Vogogo bitcoin miner Company or A Big Scam? Are there any pros and cons to Coinbase?
Before getting into the review of Coinbase, I will first start out with a general description. It is a limited company that mainly focuses on digital asset ventures, and cryptocurrencies in particular. The major focus of Coinbase is Bitcoin along with its products. Coinbase was founded by Fred Ehrsam and Brian Aarmstrong in 2012.
They saw an opportunity for a middleman after Bitcoin has start to gain market share since 2009 when it was first introduced. Coinbase first began by purchasing selling Bitcoins via Bank Transfers. Next it extended its services and included a vault system to be used for Bitcoins. It has grown its user base over the years to around 7 million to date.
Coinbase has been the go to place, particularly if you are wanting to buy your first Bitcoin. That is due to the fact that the company has made large investments into designing a user-friendly interface and making better algorithms to handle the extensive technicalities that are associated with owning cryptocurrency. They have also partnered with numerous banks and provide more than 32 countries all over the world with payment services. As previously stated, Coinbase has partnered with numerous banks all over the world to allow for the purchasing and sale of Bitcoins in local currencies. People have also made numerous payment options that range from ACH, SEPA, SWIFT and EFT. The main focus of Coinbase is on buying and selling Bitcoins.
However, storage is also an auxiliary function that it performs. They have wallets you can rent out similar to a warehouse for storing your Bitcoins in. You can store Litecoin and Ethereum as well. Your stash is kept safely and is guaranteed since an insurance cover is purchased for all of their storage vaults.
When it comes to Coinbase, the most important thing you need to know is that enjoys strong backing from major players in the financial industry including the New York Stock Exchange. What that means is the virtual currency business is quickly developing into a major profitable activity within the financial industry. The business has a license from the New York State Department of Financial Service for continuing its operation. Coinbase is operated more like a bank than it is a broker. The reason for that is hte company was the first that received the virtual currency operation license. It is also due to the fact that it has been integrated in with major Banks with its operations which has resulted in it adopting most Banking laws.
That is why Coinbase requires you to provide extensive personal information and accounts are monitored in order for money laundering to be prevented. Before you venture into Coinbase, it is important for you understand the inner workings of it. For most people, that’s the first question they ask. As previously mentioned, the company has heavily invested in insuring its vaults in order to minimize losses. The company is also integrated in with major banks that provides protection for its investments as well. 75 million in funds, so it is definitely one of the world’s most secure virtual currency brokers.