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The Almighty Buck

Coinbase To Let You Deposit Part of Your Paycheck Into Your Coinbase Account 51

Posted by msmash from the how-about-that dept.
Cryptocurrency company Coinbase is announcing a handful of new features. While the company is better known for its exchange that lets you convert USD into various cryptocurrencies, Coinbase wants to expand its consumer services so that you use the platform for different use cases with more financial services. From a report: First, the company will soon launch direct deposit in the U.S. This way, customers will be able to deposit a portion of their paycheck into Coinbase. Coinbase app users can find their current payroll company or employer and update paycheck allocation from there. The most extreme users will probably choose to deposit 100% of their paycheck into their Coinbase account. Once the money hits your Coinbase account, you can choose what the company is supposed to do with your dollars. You can just keep everything in USD or you can choose to convert everything to a cryptocurrency.

Users can choose any of the crypto assets available on the platform. This feature alone is particularly useful if you want to set up recurring buys without even having to think about it. But direct deposit makes more sense when you realize that Coinbase also has its own debit card powered by Marqeta. It's a Visa debit card that works with Apple Pay and Google Pay. It's all about getting money in and out of your Coinbase account. From the Coinbase app, you can choose the source wallet for your card transactions. Every time you make a purchase, Coinbase converts your crypto assets to USD with a 2.49% transaction fee.
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Coinbase To Let You Deposit Part of Your Paycheck Into Your Coinbase Account More

Coinbase To Let You Deposit Part of Your Paycheck Into Your Coinbase Account

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  • Also, 3% fee to pay debit card fees with crypto? It's almost like they're begging for regulation.

    • Oops, that was supposed to be "~3%".

    • Re: (Score:1, Interesting)

      by SirAbbadon ( 6783790 )
      If a person wants to blow all their money in a casino, does it really stop them if there's an ATM there or not? Why do grown adults need an industry to be regulated to "protect" them? Shouldn't adults be allowed to make their own choices, for better or worse, exercising their own free will? Why must someone always be waiting at the end of every corridor warning you to watch your step? Coinbase doesn't need to be regulated. If someone wants to put their money into Crypto, it's no one else's business. N

      • Re:Strong "ATM in the casino" vibes here (Score:5, Insightful)

        by Anonymous Coward on Monday September 27, 2021 @03:58PM (#61838595)

        Because gambling addiction is a psychiatric disorder, you fucking asshole. Same reason we don't have mini fridges with beer outside AA meetings.

        • ^^^ This

        • Ah, but unlike the AS meeting, not everyone in a casino is an addict. In fact, the vast majority of them are not addicts. So why should they be punished?

          Let's just ban addicts from casinos.

        • While that is true, and addiction to gambling is absolutely a serious issue, there's also people like myself that can go to the casino once every six months or so, pop twenty bucks at the machines or the craps table, hang with some buds and shoot the shit for an evening, and walk right away regardless of if we win or not. The idea that we must see everyone as the same and default to shoving people into the box of the people the most susceptible to a given issue is maddening. We're not all the same. And t

        • I'm not interested. And yes, I *AM* an asshole. I don't care about gamblers, fatties, druggies or whatever else they choose to do as adults. Not. My. Problem. I respect the right of the individual over the rights of the collective, 100 times out of 100. If a person wants to kill themselves, drink or eat themselves to death, or gamble their money away, it's no one's business but their own. I say this as a person who has watched family member deal with gambling issues AND substance abuse. It was their

          • Re: (Score:2)

            by spun ( 1352 )

            But here's the thing, no one should profit off those folks misery and addiction. Letting people profit from addictions is no different than letting people profit from fraud.

          • Comment removed based on user account deletion

          • Maybe there's an autoimmune illness in you waiting to blossom.
            Not our problem.

      • Re: (Score:2, Insightful)

        by lazarus ( 2879 )

        Why do grown adults need an industry to be regulated to "protect" them? Shouldn't adults be allowed to make their own choices, for better or worse, exercising their own free will?

        Is this your first day on Earth? Because people are dumb. It's the very reason that "government" was created in the first place.

        • Why do grown adults need an industry to be regulated to "protect" them? Shouldn't adults be allowed to make their own choices, for better or worse, exercising their own free will?

          Is this your first day on Earth? Because people are dumb. It's the very reason that "government" was created in the first place.

          And the fact that, like it or not, people in trouble (for whatever reason) often end up being other people's and/or society's problem one way or another. Helping prevent problems is often better and easier than having to deal with the fallout of a problem later.

          • Or we let the injured suffer or die with the stupid choices they make. If people are fundamentally stupid, then you don't want that stupid passed down to future generations. It hurts the gene pool.

