Hi, thanks for reading this post. I am going to go over the pros and cons of coinbase to allow you to make an informed decision on whether Coinbase is safe for you to use.
TL;DR: Overall, Coinbase is a safe and probably the most popular site for people looking to buy and sell bitcoins, especially if you want to buy bitcoins with a debit card or credit card immediately.
If you decide to use Coinbase consider using my link which will give us both an extra $10 when you buy or sell $100 in crypto: https://thecryptocurrency.guide/goto/coinbase
Go here if you don't like extra money ;) - https://www.coinbase.com/
The Good about Coinbase
Coinbase is easy to use.
Coinbase has a very easy to use interface, which makes it easy for people who are new to bitcoin and cryptocurrencies. They make it simple to purchase bitcoin in comparison to other methods.
Coinbase is as secure as your bank.
Coinbase is very secure, You can visit this link to learn how they secure your data. In short, they use the same security as banks so nothing bad happens to your data and bitcoins.
Coinbase makes it simple to cash out your crypto to fiat.
Coinbase allows you to easy convert your cryptocurrency to your native currency and vice versa. If you have your bank account linked with coinbase, all you have to do is sell your bitcoin on coinbase for fiat money and withdraw the funds to your bank account. Transfers normally take a couple days.
The Bad about Coinbase
You may read some bad things about coinbase, like they don't answer support tickets, or accounts getting locked up, etc. Most of this can be explained by how popular its getting.
Support has their hands full with resolving newcomers issues.
With thousands of newcomers making coinbase accounts and not fully understanding how cryptocurrencies work is going to cause a lot of support tickets. Coinbase can only throw so much man power to resolve support tickets of the thousands of people who are joining everyday. Unfortunately this will cause slow response times to your issues until they are able to grow their support team to meet the demand.
Coinbase is a big target for hackers.
When your bitcoins are on coinbase or any online wallet, they have control over your private keys. No, they aren't evil and trying to take your bitcoin, they manage your private keys to keep things simple when it comes to moving and storing your bitcoins on there site. Though it also makes them a targets to hackers. Even though Coinbase does a lot to protect your coins, it's best to purchase bitcoins from them and immediately transfer them to a wallet on your computer or mobile device.
Coinbase has high fees.
Coinbase has some high fees when you buy cryptocurrency with a credit card or debit card. There are less costly ways to obtain bitcoin but it often takes longer and it's more tedious to use. If you prefer convenience over cost, this is not a bad thing.
You lose anonymity when buying bitcoin on Coinbase.
One of the reasons bitcoin is catching on is the fact your transaction are nearly anonymous. If you plan to use coinbase, they have to follow KYC and AML rules (Know Your Customer, Anti-Money Laundering) Which means you'll have to provide your identity to them so they can make sure you don't do anything malicious with bitcoin. If you want to keep your identity away from your bitcoin activity, i would not recommend coinbase for this reason.
Should You Use Coinbase to Buy Bitcoin?
Yes, Coinbase is safe and convenient way to buy bitcoins. Though I do not recommend keeping your bitcoin in your account. Since they hold millions of dollars worth of cryptocurrencies, they will constantly be the target of hackers looking for a big payday. Coinbase is a very easy way to immediately get your hands on bitcoin, ethereum and litecoin.
Ready to join Coinbase?
If you found this post useful, why not support me by using my link to join coinbase, we both get an extra $10 whenever you get started with them. Win-Win! If not you can join them without my link here: https://www.coinbase.com/ (No hard feelings)
thanks for the post. what do you think of coinbase supposedly having most of the coin they hold stashed away on offline networks. So called secure. I'm sure a hardware wallet would be best though.
It seems safe, but you never know if coinbase will repeat what Mt.Gox did. Hardware wallets would the best way to store your bitcoins.
ya that is what I figured as well
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