Are you on the fence about opening a Coinbase account? Are you looking for a place to put some of that stimulus money you are about to get? Here is some historical perspective that might help you as well as a $10 Bitcoin offer.
Coinbase was founded in 2012 by Brian Armstrong (formerly of Airbnb) and Fred Ehrsam (formerly of Goldman Sachs) as part of Ycombinator, making it one of the oldest exchanges for Bitcoins and altcoins. Coinbase actually began as a Bitcoin-only brokerage service (selling Bitcoins directly to customers), but many other services have been added over time.
The year 2014 was one of growth for Coinbase as its number of users grew to over 1 million and its partnerships began to grow with companies like DELL, Overstock, and Expedia joining forces. Ether was added for retail support in 2016. Many other altcoins have since been added.
New services have been added. In particular, the addition of Coinbase Pro has been been welcomed by more experienced and professional traders. Buying limits and stop options, similar to public stock trading companies like TDAmeritrade, are a part of the Coinbase Pro site. Coinbase account holders may simply use their same log-in information. A separate account is not needed. Users may buy and sell Bitcoins or altcoins through a bank account, credit card or debit card on either site.
Coinbase Pro offer opportunities for developers and merchants to build apps and accept payments on their site by means of digital currencies. Coinbase offers services in most countries worldwide.
As far as security goes, Coinbase is not only a pioneer, but among the best. According to crypto expert and blogger, Andrey Costello, “the company works like a real bank: it accepts clients’ funds via bank transfers and stores assets (digital keys for token unlocking) in safes. Coinbase uses the insurance market of Lloyd’s of London, and its security department employs 41 professionals, including an Iraqi war veteran who is responsible for guarding the “physical” office and a PhD in cryptography who also protects the “digital” space of the exchange.”
Also, Coinbase users can use the independent Authy mobile app for two-factor authentication for more security.
As far as negatives, there are a number of complaints about their customer service. I have not had this issue, but it is worth noting. Also, larger accounts may be subject to IRS reporting (You had 200 or more trades with a total value equal to or greater than $20,000 in a given year). I recommend the following article for more info on cryptocurrency and the IRS:
Coinbase now has well over 35 million users. Coinbase is great for those of us relatively new to buying and trading Bitcoins and altcoins. I recommend a diversified wallet that includes at least some stable coins, like DAI, along with Bitcoin or Ether. There is plenty to read, study, and learn throughout the Coinbase site before moving on to Coinbase Pro. If you do not have a Coinbase account and would like to start, try the following link. We will both receive $10 in Bitcoin with your first purchase of $100 or more.
https://www.coinbase.com/join/snuffe_p
I provide this information for educational and entertainment purposes. Buy and sell at your own risk. Feel free to follow or like this post. I am a fellow traveler on this exciting journey. I welcome your input as well.
