So you’d like to buy and sell Bitcoin. Congratulations and welcome to the exciting world of cryptocurrency! Before you get started, you’re going to need to choose an exchange and a wallet service to store your bitcoins. With so many options out there, this is no small endeavor.
To narrow the list down, it’s best to look at some of the best-known operators to understand their features, as well as their drawbacks. Coinbase is one of the leading Bitcoin platforms, so let’s dig into their practices and reputation a bit.
Based out of San Francisco, Coinbase was founded by Fred Ehrsam and Brian Armstrong. They’ve been offering Bitcoin services since 2012 and have expanded to 32 countries around the globe. At the time of this article, they’ve served over 10 million customers worldwide. Coinbase gives individuals the opportunity to buy, sell, transfer, and store their bitcoins.
How does Coinbase work? First, users sign up to create a digital currency wallet. The service will need to verify your ID and connect to your bank account or credit card to allow for a smooth transfer between your digital and local currency. Besides Bitcoin, Coinbase also allows users to buy and sell Ethereum and Litecoin.
In addition to buying bitcoins, Coinbase provides two storage options. The first is the secure Coinbase wallet – the perfect choice for beginner users. Meanwhile, the second, Multisig Valult, lets more advanced users manage the security for their wallet keys. This gives them the peace of mind that if Coinbase ever dissolved (something users worry about with many different wallet services), the customer would still have access to their bitcoins. All of the digital currency that’s stored on Coinbase servers is also protected by their insurance policy, giving users even more peace of mind.
What does Coinbase allow you to do? You can buy, sell, and store bitcoins, as well as transfer them to other users. This includes selling your bitcoins for Paypal. One of the coolest options provides users with something called a Shift Card. This is a VISA debit card that lets cardholders in certain areas use their Bitcoin balance at any business where VISA is accepted.
The service is intuitive and easy to use, and can even be accessed by apps available on Android and iOS. All in all, Coinbase is an excellent choice for those who are new to the world of digital currency.
Please provide more info on the fees. How are they calculated? Are they high compared to other comparable services?