Mining. Cryptocurrencies. Encryptions. These terms might not have meant much a decade ago. However, now these are the same words that are set to revolutionize the financial sector. While there was a time when digital currencies and their use were met with skepticism, those days are long gone. Bitcoin alone has a massive capitalization of 72.37 billion USD!
With the success of cryptocurrencies, platforms that allow users to mine and transact via the digital currencies have also received a lot of attention. One such platform which functions as a cryptocurrency exchange is Coinbase.com.
What is Coinbase.com?
You can’t trade in cryptocurrencies using traditional banks. Or at least you can’t do so yet! Currently, you need a platform that serves as an intermediary with the crypto world and one which allows you to trade your cash for cryptocurrency and vice versa. Since most people don’t have the resources to communicate with the blockchain world directly, Coinbase.com comes into the equation as a savior to many.
Simply put, Coinbase is a GDAX. GDAX refers to “Global Digital Asset Exchange” organization. It delivers a platform via which you can purchase and sell off your cryptocurrencies. Similarly, you can also use the platform to send required information about the transaction to the blockchain network. This part is specifically necessary for the verification of the purchase and is what makes the use of cryptocurrency so safe. Apart from working as an exchange platform, Coinbase.com also serves the function of being a digital wallet. So, apart from trading currencies, you can also store it on the platform as well.
As of now, Coinbase.com allows you to trade Ethereum, Litecoin, Bitcoin Cash, conventional Bitcoin along with some of the other leading digital currencies. You can exchange them with, or from, fiat money of over 32 countries. If the official website has to be believed, Coinbase has aided over 10 million customers and conducted over 50 billion dollars’ worth of exchange.
One distinct feature of Coinbase.com is that there is no anonymity on the platform which is usually a significant characteristic of blockchain and cryptocurrencies. On this platform, your name is attached to your account and hence your wallet and bank account. This makes it easier for the company to track your transaction back to you. While this might seem like a hassling feature for some, the fact remains that accountability and transparency make Coinbase.com safe to use.
Furthermore, if you use Coinbase.com, you can’t be sure whether the verification process of your transaction is occurring on the blockchain or not. This is because you are working through an intermediary rather than directly with the blockchain. Here, you are required to put your trust in the bridge that you have chosen.
Coinbase.com’s current services
Currently, the following services are delivered by Coinbase.com.
Coinbase brokerage service
Coinbase has managed to build a sound reputation for itself over the years. Due to its growing customer base, effective marketing, and simple user interface, Coinbase continues to be the choice for many new crypto users for buying and selling the digital asset. However, some people have raised complaints regarding the lack of autonomy the platform offers as part of its brokerage services. They believe that the control of their funds is out of their hands since you don’t get access to your digital currency or attain a private key. Instead, everything is done and stored by Coinbase itself. This makes it similar to a bank, whereby all the control of your money is in their hands.
Coinbase Pro is Coinbase’s trading platform which was previously known as GDAX. This service isn’t meant for beginners and instead is tailored to suit the need of professional crypto users. It facilities the purchase of cryptocurrency at a premium. Here, you are allowed to trade various types of digital assets, and the fees of doing so are quite low compared to other brokerage firms.
One of the recent happenings in Coinbase is the development of its wallet. In 2018, Coinbase developed and launched its very own mobile wallet. This is available for both iOS and Android users. This service solves some of the complaints people have with other Coinbase features. This is because the wallet delivers control to the users by storing their private keys on their device and only allowing them to have access to their funds.
Apart from delivering services to users for trading, coinbase.com also offers to make the lives of online merchants easier. The fact is that people are moving towards the use of cryptocurrencies. As its use is getting mainstream, online merchants are looking at ways to accept or transact in crypto as well, to garner the attention of the crypto market. Coinbase allows them to do so by providing merchants with the power of accepting and transacting in cryptocurrencies via a plugin on their platform. This plugin is supported by big names like Magneto, Shopify and WooCommerce.
The Latest Updates about Coinbase
Here are some of the recent happenings in the world of Coinbase.
Expansion to 52 countries
While previously Coinbase served over 32 countries in two continents, now the platform is available on more countries in Southeast Asia and Latin America. Overall, Coinbase.com now has a reach on 53 countries around the world. Customers residing in countries like Hong Kong, Indonesia, Peru, Mexico, Chile, Colombia, India, South Korea, and New Zealand, etc. can either sign up on the platform via the website or download the app to access the direct crypto to crypto trading option.
Augur REP Supported on Coinbase
To further facilitate their customers, Coinbase has announced that it will now support Augur on its platform. The same will also be delivered on the iOS and Android app of the company. This means that now customers can sell, exchange, convert and receive REP. The new addition will be available in a wide array of regions.
What is Augur (REP)? Well, it is a token delivered by Ethereum that aids in both reporting and disputing the events that occur on the online prediction market. If you predict the events currently, you are rewarded.
Coinbase Pro and Prime’s new features
The international crypto community is vital for Coinbase.com. This is why it has now announced to further deliver convenience to them. Currently, Coinbase Pro, as well as Prime users of Europe and Asia, can make use of cross-border transfer as a way to fund their Coinbase accounts.
A Visa Debit card, by the name of Coinbase card, is soon to be launched by the company to allow customers to manage their spending. These cards will be powered by the crypto accounts of the customers and will enable them to use their stored cryptocurrencies as a way to pay in stores and online. These cards can be used to make withdrawals from ATMs and make instant exchanges to fiat currency. A Coinbase Card app is also launched which help customers manage which of their wallets they want for the funding of the Coinbase card.
If you are a crypto user, it is essential to understand platforms like Coinbase and keep up with their recent happenings. This will help you leverage it all for your benefit.