What is Coinbase? How does it work?
Trading with digital currency is not an easy option. When you are planning to trade, it requires a platform to market the currencies. Coinbase acts as an intermediary with the network. People with less technological mind need a platform or a store for digital currency trading. Here coinbase acts as platform or a venue to buy and sell digital currencies. It stores the digital currency, sometimes works like a wallet. Bitcoin transaction happens in 32 countries where coinbase has served more than 10 million customers
How coinbase works?
To create an account in coinbase, you need to purchase cryptocurrencies. You are required to link your bank account or creditcard to coinbase account. Transfer the money to your coinbase wallet. Currencies cannot be purchased directly from your bank account. Usually transaction happens between the bitcoin wallets. Once the transactions are completed, you can check the status and money transfers in 2-4 days. But using coinbase helps you to check the transaction details and wallet money instantaneously. You can also sell bitcoin to other wallets like paypal. You can exchange your bitcoin to any local currencies instantly. This makes the user to get familiar with bitcoins. This platform ensures security of customers cryptocurrency assets purchased and store within coinbase fees. The customer’s sensitive data is resided on their server, even entirely from internet.
If you do have extra money to tie up with bitcoin, but you want more space to secure your money, you can use coinbase vault. These wallets shows real time cryptocurrency price and doesn’t look different from stock trader.