Coinbase is a very known name in digital currency world. Today if we talk about major cryptocurrency websites, Coinbase is one of the first name come to our mind.
Cryptocurrency is capturing the market rapidly. in 2008 when Bitcoin was launched by a mysterious Chinese man “Satoshi Nakamoto“, nobody knew that the future will mostly depend on Cryptocurrencies. Though, yet the world is not totally depended on Cryptocurrencies, but no doubt it is now a big competitor of physical currencies.
And, also no doubt we can in future Cryptocurrency beat physical currencies. If you don’t know I would like to say Switzerland is going to be the first country who launching his own cryptocurrency. There are many physical markets in the USA who started to accept digital currencies as a payment method. If you Google the internet you also face many online stores accepting cryptos as a payment method.
Now, I think you have a clear idea about the popularity of digital currencies. There are many factors behind there popularity. They are more handy, secure and easy to use. If you want to know how much secure Cryptocurrencies you must read my article,
Where I have described briefly the security of Cryptocurrencies.
Now come to the point.
From the infancy age of Cryptocurrencies, some websites are continuously covering articles about them, inventing tools related to them and also providing trading, exchanging and mining opportunities to their users.
Coinbase is one of them. Do you know why I mentioned Coinbase as a Cryptocurrency kingdom in the title? Because it deserves to be called that. All the things you think of digital currencies, you find on Coinbase website.
I know you are eager to know more about Coinbase and its services. So let’s begin.
What is CoinBase
Coinbase is a cryptocurrency website dedicated to Cryptocurrencies. But, don’t recognize it as another crypto website because it is much powerful than other websites.
There are only a few websites which can give a competition to Coinbase. Coinbase provides many useful services related to digital currencies under one roof. The services Coinbase provides are,
- Buy and Sell Digital Currency with Coinbase
- GDAX Digital currency Trading by Coinbase
- Digital Currency Payment Gateway by Coinbase
- Coinbase Developer Platform API
- Cryptocurrency Chart
- Vault Facility
And also you will get latest Crypto news on this website. In my eyes, apart from Coinbase, there are only few who give all these services on one place.
History and Facts of Coinbase
Founded in June 2012 Coinbase has now captured 40% in the digital currency market. In the beginning, it had only a wallet service for digital currencies but with time it started new services like Cryptocurrency trading, exchanging, Developer API, Digital currency payment gateway etc.
From 2012 to 2018 they have been spread across their network like forest-fire. Founded by Brian Armstrong they have focused on Cryptocurrency market for more than 5 years and understanding the demand of market they created key products of Cryptocurrencies. The key products they serve are the reason behind their huge success.
Let’s have a look at some facts of Coinbase
- Founder – Brian Armstrong
- Revenue – $1 Billion
- Website – Coinbase.com
- Users (may 2018) – 20+ millions
- Alexa Ranck – 272 Global ranking
- Capital traded from 2012 to 2018 – $150 Billion
Products and Services offered by Coinbase
There are 4 Core products and 2 supporting services they offer. Below I have been provided the detailed analysis of their products. Before using Coinbase’s services, you should read whole analysis carefully.
#1 Buy and Sell Digital Currency with Coinbase
Buying and selling digital currency is the 1st core service they offer since 2014. They provide buying/selling service for 4 leading cryptocurrencies.
Here is the market cap for these 4 digital currencies
- Bitcoin – $135,229,080,345 USD
- Bitcoin Cash – $18,908,199,098 USD
- Ethereum – $63,575,251,680 USD
- Litecoin – $7,195,656,550 USD
To buy or sell your digital currencies you have to create an account with Coinbase. There are 2 types of account you can create with Coinbase.
To sign up for an individual account the process is simple. You have to provide your name, phone number, email and password and done.
For a business account, there are two options to signup. either you have to create GDAX trading account or for merchant services. GDAX trading account is used to trade in digital currencies. Merchant service account is used to use their payment gateway and other merchant services. We will discuss these two services later in this article.
So, after creating an individual account with Coinbase your are able to access their cryptocurrency buying/selling service.
You have been provided a digital currency wallet where you can add fund to exchange the currencies. Fund your wallet with your digital currency.
Then just go to Buy/Sell page and you can easily buy or sell your Cryptocurrencies. For this service, they charge some commission which is between 1.49% to 3.99%. To withdraw your funds to your bank account you have to link that with your wallet.
