Review on CoinBank by Praise Olagbadun
The CoinBank Crypto Wallet Is Completely Dead
TThe companies or platforms on blockchain network seems to have almost nothing in common. This is because one can hardly see an exchange platform that looks almost alike with another exchange. Talking about the design of their interface, their market target and the type of service they offer. This is what makes the blockchain network a beautiful community: diversity. Today, I would be reviewing a company that offers a type of service that almost everybody, myself inclusive, thought there was no company that offers such in the blockhain network. This company is known as the CoinBank and it's a crypto wallet platform. This mobile wallet (it is a mobile wallet because it has its mobile applications available on both Android and iPhone operating systems which are the operating systems used by mobile devices) seems to possess a rare feature, one that I never thought could be found on the blockchain network. This wallet was founded by Amit Bhardwaj. This crypto wallet was founded with the main purpose of putting our cryptos to work. This is also known as getting passive income. It is done by depositing some Bitcoins, as Bitcoin is the only cryptocurrency this wallet accepts, into the traders account and a set time would be fixed by the management of this crypto wallet as at when the trader would gain access to his or her fund along with some interest. This works almost like a bank and is known as fixed deposit in a bank. They do this along with trading of cryptocurrencies, meaning they don't leave out the normal feature of a crypto wallet. Crypto researchers and blockchain specialist predicts that this isn't a good idea at all for some reasons.
The fact that most platforms on the blockchain network are decentralized makes it almost impossible, if not completely impossible to get access to anyone or firm that go away with a traders income. Therefore, storing these funds with the CoinBank has a risk of getting lost because the company can shut down at any time and there would be no one to blame at that time. They also went further to say that instead of depositing these funds in their custody, it is better these traders use the fund to make some trades and earn something from it. Although this is t completely safe, as there are some risks involved in it, it is far better than loosing everything completely to some greedy fellows. I guess these specialists saw what was coming and were trying to warn traders of the possible dangers because the CoinBank site is currently non functional. After trying it for a while, I gave up to the conclusion of many people that the CoinBank wallet services are out and completely out of service.
Pros
- The wallet don't have any positive aspect to me, completely negative
Cons
- The wallet is completely out of service now
- They were running a very risky business which might make a traders life time saving go down the drain
- The founders of the wallet weren't too transparent as they never mentioned the cause for the sudden close down
