Coinbase is one of the most if not the most popular cryptocurrency market in the USA. However, it is soon facing an ambitious competitor in the face of Blockchain. The UK-based wallet provider is motivated to challenge Coinbase and conquer the US market that is one of the biggest crypto markets in the world, just after Japan and South Korea.
Coinbase is one of the most if not the most popular cryptocurrency market in the USA. However, it is soon facing an ambitious competitor in the face of Blockchain. The UK-based wallet provider is motivated to challenge Coinbase and conquer the US market that is one of the biggest crypto markets in the world, just after Japan and South Korea. Blockchain announced it is launching buy/sell services on its platform. So far, customers in the United Kingdom could only store their tokens in the Blockchain system but now they will have the opportunity to sell and purchase bitcoin. Since last week, traders and investors in the USA are able to sell bitcoins and after a short period, the buying option will take place as well. USA users have often complained about withdrawal problems and liquidity issues. This is why Blockchain is starting with just selling function. The company wants to make sure that its users have a positive experience and then implement the full trade package, said the chief executive officer of Blockchain, Peter Smith. He told CNBC just before the announcement that they really prioritize on experience instead of short-term gains, which focus around buying services. The announcement happened just after the severe sell-offs that took place on Tuesday last week. Luckily for all, the market stabilized the next day. Coinbase has 10 million active users according to its database but thousands of new accounts are open on a daily basis. The platform itself offers bitcoin, bitcoin cash, and ethereum, which users can buy or sell. In comparison, Smith claims that Blockchain has 1 million daily users and 22 million clients. Up to 40% of those clients are citizens located in the USA. At the moment, customers can only trade with Bitcoin in Blockchain but Peter Smith insists they will add more crypto coins in the near future. As any other viral topic, cryptocurrencies managed to divide analysts and investors. Some folks like Jamie Dimon, JP Morgan CEO, deemed them “fraud” or just as Warren Buffet famously said, “they will come to a bad ending”. On the other side are those who believe cryptos will stand the test of time. TenX co-founder Julian Hosp told CNBC that bitcoin might crash but then it can reach $60.000 this year. Octagon Strategy managing director Dave Chapman went one-step further stating that bitcoin can easily hit $100.000 in 2018. Smith made quite an interesting hint on bitcoin’s future. Though he believes in cryptocurrencies, in general, he is more likely to think that bitcoin’s dominance is coming to an end. He adds that altcoins are healthier and have the potential to become more efficient and convenient than the current world number one.