Coinbase vs. Blockchain – A Comparative Analysis
With cryptocurrency being in vogue nowadays, it is necessary for us to know which crypto wallet is the best for safe transactions. In this article, we will be reviewing the two most popular cryptocurrency wallets- Coinbase and Blockchain, and thoroughly research their plus and negative points to make the cryptocurrency investor a choice between them easily.
However, first things first. What is a cryptocurrency wallet? It is an app or a platform designed with Blockchain technology to store all the cryptocurrency exchange information. It has two access options-public and private key so that users can decide the type of transaction they want and the amount of information they will provide access to others.
Choosing the right wallet is a bit difficult, especially if the investors do not know which features are a must in a cryptocurrency wallet. Firstly, it must be compatible with the operating system being used for transactions. Secondly, it must provide the required amount of privacy.
What is Coinbase?
Coinbase is an online platform that allows trading in Bitcoins. Not just that, the users can also transact in a wide range of other cryptocurrencies like Litecoin, Bitcoin Cash, and Ethereum Classic. It stores most of the vital digital data offline. Furthermore, the cryptocurrency assets will be made secure with a customized insurance plan. You can also check some coinbase reviews to know more about Coinbase.
What is Blockchain?
This cryptocurrency wallet is a bit more popular than Coinbase. For every transaction, there will be an automatic record saved with a time imprint. This has been done to link every new transaction to the previous one, and there won’t be any possibility for modification of information in the repository. All transfers take place by person-to-person payment method. It is so secure that customers use it for global transactions, and till now, Blockchain has been used for more than 100 million money exchanges.
Coinbase vs. Blockchain
Let us make a comparative analysis of the two wallets:
- Wallet: The Coinbase wallet is very hassle-free to use. However, the registration is free of cost. Blockchain also involves a similar registration process but takes a nominal fee. Both of them charge low amounts for the transaction. However, in the case of Blockchain, the user can only carry out fund transfer through cryptocurrency, while in the case of Coinbase, one can use their credit, debit card, or even make a bank transfer to deposit funds.
- Customer Support: Apparently, this is one major drawback for both platforms. However, customers seem to support Coinbase over Blockchain for their comparatively better service. Blockchain is unresponsive when one forgets the password and might only respond through robotic assistants, thus doing little to solve the problem.
- Security: High security is one of the top-rated aspects of Coinbase. The user won’t lose Bitcoins by accident or illegal hacking and theft because they store 98 percent of the digital assets offline. Furthermore, even if any loss occurs, the commercial and criminal insurance coverage will be higher than that in Blockchain.
Features of Blockchain
On the Blockchain platform, the user will be able to access the following website:
- It has a very simplistic, user-friendly platform.
- Customer support is highly responsive and available 24x 7, that is, throughout the day.
- One can access the Bitcoin account across multiple Operating system platforms.
- The platform allows the conversion of at least 20 global currencies into cryptocurrency.
Features of Coinbase
- Its cryptocurrency wallets are multiple signatures enabled, i.e., the user will need at least two private keys to initiate and complete a transaction.
- The user can store a majority of Bitcoin and other digital assets in its highly encrypted and secure storage facility.
Similarities between Coinbase and Blockchain
- The registration process is quick and smooth. The user has to go through a two-step verification process for signing up on Coinbase and Blockchain.
- On both platforms, the user can track the cryptocurrency demand trend while the exchange is being executed.
- The interface is also similar, with the website featuring panels and with the option to navigate between several screens.
- Both run only on mobile operating systems like Android and iOS.
From our comparison, the user can see that both Blockchain and Coinbase have their merits and demerits. However, Coinbase will still win by a clear margin due to its top-notch storage and security. Moreover, on Coinbase, the user can get access to merchant services, but not on Blockchain. On Blockchain, the user can only buy and trade in cryptocurrencies, but on Coinbase, one can store them as well. Coinbase has also made its payment process easier by allowing users to pay via mail. Hence, by checking all aspects, the article recommends Coinbase as the most user-friendly and secure cryptocurrency wallet for transactions.