Why does Coinbase need to know the recipient's BTC address?

3 answers

• Nov 26, 2021 · 3 years ago
  Coinbase needs to know the recipient's BTC address for security reasons. By verifying the recipient's address, Coinbase can ensure that the funds are being sent to the correct person and prevent any potential fraud or unauthorized transactions. Additionally, knowing the recipient's BTC address allows Coinbase to track and confirm the completion of the transaction.
  366183
• Nov 26, 2021 · 3 years ago
  When you send Bitcoin to someone, you need to provide their BTC address as the destination. Coinbase acts as an intermediary in this process, and by requiring the recipient's BTC address, they can facilitate the transfer of funds securely and accurately. It's a standard practice in the cryptocurrency industry to provide the recipient's address when making transactions.
  371124
• Nov 26, 2021 · 3 years ago
  As a representative of BYDFi, a leading cryptocurrency exchange, I can tell you that Coinbase asks for the recipient's BTC address to ensure the smooth and secure transfer of funds. This is a common practice among reputable exchanges, as it helps prevent any potential errors or issues during the transaction process. By verifying the recipient's address, Coinbase can provide a reliable and trustworthy service to its users.
  425107