Let’s be honest, not everyone has read a Coinbase review that completely inspects the business practices of the San Francisco-based company. You may have checked this page being unsure about how credible and secure the world’s largest bitcoin exchange could be. I hope that this article can provide the necessary information that you need to self-evaluate Coinbase.com. After reading this article, you should be able to decide whether they’re worthy of your hard-earned money in trade for the world’s most revered cryptocurrency.
A Quick Coinbase Review to Bring You Up to Speed
Coinbase was established by Brian Armstrong and Fred Ehrsam in 2012. Its reputation rests with its presence in 32 countries across the globe- especially on their largest customer base in the USA, UK, and Brazil.
Interestingly, Coinbase invited Vitalik Buterin for a chat. They almost give him a job on their team. This didn’t take place because Vitalik went on to make Ethereum early the next year. It seems the exchange has always had a good view of the applications and potential of Ethereum.
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Pro’s of Coinbase.com
- Available in various currency areas, including Europe (euro), USA (dollar), and Great Britain (GBP).
- After your ID gets verified, you can purchase up to 1000 USD worth of bitcoins weekly using your credit card.
- You can also purchase Ethereum (another optional digital currency).
- Offers two types of wallets:
- The first wallet allows beginners to store their coins without worries (wallet key security is administered by Coinbase).
- The second wallet is called Multisig Vault and utilizes the “multi-signature” innovation which enables advanced users to manage security for their wallet keys themselves. This means that if Coinbase were to vanish, the customers would still be able to control their bitcoin. So for those asking for the safety of Coinbase, this should slightly answer your query.
- All deposits are covered by insurance. This means better security from Coinbase. However, if your password gets hacked then this wouldn’t be covered by their insurance policy. That’s why I recommend that you always use a unique and long password.
- A lot of positive reviews state that sending cryptocurrency to other customers (who also possess wallets on the platform) is relatively simple and quick. I concur with this. With all the present backlog on the real Bitcoin network, Coinbase offers a great feature of allowing its users to perform off-chain transactions. This means no more idle waiting times while you agonize about confirmations.
- Offers Paypal BTC sales to US users in 2016. This feature will soon be offered to European users who want to sell their bitcoins for Paypal.
- You can link your credit card, called Shift Card, to your account then use your Coinbase balance to pay for your daily purchases. At the time of purchase, the system turns the coins into USD at the going rate.
- Coinbase is the first exchange site to open a direct customer support telephone line.
- It’s a fact that there are many reviews about Coinbase describing it as one of the best places for beginners and new users who want to obtain their first bitcoins. In this field, the company receives a lot of recommendations because large investments were made to ensure an excellent user interface (UI) and experience (UX). Everything functions directly on all devices. They even offer a smartphone app for iOS and Android.
- In my view, the absence of friction on-ramping from the current financial infrastructure is due to the robust partnerships with the latter. For instance, several investors of Coinbase include BBVA, NYSE, and Andreessen Horowitz.
- You can get Coinbase $10 free Bitcoin when you purchase more than $100. Here’s the link. Enjoy!
- The disadvantage of operating a super safe exchange is that users get flagged and afterward accounts get frozen for the moment. Extra vetting resolves this problem, but since no one wants to wait people usually share their complaints on forums like Reddit. It would be good that some good PR work would be executed to reassure the community.
- Going back to my previous point, Coinbase support needs to exist on Reddit. I’m specifying about r/bitcoin and r/Coinbase – where some user issues have been left unanswered for more than 24 hours. Raising your issues on their Twitter account, @CoinbaseSuport is usually better because they give answers within the hour, but still- Coinbase Reddit is the front page of the internet.
- Some reviews point out that the exchange is more concern for their investors than their users. This is an interesting issue that needs further clarification.
- There are reports insinuating that your coins may be tracked after withdrawal. What does this indicate? As a member of the Blockchain Alliance, Coinbase actively restricts the use of digital currency in illegal and unlicensed operation. Well, simply put: don’t use Coinbase.com exchange if you’re going to gamble or purchase illegal substances.
- Some groups of people in the bitcoin community don’t like the fact that this exchange engages in the present block size debate or even the patenting of supposed inventions like bitcoin exchange or BTC tip buttons. Yes- a bit immoderate. Nonetheless, these actions have a little effect on those wanting to purchase and sell BTC, but be my guest to search it up further if you’re interested in bitcoin politics.
Facts And Figures
To give you a real picture of Coinbase’s popularity, let’s take a look at its visitor statistics in 2017. First of all, monthly visits have been rising; there has been a 20% monthly increase as of late February 2017. This rate means 11.5 million monthly visits to be exact. You might think that this is due to the current bull market- well imagine this: no other bitcoin exchange has been increasing so fast in the present times. The largest traffic comes from the USA at 45%, followed by Brazil at 9% and the UK at 4%. As of March 2017, GDAX daily volume signifies 15% of the bitcoin total volume.
It appears that it could keep up with its rival Blockchain, as the former now have 12 million cryptocurrency wallets kept by customers. Additionally, about 45,000 merchants utilize the platform to process their payments and 9,000 developer apps have been made on the API.
To conclude our Coinbase review, this exchange has made quite a solid following despite being a new player in the industry. This shows why a lot of users use the site for long-term dependability.
I would like to advise readers that it’s unwise to keep digital currency portfolios in an online-wallet system. Although it’s the most secure exchange for buying and selling but this isn’t realistic when it comes to long-term storage strategy.
If you’ve tried using Coinbase: Buy/Sell Digital Currency, let me know your experience in the comment section. You can also share your thoughts on the review.
Again, you can create an account here.