It is the modern era of science and innovating technology. In this era, some inventions shook the world with their creation. Like this, cryptocurrency is the innovation of this new world that shocked everyone. The first cryptocurrency was invented in 2008, which is bitcoin. Its founder name is Satoshi Nakamoto, but his identity is still unknown. The cryptocurrency removes the use of the third party, banks, or other middle services. There are many advantages of these cryptocurrencies like it is super fast and can be done in a few seconds. The first cryptocurrency, bitcoin, is on the top with its Market capitalization. The current price of Bitcoin is around 10,000 dollars which is a significant amount.
Although there was a time when Bitcoin was launched free to attract consumers towards cryptocurrencies, there were only a few people who put their faith in cryptocurrencies. Due to its highest price, it is now impossible to buy a whole bitcoin. You can buy a part of Bitcoin up to ten decimal places which are known as a satoshi. Apart from many advantages, there are some disadvantages of these cryptocurrencies, like it is a highly volatile market, so you need to be very careful when investing in them. There are many examples where people lost their entire wealth while investing in the crypto world without proper research.
Many platforms are suitable for trading and investing in these cryptocurrencies. The very well-known platform is coinbase which is the second number among many cryptocurrency exchange platforms. This article will explain to you every little thing about this cryptocurrency exchange platform in detail. If you’re interested in trading the top cryptocurrencies like Bitcoin, Ethereum, ripple, litecoin, etc., visit this link click here for the beginner-friendly guide to start investing in the crypto industry.
Coinbase is an American company that was formed in 2012. The founders of this cryptocurrency company are Brain Armstrong and Fred Ehrsam. In the United States, this is the largest cryptocurrency exchange by trading volume as of March 2021. This company does not have any physical office and operates remotely, so there is no headquarters anywhere in the world. However, Coinbase updates its trading in more than ninety countries. The company generated revenue of 1.14 billion US dollars in 2020.
www.coinbase.com is the official website of this company. Later this year, it also added one new payment method, a cryptocurrency like Bitcoin, apart from typical payment companies like PayPal, Stripe, and Braintree. In 2015, it started to offer services for trading in cryptocurrencies in Canada. Last year in October 2020, it launched the visa debit and credit card program. It has investment opportunities for both institutional and retail consumers. The products which they offer to retail consumers are:
- Coinbase Pro for trading in digital assets is a great platform.
- Coinbase: It is an application to trade different cryptocurrencies, including buying and selling Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ethereum classic.
- coinbase wallet for accessing decentralized crypto apps (DApps) through DApps browsers, customers use it.
For institutional traders, they offer:
- Coinbase Custody is a high-level service for institutions that keep Bitcoin and other cryptocurrencies with this company.
- Coinbase Prime: It is a simple platform for trading offered to institutional customers.
The Other investing products offered by Coinbase for cryptocurrencies include;
- Coinbase card: It is a Debit Visa Card for customers to spend cryptocurrency.
- USD coin: customers who want to exchange their US dollars for any cryptocurrency with the same value. It is a stable digital coin.
- Coinbase commerce: it is a payment service for traders
The company has also launched its mobile application for both iPhone and Android users. It is also protected by FDIC insurance up to the extent of 250,000 dollars. Now, there are more than 68 million users, which the Coinbase company verifies. It is a very beginner-friendly platform, and it also offers its users to learn about cryptocurrencies working. Despite many benefits, this platform has some cons, compared to its other competitors, and it charges high transaction fees. It offers two-step verification for high-security like biometric fingerprint logins. If you are located in the US, then for account opening in coinbase, you need a social security number. At the same time, you will have to prove your identity by identifying your state for other company residents.