Coinbase bitcoin wallet is a cryptocurrency wallet. Every month it is gaining more and more popularity in the world. In this article, we will learn more about the Coinbase wallet, find out how to withdraw money using it. Let's get acquainted with the feedback from users of the system.
Coinbase Wallet
It was opened relatively recently - in 2012. Today, Coinbase is one of the main competitors of another famous wallet. It's called Blockchain. Coinbase is headquartered in San Francisco, California, USA. To date, both of these wallets boast about the same number of users.
The official Coinbase website has been given a domain name, and in addition, several language interfaces. But, unfortunately, there is no Russian among them. This fact immediately catches the eye of compatriots. Many conclude that Coinbase does not work in Russia. This is not entirely true. It is quite possible to use the services of a wallet through intermediaries. Therefore, Russians are actively registering on the site, and as the main one they choose the most easy-to-understandlanguage is English.
At the moment, the Coinbase cryptocurrency exchange is very convenient. But, according to most users, it is not perfect. First of all, because it is sorely lacking in the variety of cryptocurrencies.
In early autumn of this year, the total number of Coinbase exchange users reached its all-time high and exceeded ten million people. Recently, the client base of the wallet has begun to increase significantly. On average, it grows by one million users every month. And this, according to experts, is not the limit. There are more than thirty million cryptocurrency wallets registered on this platform.
Most recently, Coinbase introduced a new service for users, in which customer support began to be carried out by phone. Thanks to it, by phone, the company's employees help users in matters of verification, blocking access to personal accounts in case there is a suspicion that they have been hacked, and they also provide advice on increasing limits. To solve other problems, there is a ticket system.
The great interest and popularity of the service is also confirmed by the attention of attackers who regularly attack Coinbase, stealing the funds of its customers through Trojans.
Register with Coinbase
To become part of the system, you need to go to the official website of an American company. On the first page of the portal, you should find the Sign UP button, which is located in the upper right corner. After pressing itthere is an automatic redirect to the data entry page. In the window that appears, you need to enter your first and last name. An email address is also indicated and a password is entered. Check the box next to I agree and then click on the big blue button called Create Account.
Immediately after completing this procedure, a new user is sent an email containing a link. You need to follow it to complete the registration of the Coinbase wallet. This letter verifies the email address. It should be noted that the message should be searched not only in the Inbox, but also in the Spam tab, as the system may regard the mailing from the company as intrusive advertising.
Personal account in Coinbase: own territory
Registration completed. What then? The client gets into his personal account of the Coinbase wallet. It should be noted that the resource determines the location of the person. On the main page, it provides a report on prices and changes in the exchange rate of Coinbase's main cryptocurrency - bitcoin. There you can also see information about your national currency. If desired, it is possible to study the change in the exchange rate and other currencies that the wallet of this system supports.
How to use Coinbase? In the Settings section, you can configure, change, add, or make any necessary settings. There is also an option to set an avatar directly for your account, and in addition, enable two-step authentication.
In the Accounts tab, the site user can see the balance of their accounts. Three types of cryptocurrencies are stored inside the wallet of each registered person: BTC, LTC and ETH. To see your address, you must click on the Receive tab.
Affiliate program
The functional set of cryptocurrency wallets is actually the same and does not have any differences. But the one offered by Coinbase has its own distinctive feature. It lies in the fact that this system has an affiliate program. A person can access it by following the following path on the site: in the upper right corner, click on your name, after which a menu will appear in which you need to click on the green button with the words Get $10. Then it remains only to go to the page on which the referral link will be placed. In the event that the user shares it on his pages on social networks or on any other resources, he will be able to receive ten dollars.
Coinbase: how to withdraw money?
The wallet of this system provides its users with the opportunity to carry out transactions exclusively in cryptocurrency. There are no other ways to work with it. Therefore, in the event that a person wants to replenish the Coinbase wallet with bitcoins from a card, then he will have to use an exchanger. Today Bestchange is considered the best of its kind. Withdrawing funds from Coinbase wallets, if you need to transfer money to a card, is also possible only through exchangers.
Bitcoin withdrawal
So, you have accumulated some amount. How to withdraw bitcoins to your bank card? This is not as difficult to do as it seems. The choice of a withdrawal or conversion method largely depends on the goals of a particular person. If we are talking about online stores or some kind of service that offers goods and services and accepts payment in bitcoins, then the Coinbase wallet will fit perfectly. In addition, it is important to take such a withdrawal option that will allow you to exchange bitcoins immediately for rubles, and also make it possible to conduct an operation at the most favorable Coinbase rate. At the same time, the speed of the procedure is a less important factor compared to the financial benefits.
In this situation, the best option is to sell bitcoins through a special exchange where they are sold and bought for rubles. The algorithm of actions will be approximately as follows:
- The owner of the wallet transfers a certain amount of bitcoins to his account, which was opened within the exchange platform.
- He sells cryptocurrency for rubles. As part of this procedure, the funds are credited to the respective client's account on the exchange.
- The client withdraws rubles to his card.
Procedure completed! It is noteworthy that the withdrawal process through the exchange provides an opportunity to sell bitcoins at the most favorable rate. At the same time, the Coinbase commission will be minimal, however, the exchange operation will take some time.
