CoinBase: What is it and how does it Work?

First and foremost, what is bitcoin? It is a digital money used for an instant and secure exchange of value anywhere and anytime around the world. Bitcoin is not organized or issued by any government or bank. It means, there will be very fewer charges included. It is simply an open network and managed solely by its users. Just like how email improved the society’s communication and making it speed fast and totally cheap, bitcoin is merely an enhancement of existing payment systems which were not designed for the internet era. Why would one use bitcoin? It is fast, it is safe, and it allows you to manage your money without having to deal with an ATM or credit card. It gives you back the ultimate control over your money.

Now, let us see what is Coinbase? It is a safe secure online bitcoin exchange platform which is used to perform buying, selling, receiving, sending and keeping bitcoin. Headquartered in San Fransisco, California, it is a Bitcoin start-up company. Why is Coinbase different from other bitcoin services in the market? Here is why:

1) Receiving and sending bitcoin between virtual wallets, friends, or merchants on Coinbase is totally free; Coinbase processes the initial $1,000,000 of trade orders for free. Then, it just requires a 1% fee for each transfer from bitcoin to your local currency ($, €, £) or from your local currency to bitcoin – vice versa.

2) All transactions are hassle free; the buying and selling bitcoin is easy and suitable for any busy hustlers out there. Coinbase also makes it convenient for even the average person and business to use the digital currency Bitcoin.

3) The security and backups are handled professionally, thus, giving users a piece of mind. 

4) It is a one-stop shop which means a wallet, an exchange, and merchant tools with one simple interface are offered. It supports some of the highest trafficked sites in the virtual world.

5) The applications are built using Coinbase own API. Their API makes it very easy to build new bitcoin apps and incorporate into any of your existing applications. Coinbase’s APIs permit a diversity of proficiencies; from simply collecting read-only statistics, to constructing something that’s never been executed before.


Balance: 15454677 satoshi

1000 every 500 minutes.