One of the world’s numerous wonders came into existence in the month of January, 2009. Several new technologies have come to life and impacted the world but, Bitcoin is arguably one of the most controversial technology that has taken the world by surprise. Since the first ever bitcoin block was mined by Satoshi Nakamoto, the trading system had changed forever. Bitcoin had come to save the world and ease the burden of trading online.
Bitcoin is a type of currency known as, “digital currency”. It is a decentralized form of currency, free of any regulations/rules implemented by the Central Bank. The main concerns/ questions of first timers or possible investors is usually along the lines of, how secure is it? especially because ,there are no laws that guides everyone like a regular payment system. The answer to this is cryptography.
Cryptography is a technology that allows two users communicate privately in the presence of a third party, there are certain codes and protocols that makes this action possible. Bitcoin makes use of cryptography to enable the privatisation of transactions and, ultimately further protect your bitcoin from adversaries/miscreants like hackers.
Although bitcoin is a digital currency, it can be used in exchange for any currency. As a matter of fact, since the break out of bitcoin in 2009 there have been a recorded number of 10,000 businesses who have exchanged their services for bitcoin as at February, 2015. Even though a lot of individuals were a bit skeptical about bitcoin at first, there have only been a streak of recorded successes for the company and its investors. This has persuaded other individuals to invest in bitcoin and, also prompted other companies or group of individuals to create their own cryptocurrency.
Although, not all of the bitcoin created later on have been successful. There are a few that have done wonderfully since it’s release. Some of them are; Litecoin, Ripple, and Ethereum.
Even though, there are all these available evidences that bitcoin transactions are indeed successful and worth it, there have also been recorded theft by specialized hackers. This has led to individuals seeking a more secure and reliable platform, for the online transaction of bitcoin. There are a lot of online exchange platforms available however, this article is aimed at providing information on one that has reputable value and great reviews – Coinbase.
What is Coinbase?
Investors in bitcoin are typically searching for an online trading platform that is reliable, efficient and well encrypted to prevent hacking. Coinbase is truly a gem when considering these factors.
Founded on the 2nd of July, 2011 coinbase is an online digital exchange platform created by Brian Armstrong and Fred Erhsam. This exchange platform exchanges some of the largest cryptocoins on the market ; Ethereum, Litecoin, Bitcoin, Bitcoin cash and several other digital assets with flat currencies.
They are headquartered at San Francisco, California with bitcoin storages in over 190 countries.
Even though this company was created in 2011, it didn’t have the services of carrying out bitcoin transactions via bank transfers until October 2012.
By 2014,Coinbase had skyrocketed and had over a million users which led them to forming partnership with reputable companies like Overstock, Dish Newyork, Dell and Time Inc. to catalyze the acceptance of bitcoin as a means of payment in other businesses.
Coinbase had experienced only success ever since, raking in profits in millions.
What’s so great about Coinbase?
Coinbase is a reputable cryptocurrency exchange and wallet platform with over 7.4 million users, with only incredible reviews to its name. The reasons for this should be found in this listing of features;
Cost Of Using Coinbase
Although Coinbase doesn’t charge individuals for using it’s provided wallet, there are however fees for transferring cryptocurrency outside the platform – Network fees. Network fees are set only by the blockchain community. The following are the breakdown of the charges;
- Payout method using a USD bank account : 1.49% with $0.15 as minimum.
- Payout method using a coinbase USD wallet : 1.49%.
- Payout method using a debit/credit card : 3.99%.
- USD deposit method with ACH transfer : Free.
- USD deposit Method using Wire Transfer : $10 ($25 outgoing).
These charges are relatively affordable compared to other exchange platforms.
The speed of bitcoin transactions using coinbase is quick and reliable. All purchases made using your USD wallet or credit card are dropped in your account instantly.
When you make a bank transfer, the period of delivery takes about 3-5 days. The funds makes its way into your account after, the banks have processed your transfer and, sends it into the coinbase system.
However, the period of delivery is largely dependent on certain payment providers.
Coinbase calculates an individual’s transfer limits based on his/her account information which includes a verification process and an estimated success of transactions. Thus,they
Implement weekly buy and sell limits on all accounts. However, you can increase your limit by taking your verification step up a notch by uploading a photo ID.
Amongst being one of the world’s largest bitcoin exchange platform, it is also one of the most secure making use of the latest technology and, a backing up of trusted investors.
Coinbase requests a lot of documented information from its users for verification including, a photo ID for those using a credit card and those who require to increase their weekly limits.
The coinbase wallet is considered one of the most secure, however, there is a price to pay for this service.
The company is in total control of your bitcoin. There is also a provision of “digital vaults”, to enable the security of larger cryptocurrencies.
Coinbase possesses an active customer support team with, the list of key members stated on the site for contacting. It also operates a real time chat feature where questions are answered and, hundreds of customer issues are resolved.
If you’ve been searching for a reliable and secure online exchange platform for the transaction of bitcoin then, Coinbase is a logical choice. With a great customer support team, secure wallets and an affordable cost then you are definitely taking the right route.