To be honest, we can just found a handful of review to read on Coinbase business practices and examine the San Francisco -based Bitcoin exchange company. You might have been here because you want to check the reliability of this largest Bitcoin exchange business worldwide.
I hope this Coinbase that I'll give you will help on your self-evaluation on Coinbase exchange. After you are done reading this review, you will be able to decide if this largest Bitcoin exchange company is worthy on getting your hard-earned money in exchange of the cryptocurrency that has been loved worldwide.
Coinbase was created in year 2012 by both Fred Ehrsam and Brian Armstrong, its reputation was lying on the trust of their customers worldwide wide 32 countries across the globe namely - United Kingdom, United States and their biggest customer base Brazil.
Fun fact : Vitalik Buterin has been asked to come and chat with Coinbase in 2013. They almost offered him to be part of the team. It did not happen in some ways, Vitalik proceeded on creating Ethereum on the next year after that. Ethereum has always the support of Coinbase since then, the positivity, its application and the potential as well.
1. There will be availability on multiple currencies like Euro in Europe, Dollar in United Stated, GDP in Great Britain and more.
2. Once the verification of your ID is complete, you can purchase up to $1,000 Bitcoins worth per week by just using your credit cards.
3. Availability on two types of wallet.
- The first one is just a simple wallet to keep their coins (specially the new ones) with wallet security that maintained by Coinbase itself.
- Multisig Vault is the second one and it has a multi-signature feature to let the users have their option on securing their coins in the wallet. What's the meaning of this? It means even if Coinbase will not be operating in the future, users can still have a full control over their coins and wallets. So to answer the question if Coinbase is safe, then is could be one of the answer.
4. All deposits are firmly secured. There is only one thing you should remember. Always use a long and unique login password. If you lost your password and be on other's hand then that is your own liability and it is not covered by Coinbases' insurance policy.
5. I strongly agree on most of the review that says, Coinbase is really fast and easy in terms of sending digital currency of other users that also have platform wallets. With all the new features on the field with Bitcoin network, Coinbase did a great job in allowing the users to have off-chain transaction feature. There will be no waiting and get idle just to wait for confirmations.
6. Last year 2016, Coinbase made their PayPal BTC allowing United States users to use it for sales. This will also be open to European users in the future who are selling Bitcoins thru PayPal.
7. It will also allow you to link your credit card and that is called Shift Card on your account and start paying for your purchases on a daily bases using Coinbase balances. The idea on this method is to convert you Bitcoins into dollars with whatever the conversion rate at the time of the transaction. Only United States have this feature for the meantime.
8. I totally agree on those reviews saying that Coinbase is the best place for new comers and new users of Bitcoin specially for beginners. On this part, the Coinbase got a lot of recommendation of their services from variety of large companies and guaranteed with very cool user interface using UI and UX. Everything can be working with whatever medium you will be using such as smartphones, computers and more. There are available app for android and iOS.
9. There is also a strong bond with their partners which enables them to showdown in the market. Some of their largest investors are NYSE, BBVA and Andreessen Horowitz.
1. The drawback of running a super safe trade is that a few clients get hailed and in this manner accounts get briefly solidified. Additional checking fixes this issue, however as holding up is no-ones most loved leisure activity individuals by and large take to grumbling on discussions including reddit. I would go the extent that platitude that some great PR work would be expected to console the group.
2. Continuing with my last point above, Coinbase should be having more appearances in reddit. Namely about r/Coinbase and r/bitcoin - where few of the issues on customers would take long like over 24 hours. Though it takes an hour to answer if you message them on twtter, reddit should be more responsive because that is where the massive customer rants.
3. Some reviews talk about Coinbase being more favourable on the huge investors than single users. I might still confirm this and get some answers to this issue.
4. There were information that Coinbase is still tracking your coins even if it is already withdrawn from the exchange. The intention is to know whether you use it for gambling sites and illegal transactions. By then, Coinbase will be blocking you from doing so the next time. As member of the Blockchain Alliance, this is reasonable for Coinbase to protect digital currency on any illegal activity.
5. There were speculations on Bitcoin community that Coinbase has been invloved in the debate of the current block size, and do some patents using the inventions called btc tip buttons or bitcoins exchange. On the other hand, this move might not affect that much on purchasing and selling Bitcoins but you can research on your own how Bitcoin politics affects the Bitcoin industry.
To give you the information on how huge is this Coinbase platform, we will be visiting its statistics in 2017. Monthly visit of their websites is enormous and by just February of 2017, they have notice that there is a 20% increase on the traffic each month.
There were more or less 11.5 million visits per month in figure. You might have the idea in mind that this is because of current bull trading place, but no, this is the only an exchange company that has rapid burst on their traffic since then recently. The breakdown of visits are the following :
Upon writing this review, as ofr March 2017, their GDAX volume is up to 15% of the overall volume of Bitcoin market.
It is safe to say that Coinbase could be a great competitor with Blockchain which is now boasting the 12 million digital currency wallets on their customers. They have about 45,000 merchants in total who are using the platform as payment processor and figuratively 9,000 applications who uses their API.
In conclusion, even if Coinbase is one of the youngest player in the market nowadays, respect is what they get. From making easy UI to security toughness they got what it takes to be a long term reliable exchange company.
Written on 16 Dec 2010.