Understanding Coinbase Platform and Coinbase wallet
Coinbase is an application that allows you to sell and purchase 50+ different cryptocurrencies; some of them are Bitcoin, Litecoin, and Ethereum. You can likewise send, receive, or exchange cryptocurrencies among other users using coinbase. It functions just like any other stock exchange application. Coinbase ascertains all the cryptocurrency trends and their real-time prices.
Coinbase Vs Blockchain
To carry out a fair comparison between coinbase and
blockchain wallets, we will look into seven different sections that will take
you through the benefits and drawbacks of either platform. So, you can choose
the right option for storing and trading your cryptocurrencies.
In the very first section, we will conduct a Feature comparison between both wallets:
Features of Blockchain:
- Ease of use:
Bitcoin exchange is very easy to perform using a
blockchain wallet. It also facilitates quick Bitcoin transactions on a global
scale.
- Security and Safety:
it maintains a security center to secure
each Bitcoin exchange through the wallet. The center prevents any unauthorized
access and also takes care of backup funding.
- Multi-platform access:
blockchain wallets can be accessed
from any device, at any time and any place. It supports applications for
Android, iOS as well as desktop.
- Design structure:
It has a well-organized framework that
facilitates dynamic transaction charges.
- Global utility:
It functions as a global platform. It gains
conversion rates of over 20 unique types of currencies.
Features of Coinbase:
- Security and safety:
To secure bitcoins from theft or loss, It facilitates
protected storage of around 98% of digital assets in the offline mode.
- Multi-platform access:
it can be utilised on both IOS and Android applications.
- Total management mechanism:
Coinbase wallet carries multi-signature wallets that give
full control over the user’s private keys.
- Insurance:
The owner of the coinbase wallet gets support from various
insurance policies to look after stored currencies.
Facilities for Instant transactions: It permits the wallet
holders to trade their regional currencies with bitcoins easily and quickly
without any hassle. It basically implies that the wallet holders can carry out
their exchanges instantly.
User-interface
Blockchain wallets and coinbase wallets both provide
app-based as well as web-based trading. Despite the fact that browser tools and
mobile applications are much more simple to use, the process of exchanges is
different. Coinbase wallet is best fitted for manageable format and buying and
selling of Bitcoins. On the other hand, Blockchain provides comparatively more
tools and resources for operating Bitcoin exchange in the digital marketplace.
The dashboards of both platforms are almost identical. In the
dashboard, users can obtain information about their wallets as well as rates
and the latest trends of cryptocurrencies. However, after signing up, the differences between platforms will be
more noticeable. In the blockchain platform, you’ll notice along with the
options of “Send” and “Request”, the platform also mentions “Be your own bank”.
This phase clearly shows the difference in the concept of both platforms.
Customer Support
Customer support is a sensitive area for both platforms;
however, there are minimal complaints regarding both platforms’ interfaces.
Yet, almost all of those complaints pointed towards poor customer services,
which can result from high volumes of transactions on both platforms.
However, Coinbase has earned A+ ratings. Both platforms
generally respond by means of emails within a span of 4-5 days. Their customer
support responsiveness needs to get some improvements as both of them are
already leading platforms for the cryptocurrency community.
Security measures
While dealing with digital money exchanges, security is
consistently a top priority. Cryptocurrency trading platforms like Coinbase and
Blockchain are acutely mindful of this situation and keep on spending millions
of dollars to provide safety to their networks and limit shortcomings. Both
organisations have been victims of cyberattacks in the past. However, their
individual interior security systems helped to show quick response.
The security system of Coinbase can beat the security
arrangements of a lot of the biggest financial institutions and banks.
Conibase’s security system uses machine learning and AI security that can
distinguish questionable actions on accounts. Also, The users will not lose
their assets by unlawful hacking, theft or by accident since they store 98% of
their digital currencies offline.
On the other hand, blockchain wallets have an established
security centre that detects any unusual activity and shuts down the network
unless the issue is resolved. In blockchain wallets, any dubious action is
quickly detected as Blockchain is a distributed network, which means if there
are changes in any of the blocks, it will get quickly distributed throughout
the network, making it much easier to detect the hacked block and start the
process of resolving the issue.
Fees
The registration process of Coinbase is simple to follow.
Users can register on this platform free of charge. Coinbase charges a base fee
of 4% on every exchange done on the platform. Further, with Coinbase, users are
required to add and verify their financial accounts in order to begin the
process of buying BTC, LTC or ETH with U.S dollars.
Registering on the Blockchain wallet is hassle-free. However,
it charges a minimal amount for registration. Similar to coinbase, blockchain
wallet also charges a nominal 4 per cent of each transaction carried out on its
platform. Recently, Blockchain has launched a dynamic fee system that allows
users to run a smooth transaction even when traffic is high, given that they
have to pay a higher fee for it. Hence, the actual fee in a blockchain wallet
might be pretty high compared to coinbase.
Merchant services
Merchant service usually relates to merchant processing
assistance that facilitates a platform to receive a transactional fee by means
of an encrypted getaway by utilising the user’s credit card/debit card/NFC/RFID
permitted device. CoinBase wallet offers merchant services to its users. Aside
from credit/debit cards, users can deposit funds by making a bank transfer.
However, the Blockchain wallet only allows cryptocurrency to carry out fund
transfers.
Criminal insurance
A crime insurance policy is a type of anti-threat management
that safeguards an investor from the loss of cash, property, or any business
trade-related crimes. It enables investors to file lawsuits following the
incident of criminal violation that has the potential to ruin an investor
financially. Criminal offences such as robbery, security thefts, embezzlement,
forgery, or any other related crimes are covered by the policy.
Coinbase supports its wallet holders with criminal policy as
well as many other related insurances. While in the case of a blockchain
wallet, no such facility is available.
To know more, contact us at: https://www.codezeros.com/contact
Comments
Post a Comment