- Buying Bitcoin
The Coinbase exchange is an online platform used to perform transactions and store cryptocurrencies. The offer includes the most popular digital currencies. When setting up the platform, the creators aimed to create an open financial system that is not under the control of any state. Coinbase has been successfully developing since 2012 and is gaining more and more popularity.
Coinbase is one of the largest and most popular exchanges in the world. Like most such platforms, it makes its living from commissions. It currently employs over a thousand people who work on the smoothness of the website and make sure that the services are of the best quality. The creators, having learned from experience after the exchange fell victim to hacking attempts, pay special attention to security. The big advantage is also that the platform is very easy to use, so both beginners and professionals can use it. Coinbase offers the possibility to trade cryptocurrencies with traditional (FIAT) currencies. There is also a separate Coinbase Pro version that offers more advanced tools.
The platform was created in June 2012 on the initiative of Brian Armstrong, who previously worked as an engineer at Airbnb, and Fred Ehrsam, a former trader of the international investment bank Goldman Sachs. Initially, Ben Reeves, co-founder of the Blockchain.info service, also worked with them, but ended his cooperation with the project due to disagreements. Shortly afterwards, the team entered the Y Combinator start-up program. Just four months after the start, in October 2012 they launched the service of buying and selling cryptocurrencies using bank transfers. With the help of investors, the platform developed rapidly and served one million users in 2014. One of the new services included the ability to process digital currency payments through popular payment platforms such as PayPal and Stripe. In 2016, the name of Coinbase Exchange was changed to Global Digital Asset Exchange (GDAX), and two years later to Coinbase Pro. In 2020, the creators introduced another groundbreaking service – the possibility to pay with Visa debit cards. Currently, Coinbase is the largest cryptocurrency exchange in the United States in terms of the trading volume.
Coinbase boasts, above all, a wide selection of cryptocurrencies. The most popular are Bitcoin, Ethereum, Litecoin and Bitcoin Cash, but you can also find digital currencies such as XRP, Zcash, Dash, Orchid and Chainlink. Beside the standard trading tools, Coinbase also offers many additional features. It is a place adapted both to individual users and to larger institutions. The creators have provided, among others, API settings, which are a great convenience for those interested – they allow, among others, to program the purchase or sale of a specific cryptocurrency in a specific time. The platform also provides regularly updated quotations. It allows you to check rates from the last hour, day, week, month or year. Coinbase also offers, among other things, its own wallet and, interestingly, the ability to earn cryptocurrencies by learning about them.
During its development, Coinbase’s creators struggled with problems with hacking attempts. However, this helped them develop a tight, secure system that makes Coinbase considered one of the most secure trading platforms today. First, every account is protected by two-factor authentication. This means that in addition to providing a username and password, the platform will also require a unique code sent via text message to the phone number provided earlier. You can also use another form of verification, such as Google Authenticator or Microsoft Authenticator. If the server notices that your account has been accessed from a public address other than the one you registered with, you will be notified immediately.
98 percent of all funds collected by Coinbase customers are stored offline. This ensures that assets are fully protected from hacking attacks. For Coinbase Pro users, the Multisig Vault function has also been created, which is triple security procedure: using a public key, a platform key and an encrypted trader key. When performing a transaction, the latter and one of the other two must be entered.
The Coinbase platform offers extensive tools for trading and stock market analysis, and it also offers a wide selection of digital currencies. The website is easy to use, yet includes all the necessary features. It has been successfully operating on the market for years and is constantly developing, adding new services and improving their quality. Additionally, a well-thought-out security system guarantees that the funds collected are safe. It is a recommendable place for beginners and professional cryptocurrency traders. Coinbase was clasified at the best cryptocurrency exchange 2021 in the World.
Creating an account on the Coinbase exchange requires filling in an application form and passing identity verification. During the registration process you provide such data as your name, username and password, email address and phone number. At this stage you also have to decide whether you want your profile to be an individual or business account.
You must be at least 18 years old to open an account on Coinbase. You will also need an ID for verification, as well as an active phone number and the latest version of your internet browser.
Yes, Coinbase asks for identity verification to prevent your account from being hacked. Documents are verified via the website or mobile application. E-mail copies of documents are not accepted.
Government-issued identity document is required. The document must have a photo. This can be, for example, an ID card or a passport. In addition, you also need a document confirming the data and address of residence, such as a credit card statement, electricity or gas bill. However, such documents as: passport cards, school ID cards, military IDs, medical IDs or residence permits are not accepted. In the United States, we accept government-issued passports and other state-issued identification documents, such as an ID card or driver’s license.
Opening and maintaining an account on the Coinbase exchange is completely free. The fees are charged at the time of execution of transactions – the exchange, like most platforms of this type, makes its living from commissions.
The headquarters of Coinbase is located in San Francisco, United States
The Coinbase platform was created on the initiative of Brian Armstrong, who previously worked as an engineer at Airbnb, and Fred Ehrsam, a former trader of the international investment bank Goldman Sachs. Initially, Ben Reeves, co-founder of the Blockchain.info service, also worked with them, but ended his cooperation with the project due to misunderstandings.