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Bitcoin (BTC), Coinbase, Cryptocurrency-The fall in the price of Bitcoin throughout the past year has not dampened the hearts of a CEO for the exchange of cryptocurrencies. Brian Armstrong, founder and CEO of the US-based exchange Coinbase, reiterated his support for the original cryptocurrency in a series of tweets to commemorate the tenth anniversary of the block of genesis of BTC.
1 / Today is a big day for Bitcoin, as it marks 10 years since the Genesis Block. Some people think I do not like talking about Bitcoin (😀), but today I have some words to say
– Brian Armstrong (@brian_armstrong) January 3, 2019
Armstrong continues by giving a mini-story of the first meeting with Bitcoin, because the perspective of cryptocurrency and digital assets he liked at the time, and his own path of building one of the most popular cryptographic exchanges with over 13 million users. Despite being regularly labeled as a "Bitcoin fanboy", with some investors accusing the glacial process of Coinbase adding news coins as an attempt to focus on BTC, Armstrong shares a touching moment of respect for the original cryptocurrency,
"Bitcoin is one of the most important inventions of all time and it has launched a global movement, it's great to see an entire ecosystem popping up around it, but Bitcoin is my first love."
While Armstrong did little to quell rumors about his affinity for Bitcoin compared to other altcoins, he showed the audience a part that is passionate and committed to improving the cryptocurrency industry, an ethos that has had knock-on effects for the his company.
Coinbase closed 2017 on unstable conditions with investors following its publicized debacle which integrated Bitcoin Cash for trading. The price movement for BCH in the days prior to the unannounced listing has led many users to cry for insider trading, allegations that would lead to multiple legal actions for the exchange in 2018. Some investors responded with a more direct action by closing the their accounts Coinbase and bringing their business elsewhere.
However, the most recent solar year has been more promising for the exchange. Despite the decline in chip prices, cryptocurrency trading has seen massive growth, with many record profits. Coinbase took a further step towards greater adoption, promising users the addition of new coins and the next update in the last quarter of the year.
In addition, Coinbase announced a commitment to improve education for general users and cryptocurrency investors and introduced a program that encourages learning about blockchain and popular currencies. While the move came at a time when Bitcoin was suffering some of its worst losses in over seven years, it provides an insight into the direction of the ongoing exchange: prioritizing the prolonged use of currencies rather than increasing the exchange with the only trading.
Cryptocurrency has sometimes been compared to a viral epidemic, growing infecting investors for a short but intense period of time while emptying their bank accounts to buy Bitcoin. Coinbase is trying to go against this narrative, providing investors with more information on the use of their currencies and the underlying technology rather than speculating on the exchange. While industry figures have condemned the current growth path driven by the exchange, the huge user base of Coinbase offers the opportunity to disseminate knowledge on a scale that is unsustainable for a basic approach.
Brian Armstrong may not have appreciated the investment foundations of altcoin, particularly XRP, with its overwhelming praise for Bitcoin, but it should reassure the crypto-irreducible that one of them is at the helm of such an influential exchange.
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