Coinbase is a cryptocurrency wallet application that lets you quickly buy, sell, and trade a variety of coins.
Adopting cryptocurrencies can be difficult when the technology influences the value, new jargon and brands are constantly coming into the market, and it is less convenient than sticking with cash or debit cards. While the technology, usage, and offerings are still undergoing change, the Coinbase App is an example of how cryptocurrency is evolving into something more tangible in our daily lives.
Coinbase provides a variety of services that makes it a one-stop application for managing cryptocurrency. Educational materials help newcomers learn the wide array of jargon in the industry before they begin investing. Once you’re ready to get started, you can quickly buy and sell a variety of cryptocurrencies in both market and personal transactions.
Popular currencies like Bitcoin, Ethereum, Dogecoin, and more all contribute to the more than a trillion dollars of market cap that can be traded. Swapping coins between other users on Coinbase is quick and easy, so your personal network can all trade cryptocurrencies with each other as easily as other quick cash transfer services.
After adding a payment method to your account, you can quickly browse through the cryptocurrency market and buy coins with a few clicks. The notifications work with the market information and your desired wallet activity to push information to you when you need it, so you don’t have to spend all day watching the price charts to take advantage of deals and price shifts. For deeper research, you can look at the price history of coins, current value, typical hold times, and more.
Signing up for Coinbase is relatively simple, but it does require an active smartphone for two-factor authentication and using the application. You’ll also need a driver’s license or photo ID to verify your account and enable sending and receiving cryptocurrency. The Coinbase download on both iOS and Android devices is free, or you can use the service through the website if your smart device is unavailable.
There are no fees associated with holding coins in your wallet or transferring them to another Coinbase wallet, but you will have to pay fees when making other transactions to cover the typical costs. The fees are calculated at the time of making the transaction, and it can vary even for the same coin based on factors like market conditions and the size of the order.
Signing up for a line of credit through the company has associated interest rates, and purchases made with credit value incur a 2% fee. If your cryptocurrency trading becomes a larger part of your financial activity, the Pro version of the service can be beneficial with its tiered fee structure, expanded order options, and a wider offering of cryptocurrencies.
You also have the option to put some of your coins into currencies that use proof-of-stake. The company will leverage your added value along with the rest of theirs, which allows them to use those coins to earn more coins. They take a 25% commission for processing the proof-of-stake currencies, but you get the bulk of the return. The exact amount will vary, but returns are generally much higher than if the monetary value was sitting in a savings account.