For many companies, the main objective is making bitcoin simpler to use. Coinbase tried its hand at doing so, even though not everyone sees merit in this option.
For those unaware, Coinbase allows users to send bitcoin via email.
A Unique Coinbase Feature With Drawbacks
This allows clients to send money to anyone in the world, regardless of them having a Coinbase account.
On paper, this sounds like a groundbreaking feature.
After all, it would allow the sending and receiving of bitcoin a lot more straightforward.
As is usually the case, however, there are some caveats users need to take into account.
The recipient of funds cannot claim the BTC balance unless they create a Coinbase account.
That also means being forced to go through a KYC and AML process.
One also has to keep in mind that no actual transaction takes place on the blockchain before this process is completed.
For novice users, this is a great feature to get acquainted with the world’s leading cryptocurrency.
However, it also forces users to sign up with Coinbase, which is not something everyone wants to explore.
A decentralized version of such a system needs to be created.
The Ethereum Name System is one possible iteration of how such a system can work in the future.