Coinbase was founded in 2012 with fiat currencies in 32 countries. You can uncover a lot of good and bad about this company. Coinbase.com sees four million active customers across the globe, and the company proudly displays their licensing. They also undergo regulation. The licensing and regulation mean users can sell and buy bitcoins through their bank account, Paypal account or credit card.
Every account features a wallet that can send and receive bitcoins. Before you open your bitcoin wallet Coinbase, you will first have to supply an email, full name and accept the terms and service, which is all for Coinbase verification. For those who want to buy bitcoins using their bank account, they will first need to link a valid bank account. This allows for transfers between bank accounts and your bitcoin wallet.
What to Understand About the Buying and Selling Limits of Coinbase
After you set up your Coinbase account, you can only buy a small number of bitcoins until after you have raised the limit through verification. For example, a US resident with a credit card linked as a backup to their Coinbase account can purchase as many as $1,000 worth of bitcoins every week.
If you want to raise the limit, you have three methods of verification: debit card verification, credit card verification, and identity verification. Once you verify US residency, you can buy as many as $50,000 worth of bitcoin every day. Nevertheless, the limit depends on the chosen payment method for when you buy bitcoins.
Who Uses Coinbase?
Merchants, in particular, have started to pay attention to this company because it has specific advantages over traditional credit card payments. Merchant accounts with credit cards will have higher fees than other credit card processing, and you can save money when you offer the option for bitcoin. With the merchant tools of this company, you can accept bitcoin payments with ease and take control of your money.
In addition, anyone wishing to be free of the penalties and fees found at banks will empower themselves through this software. Other people who have found the value in this company include investors because you can buy bitcoins through this portal. Nevertheless, it has become common advice never to invest more money than you could afford to lose. Investing in bitcoin has become a personal choice, and while some people love it, you also have staunch opponents of it like Warren Buffett.
How to Make Use of Coinbase and the Coinbase Charts
To open a Coinbase wallet, you first have to visit the sign-up page. You fill in the necessary details and verify your email address. Once you have done this, you will receive a prompting to add the 2FA protection to your Coinbase account.
We recommend this because the 2FA adds additional security to your account. For example, you first have to enter an additional pin code sent to the mobile if you want to access your account. This adds a second layer of defense between you and cyber criminals. Should you decide against this, you can use their app to receive a pin number.
After you have entered your account, you will see the Coinbase dashboard. Here you can buy and sell bitcoins based on your chosen payment method. You can also send a request for bitcoins to others for freelance work and other services. Once here, you will see the base from your various accounts like the bitcoin wallet, the vault, and the USD wallet. When you invite friends to participate, you earn more for referrals.
6 Ways Coinbase Can Benefit You
1. Prioritize Security with Coinbase
Because Coinbase profits from their website when people use it, they have a vested interest in prioritizing security. For example, they have the two-step verification, which they recommend everyone uses. Through Coinbase, you can also look at the IP login activity and verify devices before using them.
2. Reduces the Number of Passwords
For people who want to keep things simple, Coinbase provides you with an exchange, which reduces the number of passwords you might have. Nevertheless, some people do not find any perks to using their wallet just because they use it for exchange. In general, this online wallet incorporates a simplistic style.
3. Buy Instantly
One of the huge advantages of installing this software is how you can buy goods and services instantly at locations that employ this payment system. In terms of convenience, that’s a solid sell for this product.
4. Strong Customer Support
When Reddit user Jdamb had his spending money in his hot wallet stolen, the company’s solid customer support stood behind him. He says he didn’t have to threaten them, hustle them or fill out a lengthy form. Instead, he told them about the fraud, and they refunded his bitcoins.
5. Improvement in All Areas
Excellent choice for a beginner because the company sticks by their customers, and they continue to improve their product in all areas. While the company does use centralized data to track user spending, this makes a great choice for individuals without technical savvy to keep their bitcoins under lock and key.
6. One of the First Strong Bitcoin Wallets to Enter the Scene
Having raised as much as $117 million of venture capital, this company was one of the pioneers of bitcoin wallets. With the experience, you will be supporting a successful company that protects you when times get hard. In 2016 alone, the company grew their revenue to two and a half times the normal value.
Putting It All Together
Have you ever used Coinbase? How was your experience? People are gushing over this product because of its strong customer service, continual improvement and the ability to buy instantly—convenience has always made this bitcoin wallet a top choice. To further the credibility of this company, Coinbase also recently earned their “BitLicense,” which certifies them to operate in New York State. The company has done phenomenally well, and the industry, in general, has witnessed blossoming prosperity.