If you use wire transfer for withdrawal, you will be charged $10 extra.
Currency conversion process is very simple so you can use it easily without a much technical knowledge.
GDAX is a Cryptocurrency trading platform owned by Coinbase Inc. As I told above, you have to create a business account to access this service. To create a business account you have to provide your business details and capital sources.
After creating a business account you have been provided a Cryptocurrency wallet. Just like Buy/sell service you can link your bank account with the wallet and add fund to your wallet. You can also add digital currencies to your wallet.
The user interface is easy to understand. Just like traditional currency trading, you can trade in any given currencies pairs.
Deposit funds to your account, choose your currency pairs from currency pair menu, enter the Buy/sell amount, enter the limit and place the order(Go for long).
Whenever you wanna close the trade just close the order(Go for short).
Note: Beware, digital currency trading is very volatile and depends on the market so it is risky to trade in Cryptocurrency.
This is an awesome feature developed by Coinbase. With the popularity of Cryptocurrencies, it is going to be more and more important for shopping websites owners to integrate their website with Digital currency payment gateway.
In the US and other tiers one countries, the physical store also accepts payment in Bitcoin and other cryptocurrencies.
Coinbase is providing easy to use digital currency payment gateway service for online merchants. Thier payment gateway is fully compatible with Shopify websites and to customize codes. Signing up with Coinbase Commerce, you have been provided a dashboard from where you can track all your transactions and checkouts.
Coinbase Commerce is global so you can use it with any website around the world and accept payments in digital currency format
They did not stop at Coinbase commerce but also created Coinbase Developer Platform API to integrate their services with any website and app. Such an amazing service.
Do you have cryptocurrency website? Do you have a bitcoin-related android app and struggling to create online Cryptocurrency services like Cryptocurrency charts etc to help your users?
Don’t worry a much as you can now use Coinbase developer platform API which gives you the full control on,
- Generate bitcoin, bitcoin cash, litecoin and ethereum wallets and addresses
- Buy/sell and send/receive bitcoin, bitcoin cash, litecoin and ethereum
- Securely store bitcoin, bitcoin cash, litecoin and ethereum
- Retrieve real-time or historical price information
- Receive notifications when payments arrive
- Accept and request bitcoin payments as a merchant
With Coinbase developer platform API you can easily embed these services on your websites and apps. With these services, you can create a fully customizable Cryptocurrency website and earn more.
These are the 4 core features Coinbase provides.
Now have a look at 2 other features of Coinbase.
Charts are the most important tool in cryptocurrency world. Charts provide a clear data about the value of cryptocurrency over time. You can use it in various ways. It is the most useful tool for buy/sell currency exchange, Cryptocurrency trading, and Cryptocurrency mining.
With the help of Cryptocurrency chart, you can get a clear idea how much would be the future price of your currency. It is helpful if you are going to invest in Cryptocurrencies.
Coinbase provides easy to understand cryptocurrency charts to their users for understanding their currency value in the market. Using their Cryptocurrency charts, you can easily determine that should you invest in a particular cryptocurrency or not, what is the correct time to invest in cryptocurrency and many other useful data.
Now the final product.
They provide a fully secure Cryptocurrency vault facility with insurance. With their vault, it is impossible to steal your money as they are very very secure and from 2012 to 2018 there are no complaints recorded about their vault facility.
For an extra layer of protection, they provide theft insurance policy for your vault. So you can imagine how much secure your money will be with them?
They do not charge any amount to use their vault. You can use this vault as a wallet with their trading and exchange services. Coinbase vault is an offline storage facility so your money is safe on their hand.
Future of Coinbase
As Coinbase is in the top 10 Cryptocurrency websites, it has a bright future. Experts say that Cryptocurrency will acquire a large percentage of the market in upcoming years. With the growth of Cryptocurrencies, Coinbase will be more and more powerful.
If you are a Cryptocurrency user, you should use Coinbase for trading, Buy/Sell Cryptocurrency and other merchant services.
As a web developer, I really like Coinbase Developer API. I already implemented Coinbase API with my few websites and seen positive results with them.
If you are already using Coinbase, comment below about their services as this can help others to choose a good platform for all in one Cryptocurrency solution. Share this article with others as sharing encourages me to write more valuable content.