Coinbase – How to Open a Bitcoin Account and Buy & Trade Easily
For those who don’t know, Coinbase is currently the biggest bitcoin exchange in the United States. This is due to the fact that Coinbase has over 10 million registered users, and has traded an eye-watering $50 billion+ since launching in 2012.
That said, Coinbase isn’t just one of the easiest places to buy Bitcoin with a credit card and/or via direct bank transfer. As well as this, Coinbase also offers a wide range of industry-leading Bitcoin account services.
Safe & Easy Bitcoin Storage & Wallet Access
One golden rule when dealing with any Bitcoin exchange, is to to always have a way to store digital assets safely after purchase. Did you know, for example, that $30 billion in Bitcoin has been lost since 2009, simply due to investors losing coins while transferring funds and them losing their private keys?
Thankfully, as well as allowing verified users to buy up to $1,000 worth of Bitcoin each week, Coinbase also operates one of the most secure Bitcoin exchange web wallets on the market.
Unlike with other Bitcoin exchange web wallets, Coinbase funds can be stored safely offline in a Coinbase vault. Meanwhile, Coinbase users in the United States can use the Coinbase Shift Visa debit card, to directly spend wallet balances in real-world retail contexts.
Coinbase Benefits:
- Buy Bitcoin with credit cards easily and safely in seconds
- Coinbase allows users to buy and exchange digital currency tokens like Litecoin, Ethereum, and Bitcoin cash. – not just Bitcoin
- ID Verified users can buy up to $1,000 in Bitcoin each week
- Coinbase stores 98% of cryptocurrency funds offline for enhanced wallet security
- Coinbase allows newcomers to the digital currency market to buy and sell digital assets, even if they are unfamiliar with Bitcoin and blockchain technology
- A Shift Visa debit card can be linked with wallets to allow users to spend wallet balances
- Transfer BTC and other cryptocurrency coins instantly and easily among other Coinbase users
Recent Coinbase Controversies
If you are new to the cryptocurrency market, Coinbase easily provides one of the most user-friendly Bitcoin exchange platforms to get started using. That said, Coinbase does attract criticism on some fronts.
Trading Caps & ID Verification Issues
One of the most concerning things about Coinbase is that on several occasions, Coinbase has been seen to suspend trading during cryptocurrency price crashes.
In tandem with Bitcoin and other cryptocurrency price crashes on December 21st, 2017, Coinbase halted trading, making it impossible for people holding digital assets to sell in time to avoid considerable loses. Of course, since December 21st, cryptocurrency prices have significantly recovered. What is arguably more worrying, however, is the fact that Coinbase also seems to periodically freeze and suspend user accounts without real justification.
Coinbase Account Freezing
For the sake of objectivity, it is important to understand that Coinbase and most other Bitcoin exchange platforms are bound by strict know-your-customer, identity verification rules. This means that if anyone creates a Coinbase account using an alias or a fraudulent ID, Coinbase has every right to freeze that account and suspend withdrawals indefinitely.
Sadly, in spite of the above, some longtime Coinbase users have reported account suspensions and withdrawal issues, which only seem to occur during peak trading periods.
Could Coinbase be the Best Bitcoin Exchange for You?
Despite certain controversies, Coinbase is still the safest and most reputable Bitcoin exchange in the US. What is more, buying Bitcoin and other digital assets like Etherum and Litecoin, is significantly cheaper (and safer) on Coinbase than buying tokens peer to peer.
Of course, no one likes the idea of having an account frozen or suspended when they might need access to it most. All such problems, however, can be easily avoided, by buying digital assets on Coinbase, before moving funds to more secure off-platform wallet addresses.
Check out our Simple Ways to Earn Bitcoin Guide, and our How To Get Bitcoin, Beginner’s Guide to learn a broader range of how else you can get some Bitcoin.
*If you are interested in signing up for Coinbase you can earn a free extra $10 whenever you buy/sell up to $100 worth of Bitcoin, or any cryptocurrency, when you sign up through this link Coinbase.
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