Coinbase – A Bitcoin App

Coinbase – Buy Bitcoin & More

Developer – Coinbase

Price – Free (Coins a lot more)

Coinbase – Join the Currency Craze

Anyone who has been following Bitcoin or Ecurrencies (cryptocurrency) in general know 2017 has been an explosive year for the digital currencies. Bitcoin has increased from $756 at the first of the year to the astonishing amount of $11,137 (On December 3, 2017).  This craze has created an abundance of third party processing and storage companies looking to capitalize of the 21st century gold rush.  We will skip over the basics of what Ecurrencies are and whether you should be investing in them, and rather we will focus on the bitcoin app.  I won’t suggest taking financial advice form a few computer nerds.  The Coinbase app is basically an exchange where you can purchase currencies.  They also serve as a Ewallet, which stores or tracks your currency transactions.  Currently you can trade Bitcoin (BTC), Litecoin, Ethereum, (ETH), Ethereum Classic (ETC) Bitcoin Cash (BCH) and Bitcoin2X (B2X) is accepted to be serviced shorty.  United States customers can fund their Coinbase account (fees associated with the deposit method are shown in parentheses) with bank transfers (1.45%), credit cards (3.99%), debit cards (3.99%), and bank wire (free).  Beware that not only are you hit with funding your account, you are also subject to cashing out with the same fees.  In addition to the funding options, PayPal is also available for withdraws at a 3.99% free. On top of cash in and cash out fees, Coinbase hits you with transactions fees.  The fee for buying coins is complex and based on total volume the exchange has, expect to pay .25% on purchases, unless you plan on trading large quantities.  Currently selling Bitcoin is not subject to any fees.  Coinbase does service other countries and you can find the supported funding options here.  First time customers are subject to $5,000 limits. These limits can be extended after successfully performing transactions and applying for a limit increase.  One Bitcoin trades above $11K so if you are sitting on $11K to invest in a new currency that you might not know a lot about, don’t worry. Unlike stocks, currencies can be bought and sold in fractional units.  Coinbase offers a typical wallet and coin vault for your storage.   Think of a wallet similar to the term whereas you keep money in it that you expect to use really soon, and the coin vault is like your bank account and provides additional safety measures.

Using the Coinbase App

The app is really easy to use and provides all your transaction history. You can create price alerts to make sure you don’t miss those great buying opportunities.  You can set passwords to access the app to add another level of security which we recommend.  The price tab provides up to date pricing for all three supported currencies and allows you to easily look at historical pricing.

 

Coinbase App – Terms of Use

I know most of us just click “agree” when presented with the terms of the dialogue box, but this is one you will really want to read.  It is long and a difficult read but absolutely needed.  We will hit upon the major points in laymen terms and our understanding of the terms of use.

  • You are responsibility for paying any taxes based on your local and government tax law on all investments.
  • If you use their Coin vault and lose your credentials, they can’t restore them. You are basically screwed.
  • Coinbase is not responsible for hacked accounts. They even state accounts are susceptible to hacking. Remember Mt Gox? If not, it was an exchange where 450 million dollars of bitcoins was stolen.
  • If your account is inactive for some time, and Coinbase has no way of contacting you. They have to report the funds as unclaimed.
  • They aren’t responsible for any losses or gains. Basically, investing is complex and you should do research or consult a financial planner for advice prior to investing.

 

Coinbase Bitcoin App Final Thoughts

If you are interested in investing in Ecurrencies, Coinbase is one of the larger and more respected exchanges available and they offer many forms of deposit and withdrawal. They are heavy on the fees (setting up wire transfers will remove the funding fees) and your investment isn’t guaranteed to be safe.  They currently only offer trades in the three big coins, but I expect them to pick up more as they become more creditable.  The market for currencies is very volatile, so really research or speak to a professional prior to investing.

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