The downside of the Coinbase Debit Card
Coinbase has a debit card and it is unsecured.
It doesn’t work when it breaks.
I recently lost $100~ from a debit card I did not suppose to use.
I had USDC available and the card created automatically access to my USDC.
When you not using your USDC, it should sit on the Coinbase crypto account. However, since debit card can access your USDC, it can automatically spend your USDC.
That is a problem.
When hackers access your debit card information, they can drain out your USDC account without noticing from Coinbase!
That is how I lost my USDC and I immediately canceled my card and lock it up.
But to get my funds back, I need to go to a lengthy process to request and dispute a chargeback process.
When a customer initiates a chargeback, the merchant has a set period of time to respond. This varies by the payment processor but is usually around 30 days. At this time the merchant can provide the signed receipts…
