For those of you that don’t know what Coinbase. is, it is a digital currency exchange and digital wallet/storage platform that started in 2012. Many people that are cryptocurrency supporters use this digital wallet/exchange to buy, sell, and hold their online currencies. A few months ago, I downloaded the app and joined over 20 million users currently utilizing Coinbase. Here’s how I use Coinbase and what I think about it so far.
To start the process, you’re going to want to download the application on your phone or go on the Coinbase website to start an account. You’re going to have to fill in all of your information, including your phone number and email address for the two-step password authentication process. Once you have filled in the necessary information, you will have to fund your wallet with money. In exchange for your money, you will receive cryptocurrency. You can both buy and sell with other users and merchants that accept Coinbase cryptocurrencies. Some of these include:
- Bitcoin Cash
In my opinion, the app is very easy to use. Transactions are easy to make, as you have the option to use a credit card or your own bank account to purchase cryptocurrencies. Using a credit card instead of a bank account will cost you a bit more, though, with a 3.99% fee. However, the transaction occurs instantly. If the cryptocurrencies are bought through the bank, the fee is much lower at 1.4%. The only downside to this is that the currencies will take longer to get into your digital wallet – usually between 4 to 7 days. Coinbase is the largest Bitcoin exchange and is backed by some well-trusted investors. As I have yet to have any security issues thus far, I would say it’s a secure platform.
You are limited in how much you can buy on the site – which could be a good or bad thing, depending on which way the market direction is going. This app will track how its users are spending the money like a bank account would. Like mentioned before, Coinbase is the largest exchange with $150 billion + exchanged, which makes it very easy to get in and out of any cryptocurrency. The site offers secure storage and insurance that protects digital currencies stolen from their servers.
- Easy to use (great for new users)
- Very secure with different security options
- Highly liquid with some options on payment
- May track your spending
- Not the lowest for fees (but also not the highest)
Overall, I like both the app and the desktop version of this digital currency exchange/wallet. Its easy use and security make it a great choice for someone just wanting to try it out. I also like how Coinbase only offers a few cryptocurrencies to its users, as it helps limit potential losses to new users. If you would like to try Coinbase. get a free $10 when you purchase your first $100 worth of Bitcoin. If you would like to learn more about cryptocurrencies, I suggest checking out “Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond” by Chris Burniske and Jack Tatar