When it comes to buying and selling cryptocurrencies, one of the most popular platforms is Coinbase. In order to use Coinbase, you do need to have a bank account. This is because when you want to buy or sell cryptocurrencies on Coinbase, you are actually buying or selling them for fiat currency (i.e.
USD, EUR, GBP). So, in order to do this, you need to have a bank account that can be used to hold and transfer this fiat currency.
There are a few reasons why you might not want to use a bank account with Coinbase. Firstly, if you’re looking to buy or sell cryptocurrencies anonymously, then using a bank account linked to your Coinbase account is not going to be very helpful.
Secondly, if you’re worried about security and don’t want your bank details stored with Coinbase, then again, using a bank account is not going to be ideal.
However, there are also some good reasons why you might want to use a bank account with Coinbase. Firstly, it’s much easier and quicker to buy and sell cryptocurrencies when you have a bank account linked to your Coinbase account.
Secondly, if you’re looking to use Coinbase as a way to store your fiat currency earnings from cryptocurrency trading, then having a bank account linked makes it much easier and more convenient.
So, ultimately, whether or not you need a bank account for Coinbase comes down to personal preference. If anonymity and security are your top priorities, then it’s probably best not to use a bank account.
However, if convenience and ease-of-use are more important factors for you, then using a bank account makes sense.