What is Coinbase?
Table of Contents
- 1 What is Coinbase?
- 1.1 Properties of Coinbase
- 1.1.1 Cryptocurrencies are traded at an established price
- 1.1.2 Coinbase is legitimate and safe
- 1.1.3 Coinbase supports only 35 countries at the moment
- 1.1.4 Coinbase insures the online cryptocurrencies stored on the platform
- 1.1.5 The limits in transactions vary with country
- 1.1.6 Coinbase only trades and stores Ethereum, Bitcoin and Litecoin
- 1.2 Benefits of Coinbase
- 1.3 Conclusion
- 1.1 Properties of Coinbase
Coinbase is one of the most common platform for selling, buying, transferring and storing cryptocurrencies such as Ethereum, Bitcoin, and Litecoin in the world, it is quite popular due to the fact that it offers a user friendly interface. Coinbase was launched in 2012 in San Francisco and it operates in over 32 countries with over 10 million clients exchanging cryptocurrencies worth over 50 billion dollars. Coinbase offers quite a number of services, it offers developer API and a digital wallet for exchange of cryptocurrency. It is regarded as the largest Bitcoin broker in the world.
Properties of Coinbase
Cryptocurrencies are traded at an established price
The established price that Coinbase allows its customers to trade are determined based on the market value of the cryptocurrency. Coinbase gives its users the opportunity to purchase the cryptocurrency of their choice a lot faster than other exchange platforms because of this.
Coinbase is legitimate and safe
Coinbase is backed by high-profile investors such as BBVA and Bank of Tokyo and this increases the legitimacy of the platform. Coinbase is one of the most secure platforms out there as it complies with the federal laws and US laws which have strict rules and regulations.
Coinbase supports only 35 countries at the moment
Countries like the United States, Canada, United Kingdom are supported and in Europe, Coinbase supports the following countries: Belgium, Australia, Austria, Croatia, Cyprus, Denmark, France, Finland, Ireland, Hungary, Italy, Malta, Slovakia, Portugal, Czech Republic, Greece, Latvia, Liechtenstein, Romania, Sweden, Slovenia, Switzerland and Spain.
Coinbase insures the online cryptocurrencies stored on the platform
In Coinbase, over 90% of the cryptocurrency sored by users are stored offline through paper wallets and hardware wallets. The remaining percentage of the cryptocurrency are stored online and are insured in the event of a hacking which means that if customers lose their funds in event of a hacking, they can receive it back through the insurance policy set up.
The limits in transactions vary with country
There are transaction limits and payment methods that differ with country. Users of Coinbase are allowed to ask for increase in limit on their accounts although this increase may not be valid for transactions that take place using credit cards.
Coinbase only trades and stores Ethereum, Bitcoin and Litecoin
These three cryptocurrencies are the only digital currencies that Coinbase platform deals with for now, although there may be more currencies added in the near future.
Benefits of Coinbase
The user interface of Coinbase is user friendly
The user friendly interface and the ease of use of the Coinbase platform makes buying, selling and trading of the cryptocurrencies simple and quick.
Coinbase platform allows its users to send and receive cryptocurrency between Coinbase merchants and digital wallets free of charge.
Coinbase is secure
Your cryptocurrency is safe in Coinbase as the platform offers backups to ensure the security of its user’s digital currency.
Coinbase offers quite a number of other services
Coinbase platform offers exchange, digital wallet, merchant tools which makes this platform one of the best exchange platforms because it those all this within its user friendly interface.
Coinbase is a good exchange platform as it offers quite a number of needed services and its user friendly interface makes buying and selling of cryptocurrency easy for users especially the beginners.