How much does it cost? I couldn't find a straight answer anywhere on the website. As my account isn't eligible, it took me a minute to find an answer on Reddit. It's $29/month. Holy shit. So you literally pay almost $350 per month to get account support and insurance? That's insane! You'd think that as a customer you would already be covered on your account and you'd also expect to have customer service. As far as the $0 trading fees go - I like the idea. The caveat here is that it only applies in the Coinbase app and only applies to market orders. Not conversions, not limit orders via Coinbase Pro... "What is Coinbase Pro?" you might ask... It's the non-noob version of Coinbase.

So I just don't see why anyone would really pay $30/month for this at all. Unless they're doing $6,000 in trading per month, it would literally not even be worth it since Coinbase Pro fees are only 0.5%. You could also spend the same $30 per month just buying Bitcoin or whatever other crypto you choose instead of paying for lower fees. A lot of users of the Coinbase app don't trade nearly enough to justify this. As far as the account insurance goes - great. You can get a one time reimbursement of funds lost up to $1 million. Who the hell is gunna have a million dollars just sitting in their Coinbase wallet and not a hardware wallet? That person would be completely insane. I'd never trust an entity like that to control a million dollars worth of my crypto in the first place. You could spend $100 and get a ledger nano x... Then you wouldn't have to worry about your Coinbase account being compromised in the first place.

I just don't see the value in Coinbase One for $30/month. Do you?

Thanks for reading! Much love.

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