Coinbase Review

What is Coinbase

Bitcoin exchanges entirely rely on wallets for any kind of transaction whether trading, transfers, withdrawals or purchases. It is from wallets that merchants can view their balances and initiate exchange since it allows the use and acceptance of Bitcoin currencies. However, there are many companies that provide wallet services in both online and offline applications. For this reason, it is important to ensure you pick the right Bitcoin wallet that guarantees efficient service including tracking and security. Coinbase is one such wallet company that enables Bitcoin exchanges.

What is Coinbase?

Coinbase simply refers to a recognized international digital wallet used to secure and accept the transactions involving Bitcoin currency. This company provides sever based services as well as offline modules and mobile applications that allow traders to transact from anywhere in the world. It also provides security measures and procedures to ensure trading is kept secure. To make this possible, Coinbase includes certain combinations of services.

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Coinbase services and benefits

There are many services that this system puts together to ensure merchants can trade (buy and sell) using Bitcoin in a secure environment. These services are what distinguish Coinbase from other digital wallets. Some of the benevolent services merchants enjoy from using Coinbase include the following;

Committed security

Wallet security is among Coinbase’s predominant strategies exhibited at every level of service provision. All employees are subjected to a criminal background investigation to ensure no fraudulent personnel are part of the organization. The entire server is run under secure encrypted SSL https and wallets are stored using a superior AES-256 encryption. Private keys also use the same encryption and Coinbase practice the use of separate passwords as well as two factor authentications. Besides the username and passwords, there is an additional expiring code that is entered from the mobile phone as an extra security layer. Other security regulations performed by this site include authenticity verification through SQL injection filters, attribute white-listing and actions limiting. These measures ensure all possible vulnerabilities are covered and user information is protected.

Offline backup

Coinbase allows users to store their data in personal offline PCs and links are detached to ensure security is not compromised. Sensitive data in the server can be split, encrypted and then copied to USB drivers (FIPS-140) as well as paper backups. The drives are then distributed in safety vaults or deposit bags to any geographical area. Coinbase also stores up to 97% client funds in offline bank vaults. This further enhances security measurements taken.

Mobile wallet

The ability to transact Bitcoin exchanges from anywhere in the world is a strong pro for Coinbase. They provide efficient apps customized for mobile phones which are just as secure as all other models of this service. There are various security restrictions in place to ensure all transfers or withdrawals made are genuine and secure. The mobile use, which is available for android and iPhone, also enables use of text message notifications and communications.

Other currency

Coinbase allows users to buy Bitcoin using US dollars and can also trade them for the same. Bank accounts can even be hooked up to enable these transactions just like other regular purchases, but in this case, buying and selling of Bitcoin. The small transfers between Coinbase accounts referred to as micropayments are fee-free while Bitcoin purchases or sales are charged at 1% current market rate.

Conclusion

Coinbase is the highest reputed Bitcoin exchange wallet a stand which is solemnly achieved due to its efforts in enhancing security. They take measures from the primary organizational levels like employee hiring to personnel computer protection, server security as well as client. The exchange rates are also very affordable and small inter-account transfers are not charged. Coinbase also allows users to store their information privately in offline computers to further limit server security vulnerabilities and theft cases. The numbers of security levels users are subjected to pass through in verifying their credibility eliminates all possible chances of fraudulent infiltrations. Users can access their accounts from anywhere in the world with the mobile phone wallet application provided. This ability makes Coinbase very convenient and effective. What’s more, personal bank accounts held with US banks can be linked to allow direct purchases of Bitcoin. In overall rating, Coinbase is absolutely efficient and effective, providing the best secure wallet and suitable for any Bitcoin trader.