I reviewed both Block and Coinbase Q2 financial reports. Here is the TLDR:
Block Q2 Bitcoin Revenue- 2.4B
Coinbase Q2 Bitcoin Revenue- 273M
Wow!
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60 sats \ 0 replies \ @birdeye21 4 Aug 2023
They're playing the right game
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21 sats \ 8 replies \ @grayruby OP 4 Aug 2023
My takeaways:
Block obviously charging large fees to buy bitcoin but bitcoiners don't seem to care.
Coinbase leaning into altcoins because all the true Bitcoiners left and only 38% of their revenue comes from Bitcoin now.
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20 sats \ 3 replies \ @calaniz 4 Aug 2023
You can designate a percentage of a direct deposit to be converted to bitcoin without fees. Then you can transfer >100,000 sats with out fees on chain.
Block’s actual profit on that 2.6B is ~44M
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12 sats \ 2 replies \ @grayruby OP 5 Aug 2023
Thanks for the info. I can't use cash app here in the communist republic of Canada so good to know.
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10 sats \ 1 reply \ @sudonaka 6 Aug 2023
I hear Bull Bitcoin is good up north
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0 sats \ 0 replies \ @grayruby OP 6 Aug 2023
Yes. It’s a good service and obviously bitcoin only aligned. I have used it but I mostly use Shakepay because of all the bitcoin rewards I can get.
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20 sats \ 1 reply \ @brianh 4 Aug 2023
Coinbase keeps pushing shitcoin. For pure bitcoiners Cash App or Strike just makes more sense, but I will be curious how that'll change once Coinbase (finally) integrates the lightning network
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10 sats \ 0 replies \ @PlebeiusG 4 Aug 2023
I’m not holding my breath and refuse to use the platform even if they DID integrate LN.
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10 sats \ 1 reply \ @sudonaka 4 Aug 2023
1% fiat fee is not large
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0 sats \ 0 replies \ @grayruby OP 5 Aug 2023
Fair enough.
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10 sats \ 1 reply \ @TomK 4 Aug 2023
Can You really compare them besides pure econ data?
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0 sats \ 0 replies \ @grayruby OP 4 Aug 2023
Obviously different business models just pointing out that the idea that an exchange or financial services company couldn't survive being bitcoin only might be flawed.
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10 sats \ 0 replies \ @2bithits 4 Aug 2023
How did block make so much? Fees from buying BTC on cashapp?
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