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Coinbase

Name
    Coinbase
Coinbase image

Coinbase was founded in YR2012 by Brian Armstrong and Fred Ehrsam. Also, it has started out only as a broker, where they sell Bitcoin directly to customers. However, in mid-YR2016 in May, they started operating GDAX (Global Digital Asset Exchange). The Company is the world largest Bitcoin Broker/ Exchange that located in San Francisco, California, U.S.

Compared to other Bitcoin exchanges where having the current average market rate of 1.5% fees, Coinbase facilitates a low rate of fees where it only charged a 0.25% for the takers (trading of both Bitcoin, Ethereum & Litecoin on its exchange platform). In other hands, the company offered a generous affiliate program where the affiliates and the customers are eligible for having this great opportunity of earning Bitcoin from the referrals commission fees. When referrals purchase or sell at least $100 worth of BTC, Coinbase will pay both the affiliates and the customers for $10 in BTC. Also, the commissions are earned once per customer only and the payout will frequently accumulated in your Local Bitcoin Account with no minimum earnings every day.

Supporting 32 countries with estimated trillion numbers of customers are outstanding achievement of the company. No wonder it took the title of the world’s biggest and most popular way to buy and sell Bitcoin, Ethereum, and Litecoin. According to Alexa, the Coinbase.com outstandingly holds the global rank of 225, and it's improved more than 300 positions only for the past three Months, and it still ranks up rapidly. Most of their traffic seems originated in the United States and the United Kingdom, but significant numbers also come from Italy, France, and Spain.

 

Advantages:

•    The platform/ UI are simple and easy to use: Great for the beginners

•    Relatively low fees: facilitates a low rate of fees where it only charged a 0.25% for the takers

•    It offers multiple payment methods

 

Disadvantages:

•    Lack of total control over your Bitcoins: The users are not in complete control over their Bitcoins, they may freeze or even close your account if you deal with gambling, adult services, and other shady business.

•    Lack of Privacy: Coinbase is tracking all transactions or they track user on how they spend their Bitcoins.

•    Affiliate Rewards abuse: the relevant, e.g., for this, was a generous commission fee offered to affiliates, whereby $75 is given to anyone who referred customers who went to purchase over a $100+ in Bitcoins. However, Coinbase fails to settle payments on this deal without warning.

•    Funds can be delayed up to 72 hours

•    Poor Customer Support

 

How to buy:

Coinbase provides a simple and easy way of buying bitcoins instantly with a credit/ debit card. Here is the step-by-step instruction to help make the buying process easier for you.

Step 1: Create an Account on Coinbase.com: Once the account is created, verified the personal details, login and upload the required ID’s. You may proceed to the second step.

Step 2: Navigate to account settings: Click your name in the top right corner, there should be a drop-down menu where you can click the “Setting.” After that, you need to click the “Payment Methods” tab and then, “Add Payment Methods”.

Step 3: Click “Debit/Credit Card” for your payment methods.

Step 4: Provide/ Enter your Credit/Debit Card Information.

Step 5: Confirmation: You should see a pop-window that the credit/debit card is successfully added.

Step 6: Buy Bitcoin: Go to buy page, and you should see the widget for purchase bitcoin. Once, the preferred amount is entered, you can now click “Buy Bitcoin Instantly,” and it will then delivered to your Coinbase Wallet.

 

Storage:

Unlike others crypto-currency exchanges and trading that uses an associated crypto-currency storage or wallets. Coinbase is also crypto-currency storage that has their own three different type of wallets: Coinbase Bitcoin Wallet, Coinbase Vault, and Multisig Vault.

Coinbase Bitcoin Wallet: The Company has the full control of your Bitcoin and entrusts Coinbase to keep and secured your coins.

Coinbase Vault: A unique solution of securing a larger amount of Bitcoin that is protected by multiple approvers.

Multisig Vault: A complete control of their funds. Where Coinbase has one key, one key is shared, and the account holder holds the third key.

1 comment

  1. User avatar

    Irving 1 month ago

    Poor customer service can be an issue for everyone who will use their platform. They should be able to improve that given that the company closely monitor their consumers activity. I will also be about their referral system. On the other side, my bitcoin will get doubled If I will work o their referral system.

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