A SHORT SUMMARY
Pros
- Safe and Insured
- Easy Setup
- Many Merchants
- One of the only platforms to offer email payments
Cons
- 1% Transaction Fee
- Transaction Problems
- Identity Verification
Coinbase
A Bitcoin Wallet application that lets you buy, use, and accept bitcoin payments. It is known for offering you the most bitcoin services of any app available. The app lets you do multiple things with bitcoin such as easily deposit and withdraw money from your bank account as well as buy or sell bitcoin with your linked bank account. There are also over 38,000 merchants who accept bitcoin. These businesses include Dell, Expedia, and Overstock.
Coinbase was created in 2014 and has been rated with 4.5 stars in the Google play store. It also has been downloaded over 100,000 times. Bitcoin is a secure form of payment that can be transferred to anywhere in the world.
With Coinbase you can buy items online, as well as use them to play a variety of games that accept bitcoin as payment. There are many ways to use bitcoin, and it has just begun to grow in popularity, which means Coinbase will quickly become more popular as time passes.
Pros
Safe and Insured: All your money that is in your bitcoin wallet is insured and safe. The encryption involved to keep your money safe is very secure and is built with the strongest encryption around. All of your money is also insured, giving you another reason to trust Coinbase.
Easy Setup: In order to setup an account all you need to do is register and then link your bank account. Once your bank account is linked you can then transfer money into your bitcoin wallet as well as transfer money back into your bank account.
Many Merchants: There are over 38,000 different merchants who accept bitcoin. So when you transfer your money into your bitcoin wallet, you can use it online at a number of places including Dell, Expedia, and Overstock.
One of the only platforms to offer email payments: Coinbase allows you to send and receive bitcoins to and from anyone with nothing but an email address, quite similar to PayPal. This is by far one of the most convenient ways to transfer bitcoins between persons.
Cons
1 Percent Transaction Fee: There is a one percent transaction fee when you use your bitcoin, and this can make a difference if you make a lot of purchases with your bitcoin account.
Transaction Problems: In the past there have been technical issues with the transactions that take place in users bit coin wallets. If you are a new user to the bitcoin market, you might be a little concerned with the service issues.
Identity Verification: In order to exchange cash for bitcoins you have to go through a number of identity verification requirements. This can take time and can also become too much work if you are a new user who just wants to start dealing in bitcoin.
In Conclusion
Coinbase is one of the best bitcoin wallets that you can get. Bitcoin is safe, secure, and insured. There are many stores online that accept bitcoin and it’s becoming more and more widely accepted.
To setup an account all you have to do is sign up and then transfer money from your bank account into your bitcoin wallet. Then you can spend it online whichever way you wish. There are some turnoffs when it comes to Coinbase. There is a one percent transaction fee to begin with. Also, there have been reported transaction problems reported by users. If you are someone who does not like to go through a whole lot of work and verification processes just to setup an account, then Coinbase might not be for you. Overall, Coinbase has issues but is a very useful bitcoin wallet to use if you need to make secure transactions online.
