What is Coinbase?
Coinbase is a digital currency exchange that provides a platform for traders to buy and sell bitcoin with fiat money. In addition to its primary operation as a broker, Coinbase is also a bitcoin exchange and wallet provider.
The cryptocurrency exchange Coinbase was founded by Brian Armstrong and Fred Ehrsam in 2012 and has its headquarters in San Francisco, California. The platform was first launched as a digital wallet for users to store their bitcoins online, before venturing into the brokerage space where users can buy and sell bitcoins. As of 2017, Coinbase is the largest bitcoin broker in the world and serves users in 33 countries
Coinbase is a Bitcoin company that does 3 key things
- Consumer – Online wallet for Bitcoin users to make it easy to spend, send, receive Bitcoin on any internet devices. The goal is to remove the complexity of private key management and cold storing for the end users.
- Merchants – Payment gateway for online and brick-mortar merchants to accept Bitcoin for their goods and services.
- Developer: Complete suite API for developers to integrate Coinbase payment into every web service.
If you are based in the US and have a bank account in the US, Coinbase is the easiest way to buy Bitcoin.
How does Coinbase work?
To use Coinbase, you must have an account which means you need to register. Click here, to register. Enter your e-mail address and choose a password. After you have confirmed your e-mail address, you will be redirected to the home page of your user, which contains a quick reference guide. This will help you to buy your first Bitcoin and learn to accept Bitcoin payments. On this homepage, you can also quickly see your account activity, the current balance as well as the ability to send and request money.
To add Bitcoins to your Coinbase wallet, you need to connect it to a bank account. You can also connect it to a credit card (suppoeted by Visa only) and you also need to confirm your email as well. The amount of bitcoins you can buy every day depends on your “level”:
- Level 1: Check your e-mail address and phone number and link your bank account. This gives you the opportunity to buy up to 10 Bitcoins per day and sell up to 50 per day.
- Level 2: Make a purchase and confirm your identity. Then you can buy and sell up to 50 bitcoins per day.
When buying bitcoins, Coinbase offers two options: regular purchases and instant purchases. Regular purchases will take four to seven business days, while instant buys will allow you to get your bitcoins in seconds. Once Bitcoins have been added to your account, Coinbase will safely store them and allow you to send them as needed, whether you are investing, paying friends or shopping online.
Coinbase also allows online merchants to accept bitcoins, as a whole section of their website is reserved for creating a payment button. Here you can choose your method of payment (buy now, donation or subscription), button style and name, amount and description of the item. Once you’ve completed this information, Coinbase will generate the appropriate code so the button can be added to your website.
Coinbase has a lot of features to keep your Bitcoins safe and have them secured, including AES-256 and SSL encryption along with two-factor authentication.
Buy / Sell limits of Coinbase
Once your Coinbase account is set up then you can move on to buy a small amount of Bitcoins till you can increase your limit. To increase your limits on buying bitcoins, you must provide the following:
- Identity check
- Credit card verification
- Check the debit card
If you’re a fully verified US resident, you can reach the maximum limit that Bitcoin currently has per day at $ 50,000. The limits can also be sent by the payment method you use to buy bitcoins. For example, the transmission of ACH has higher limits than the purchase of Bitcoins with a credit card in Coinbase.
Which countries does Coinbase support?
Coinbase supports the purchase of Bitcoin and other currencies in 32 countries, including the United States. The sale of cryptocurrencies, however, is only allowed in 30 countries including the US.
Transactions and courses of Coinbase
A transaction is based on payment method. Take for instance a bank transfer can take up to 7 days to get approved but a credit card purchase is always instance. Once you’ve funded your account, you will receive the bitcoins after ordering . Different fees may apply to the transaction but it always come down to payment methods. Most transactions have a transaction fee of 1% plus any fees for the payment method you use.
Advantages of the Coinbase
- You can buy, send and receive bitcoins quickly and easily.
- It can always be used by online merchant and also by individuals.
- Numerous and wonderful security features which will ensure that you never have to worry about theft.
- Register for free and only 1% fee for all transactions.
- Supported by several major venture capital firms based on the US dollar.
Coinbase Customer Service
Coinbase has a knowledge base and support via e-mail. Coinbase “Community” can be used to ask questions and get help. For the specific compatibility of the account, users can use their online support chat service and also submit detailed requests for urgent issues such as security vulnerabilities and login issues.
Coinbase is by far the fastest and easiest way to buy Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. It is known worldwide as the go to platform for beginners and experts. For new users, Coinbase gives $10 worth of Bitcoin when you deposit your first $100. Visit coinbase.com today to start your cryptocurrency journey.