In the event that it is required to transfer relatively little cryptocurrency to the card inshort terms, for example, to perform urgent settlements, then the withdrawal of bitcoins can be made through the exchange service. This procedure will take quite a bit of time. In this case, the waiting period will directly depend on how quickly the banking institution servicing the card credits the money. The operation takes place automatically. As a rule, the procedure is as follows:
- The owner of bitcoins transfers them to the wallet indicated on the resource of the exchanger.
- Rubles are transferred from the card account to the counterparty's plastic, which is indicated in the exchange request.
Usually money changers have accounts in different banks, thanks to this money transfer, as a rule, does not take much time. The use of exchange services for the withdrawal involves the payment of a commission. But we can say that this is fully compensated by speed and convenience.
Bitcoin withdrawal and electronic payment systems
In the event that an Internet user has earned a certain amount of bitcoins through his project, but does not need cash, he can exchange them for the title units of payment systems. So, how to withdraw bitcoins from a wallet to electronic accounts?
Based on the reviews of Coinbase, the answer to this question is quite simple. The withdrawal of bitcoins can be done through the exchange service. This procedure has been described above. In addition, bitcoins can be directly transferred to an electronic system - whenas long as she supports them. For example, such an assistant is the well-known WebMoney wallet. Among other things, a direct exchange is also acceptable, which excludes intermediary services. For these purposes, the owner of bitcoins can sell them to absolutely any user who offers to pay with a certain currency or title units. True, it should be noted that this method is considered quite risky, since the seller may simply not wait for the return payment.
Thus, summing up all the advantages and disadvantages of the listed bitcoin withdrawal methods, we can conclude the following:
- The exchange offers the most favorable exchange rate. But in this case, it should be borne in mind that this process may require quite a lot of time.
- Exchangers quickly convert the Bitcoin coinbase into rubles and transfer them to the card, but the rate itself is less profitable and attractive.
- Direct exchange makes it possible to avoid paying commissions, to determine the ratio of currencies yourself, however, it is fraught with risks.
What is provided?
National currencies used to be backed by silver or gold, now by GDP. Theoretically, you could go to any bank in the country and exchange your paper money for the equivalent in gold and vice versa. Bitcoin is not backed by anything - it's pure math.
Any person anywhere in the world can run a bitcoin mining script on their computer, and they can feel like a miniature central bank. The source code of the script is published in open form,everyone will see how it works.
Bitcoin withdrawal: security measures
Working with electronic money requires some caution. As when withdrawing bitcoins from your wallet for the purpose of their subsequent conversion into money or title units, so when buying a cryptocurrency, you need to follow security measures. Before using the services of an exchange service or exchange for the first time, it is recommended to make inquiries and also make sure that the service actually carries out exchange transactions, and is not designed solely for the purpose of fraud. Reviewing the feedback on the work of these resources can help make the final decision. And in the event that the vast majority of comments are negative, then this can be regarded as a sufficient reason not to withdraw bitcoins through this service.
Now let's see what the people who use it have to say about Coinbase.
Reviews: negative experience
It should be noted right away that there is no single point of view about him. Opinions in reviews about Coinbase are quite contradictory, and there is a lot of dissatisfaction with this wallet on the Internet. People say that this company stores personal keys from users' wallets on their insecure servers. Therefore, customers believe that in principle it is no different from standard banks. Among the most frequently encountered criticisms are the following:
- Coinbase monitors how people spend the bitcoins they buy through its official website.
- This system freezes payments quite often.
- It's not uncommon for Coinbase to block user accounts.
- The system steals funds from its customers' accounts, refunding them after an indefinite period.
- Coinbase can ignore customer support calls for months.
- The system provides personal data and transactions to foreign authorities, acting in particular on behalf of the FBI.
Users, in particular, say that the Coinbase support team does not respond to requests for a long time, so many people get the hang of ignoring their requests to post the problem on the Reddit social site in such cases, where they are at least noticed and helped to solve it or other wallet-related issue.
In addition, judging by some of the reviews about Coinbase, the company reserves the right to confiscate amounts of several thousand dollars from users and close accounts due to the fact that people did not access this service from their IP address. But, perhaps, the most important drawback people consider is the lack of anonymity within the framework of using this system. For this reason, users write that they simply do not trust the Coinbase wallet.
In addition, it often happens that this system reduces people's limits on certain purchases. There are also complaints that when selling bitcoins for a certain amount, 50 percent of the profits may never be sent. In such situations, it remains only to write to support. Some also talk about receiving threats from Coinbase to freeze their account due to sending cryptocurrencies.website.
Among other things, users complain that the purchase function, as well as the withdrawal of currencies, is not possible on the territory of the CIS countries. Indeed, Coinbase does not work directly in Russia. There are also dissatisfaction with the high commission.
Reviews: positive experience
On the positive side of this system, people report that they like the mobile app to control their accounts. Another plus is the free ability to transfer funds from one balance to another directly within the profile itself.
Positive feedback about Coinbase is also due to the low commission for outgoing transactions, along with speed and availability. Despite the dissatisfaction, the wallet of this system is very popular today, as it interacts with many payment structures that work with mobile phones.
There are many positive aspects. However, in general, people are outraged that Coinbase can delay payments for four to ten days, freeze user accounts, and stretch support response times by monitoring their customers' online behavior.
