Introduction to Coinbase
Coinbase is a renowned cryptocurrency company offering its services in over 42 countries, boasting over 20 million customers worldwide. Coinbase provides an array of additional services, with the primary one allowing users to trade in and buy Bitcoin UK through an intermediary bank account, or credit and debit card. The company was formed in 2012 and is one of the oldest exchanges. Starting out as a Bitcoin brokerage service selling the crypto directly to its customers.
Later on, additional services were added. Coinbase is ideal for trading in digital cryptocurrencies, providing a platform and intermediary for communication with the network. Primarily a global digital asset exchange company, Coinbase allies the transfer of information regarding financial transactions on the blockchain network, which also verifies the transactions. Coinbase acts as a digital e-wallet where you can store cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and many other digital currencies. Coinbase accents fiat currencies in over 32 countries, with Bitcoin transactions accepted in many more.
According to the Coinbase website, the company has serviced more than 10 million customers, facilitating the exchange of over $50 billion in digital currencies. With Coinbase, your anonymity is protected, with your name listed only on your Coinbase account and bank account, so tracing your previous transactions is easy. Coinbase is appropriately regulated and fully licensed, and has raised more than $400m from investors including Andreessen Horowitz, Rabbit Capital and even The NYSE.
If you are a new crypto current user, Coinbase is the perfect vehicle with a relatively user-friendly interface. The additional tracking services and secure financial performance is assured. Coinbase Pro is for more experienced users allowing the trade of several popular cryptocurrencies such as BTC, ETH, LTC, BCH and ZRX. The associated fees are significantly lower than typical brokerage service charges, and the advanced trading options make the platform an attractive prospect. Coinbase launched a mobile wallet in 2018 compatible with Android devices. It is capable of storing private keys, thereby granting access to funds to the mobile user.
How does Coinbase work?
Using Coinbase is fairly straightforward, and the interface functions as a cross between a cryptocurrency exchange, and an online bank. It is a great starting point for anyone not familiar with buying and selling Bitcoin and other cryptocurrencies. The Coinbase interface facilitated the purchase of Bitcoin for first-time buyers. Additionally, it is the ideal and convenient starting point to convert fiat currencies to cryptos. All the following currencies are supported by Coinbase, USD, GBP, EUR, BTC, BCH, ETH, ETC, LTC, and ZRX (0x). You can purchase any of the above through your bank account and options like PayPal and credit cards are on the table as well for conducting business through Coinbase.
How to get started with Coinbase
Setting up an account on Coinbase is somewhat similar to the PayPal process. You will need to supply documents proving your ID and bank account details. Generally speaking, you should prepare your valid photo ID documents such as your driver’s license, or national ID card, and your bank account or credit card details. You may be required to send in a selfie with your identification card in hand. You can upload your documents directly onto the Coinbase website.
The due diligence process involves Coinbase sending a small amount of money to your bank account, which you will then need to verify in return to activate the Coinbase account and complete verification and authentication. As soon as you have finished the signing up process, your dashboard will show the current prices of Bitcoin, Ethereum, Litecoin, and other cryptos along with a detailed Bitcoin chart. Coinbase then authorises a maximum purchase limit, and you’re good to go. Once up and running, you will soon learn how to spend bitcoin UK via Coinbase.
Buying and Selling
Coinbase also supplies online merchants with the tools to accept cryptocurrency payments via their website, or a dedicated plugin that is supported by the best content management systems (CMS) like Shopify, Magento and WooCommerce. Coinbase is how to spend bitcoin UK, and requires users to link their bank account, credit cards, and debit cards to the Coinbase account, so you will easily be able to acquire Bitcoin and other cryptocurrencies, and learn how to spend Bitcoins.
A bank account permits higher limits of £100 a transaction, and £2,500 a week. It takes about 2 to 4 days for the funds to arrive in your bank account, depending on your bank. Credit and debit cards have lower limits of £200 a week; however, you can buy digital currencies by transferring funds from your bank account to the Coinbase site, which arrive immediately. You can also exchange your Bitcoin via PayPal, effectively cashing out, trading Bitcoin for local currency. Coinbase has created intricate technology that makes the process of cryptocurrency investing, speculation and possession straightforward, almost like buying and selling shares and stocks.
Why is Coinbase the best place to buy Bitcoin?
You can buy gift cards with bitcoin UK, via Coinbase, with a cost-effective vehicle to trade and buy bitcoins UK. A flat fee or transaction percentage of 1.49% for standard buys and 3.99% for credit card are levied for transactions under £200. Depositing is free if you use an ACH transfer, and a charge of £10 is charged for other methods. Nevertheless, Coinbase sports a low fee structure in comparison to other brokerage services.
Transferring between Coinbase accounts is free of charge, and external transactions require 3 separate confirmations before showing up in your bank account. Initially, you will only be able to purchase a limited amount of Bitcoins. However, you can raise your limit by supplying additional documentation and data. You will need to supply you and verify your phone number, your personal information, and verify your photo.
The highest limit is currently £25,000 a day. The limits also depend on the service provider and payment method you choose to buy your Bitcoin UK, with ACH bank transfers offering higher limits than debit and credit card purchases with Coinbase.