            • Or we let the injured suffer or die with the stupid choices they make. If people are fundamentally stupid, then you don't want that stupid passed down to future generations. It hurts the gene pool.

              Not all problems are caused by people being stupid (or just stupid). Even in those cases, I'm for giving them at least one second chance to recover and learn from their mistake. Unfortunately, some mistakes don't allow for that -- like dying of COVID because you didn't want the vaccine because (stupid) *reasons* ... I have mixed feeling about that situation and the unfortunate results though.

              • Why the mixed feelings? Seriously, at this point there is really no excuse for anyone in USA to not get the vaccine outside of the few that doctors say don't get this. The rest have made their choice to not get it. That's on them. Their choice.

                That's what freedom is. They have the choice to maybe die of this.

                If they die, well. That's part of life and they choose not to take some medicine, offered free of charge, that could of potentially helped them out.

                I don't think they should be forced by government or e

                • Great.

                  However, the hospitals in at least two states are now rationing care because they're filled with fucking idiots that made their personal choice to be fucking idiots and have the freedom to reject proven measures to prevent the spread of airborne disease, and have the freedom to reject a massively effective vaccine.

                  Now you get in a car wreck and cannot get the health care you need because of all those individual freedom choices to reject common sense in favor of brash individualism add up to people tha

                  • I'm cool with signing off on medical treatment for covid illness if I refuse the vaccine. That doesn't mean an unvaxxed person with a broken leg gets turned away, it means an unvaxxed person that catches covid can just stay home since they refused the vaccine.

                    Maybe higher healthcare premiums, like if you are a smoker or an addictive eater (this should be a thing). If you lead a terrible life style, it really shouldn't be on the rest of us to constantly save you from yourself.

            • I think there's someone at your door.
              Better go answer it.

          • How about we help prevent future problems by treating people like they matter, instead of by punishing the collective for the fuckups of the few? Decent education, which we're currently half-assing, decent access to healthcare which in the US is a non-starter unless you're in the upper echelons of society, and reversing the stigma against any attempt at help with mental health issues would stop a lot of the addictive behaviors before they started. Now, from where we're at that'd be a long, hard row to hoe

            • I don't disagree and would put all that under "prevention" as long-term goals. Too many people focus on themselves at the expense/neglect of others not realizing that this doesn't necessarily help in the long run as those others don't simply go away ... Me vs. Us and, by extension, Us vs. Them, doesn't have to be a zero-sum game.

        • I disagree. Governments, at their most fundamental examination, exist to mediate the disputes between injured parties. And, as in this case, there are no injured parties. If a person agrees to pay 3% for a service, that's THEIR choice. In fact, you do it every day when you pay with credit. Or, didn't you know that credit card fees, paid for by the vendors, and ultimately passed on to us consumers, is ALSO in the 3% range. But yeah, tell me more about protecting stupid people from themselves...
      • Be careful driving, it's slippery when wet.

    • t's almost like they're begging for regulation.

      Yes of course they are.

      They are the largest crypto exchange so are best positioned to handle the costs associated with it. They want to see regulation so that their competitors have to scramble to comply and to make the exchange market more difficult to enter.

      It would not surprise me at all if they are writing a good chunk of it.

      • Yeah, but that sword cuts both ways. If they really want to be treated as a bank, the Currency Comptroller will regulate them as such, and Coinbase's bread and butter (crypto exchanges) will fall under under heavy scrutiny. They've been playing it fast and lose for a good while now.

  • Why is all crypto one-way? (Score:1)

    by Anonymous Coward

    From ATMs that only takes money but doesn't give any out [slashdot.org] to this "service" that does the same thing, one has to wonder what the end-game really is...

    • When building a pyramid, the stones only travel one way...

    • Re: (Score:3)

      by PPH ( 736903 )

      Penny stocks. Same thing. You can buy all you want. But when you call your broker to sell, there's no market. Unless you can round up some unwitting sucker to buy.

  • I have been wondering what to do with my stupid salary. So at long last I can give mybsalary so other peoppel can have a salary at coinbas Thank goodness!
  • I remember getting these offers years ago.. I thought it was a dumb idea and didn't do it. OOPS
  • why do they need direct deposit for their working salaries? Hamster directed trading strategy usually makes money, no?

  • Can't they just have our paychecks converted into Powerball tickets?
    At least it'll be over quicker.

  • But Coinbase has been locking peoples accounts and throwing away the key. Why would any one deposit there? They ignore thousands of locked out depositors

  • His investment wisdom should tell whether this is a good thing to do.

  • I've always wanted to give a slice of money my money to some shady pseudo bank.
  • With the debit card, fund it with USDC and there is no charge at all. Then you select your reward as one of the 4% back options and magic! Every purchase you make gets instant 4% back. While paying not a single penny in fees. Enjoy! :)

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