Coinbase Reviews - What Is It?
DO NOT USE Coinbase!!! You Must Read This Review!
Fully Researched: Price, User Feedback and More!
Coinbase is the company that is based out of San Francisco, CA, and has been in business since 2012. In fact, it is a web-based digital wallet that gives an opportunity to send and receive bitcoins. Coinbase is backed by some of the largest venture capital firms and holds 16,000 merchants, 617,000 consumer wallets, as well as integration with many American banks. The company holds a B rating with the Better Business Bureau. There are just two closed complaints and the company appears to have a great number of positive customer reviews. Despite its newness, the company has gained positive reputation. Of course, no online service is perfect. Coinbase has some negative testimonials too. For example, the most common complaint is the amount of time it may take to approve your transaction. Another complaint is that Bitcoin valuations may change often - similar to stocks. It means that you may buy yours at one price, but after a few days you may find out that it has become more expensive or much cheaper. However, their newer Instant Buy feature appears to address this concern in a rather successful way.
To better understand how the company works it is necessary to realize what bitcoins are. These are units of currency that represent a digital peer-to-peer payment system. They have been in use since 2009, and each of them is specially encrypted to prevent theft. The same bitcoin cannot be used as payment more than once. Initially bitcoins were associated with "underground" enterprises, and a few years ago they have been accepted by larger vendors, for instance, Wordpress, the popular blogging platform, and the dating site OkCupid. The official website of Coinbase claims that bitcoins are the largest alternative currency in the world. They represent a total market cap of about $10.3 billion. To begin using Coinbase, you will need to sign up for an account first. To do it, just enter your email address and choose a password. Your email address needs to be verified, and then you will be redirected to your user home page. There you will find a quickstart guide that will help you to purchase your first bitcoin, teach how to invite friends, accept bitcoin payments, and earn a $5 bitcoin credit. You will also be able to see your current balance, account activity, as well as to request and send money.
Customer Reviews - Does Coinbase Really Work?
There is a significant number of customer reviews about the app and the company itself online. Most users seem to be pleased with the service, saying that it is easy and convenient to use. In order to add bitcoins to your wallet, you will need to connect it to a credit card (Visa only) or bank account, and verify your phone number. The amount of bitcoins you can buy every day depends on your "level". Choosing the Level 1 and verifying your email address phone number, and linking your bank account will give you an opportunity to buy up to 10 bitcoins each day. You can sell up to 50 per day. Opting for Level 2 you will need to verify your identity and to complete a purchase. You will be able to buy and sell up to 50 bitcoins each day. When buying bitcoins, you will be given two options: Instant Buys and Regular buys. The latter will take four business days to process. Instant Buys will allow you to get your bitcoins almost instantly. When bitcoins are added to your account, the app stores them securely, and allows you to send them out as needed, for shopping, paying friends, or anything else.
Another advantage of Coinbase is that it also gives a chance to online merchants to accept bitcoins too. On their site you will see a button devoted to creating a payment. You will also be able to choose your button style, payment type (Donation, Buy Now, or Subscription), item amount and name, and description. After you have filled in this information, the appropriate code will be generated, and the button will be added to your site. Coinbase uses a few features to keep your bitcoins secure and safe, including AES-256 and SSL encryption, the Coinbase Bug Bounty Program, two-factor authentication, and background checks on Coinbase employees. One customer writes in his review that it is recommended to educate oneself if you are a newbie before using the wallet. Learn where and how to buy BTC and ETH, as well as where to store it. Your currency will be safely stored on your account. The majority of website users are excited with getting involved with Bitcoin. Let us take a look at honest reviews of customers regards to their experience with the company.
"I am very happy with Coinbase. In fact, I set up my account about two weeks ago and purchased $50 of Ethereum and $50 of Bitcoin. Believe it or not but this $100 investment has doubled. Now I have $200. I can buy gold and silver using the app so I plan to do it as soon as I am ready to cash out. It was easy to sign up, to buy Bitcoin, Litecoin and Ethereum. This is truly the best Bitcoin wallet on the market today. I am ready to give it five stars."
"I had only positive experience working with coinbase. I think other reviewers are angry because they simply don't understand how Bitcoin works. I have read that one individual made a typo and the money went to the wrong account. That is not Coinbase's fault. To tell you the truth, I have never had to address their customer service, but I am sure that it is pretty good."
"Coinbase is an amazing company. At first, I was very skeptical, but after contacting their customer service I changed my mind. The representatives of the company helped me through the whole process and were very professional and straightforward about all the risks and perks of buying bitcoins. I highly recommend this company to everyone. You will not regret joining them."
My Final Summary
Even though Coinbase is a relatively new company, it has gained a very positive reputation among users. Besides, it offers a great number of advantages. First, the app allows you to buy, send, and receive bitcoins quickly and easily. It can be used by separate individuals and online merchants. The app possesses many security features that help to ensure that you will never experience theft. Coinbase is free to sign up, and you will have to pay only 1% fee on your transactions. The service is backed by a few large venture capital firms. The company itself is based on the American dollar. The company is associated with a few negative reviews, though. Some customers complained of the four-day wait time for bitcoins to be available in their account. But this is one of the terms reported by the official website beforehand. Taking into account all pros and cons, I can undoubtedly recommend Coinbase to usage.
Coinbase Pricing and Rates
You can sign up for Coinbase for free, but you will be charged a 1% fee for every bitcoin transaction you make. For instance, if one bitcoin costs $852.70, you will be charged $8.53 for the transaction fee. The cost of a bitcoin may seem very high, but remember that you can always buy fractions of a bitcoin (e.g. 0.1 bitcoin = $85.20).