In simple terms, Bitcoin is a type of cryptocurrency made accessible in the structure of an electronic or digital currency. It is primarily used as a payment processor for business purposes. Transactions are executed via peer to peer mode with very low conversion charges. If you are still undecided about the right wallet to use in storing your Bitcoins, EagleFX has put up this guide to assist you in making that choice.
Before making a choice to select a wallet, the first factor you should put into consideration is the security of your funds. Secondly, the wallet should be suitable with your mobile devices such as iPhone, Android and hardware wallets.
A wallet is a software application or
program used for Bitcoin storage. Some features of a wallet include simplifying
guaranteed Bitcoin storage and private key protection needed for Bitcoin
security. Wallets are basically required for the exchange of Bitcoin payments
as it keeps record of every sent and received Bitcoin payment. For the sake of
this guide, we will be focusing on the two most popular Bitcoin wallets-
Coinbase and Blockchain.
Launched in 2012 in San Francisco,
California, United States, Coinbase is an online platform used for trading and
storage of currencies which include Bitcoin, Litecoin, Bitcoin Cash, Ethereum
and Ethereum Classic and other transactions. Brian Armstrong is the CEO and
founder of Coinbase.
Features of Coinbase
Insurance: Several insurance
policies are being put in place for cryptocurrencies under their watchCross – Platform: They are compatible with
PC, android and iPhone devicesQuick – Transaction Tools: Local currencies can be
exchanged with digital currencies which transcends that transaction can be made
instantly by usersAbsolute control structure: Full control is provided
for private keys being used as it grips multi-signature wallets. Security: The online and offline
security of Bitcoins stored in wallets are guaranteed 98% as they are kept safe
from theft and losses.
Known as the foremost digital
platform in the world, Blockchain was created in 2011 by Satoshi Nakamoto. Over
a 100 million transaction are performed daily with this wallet and it is
absolutely established on a secured peer to peer technology.
Features of Blockchain
Global Coverage : Blockchain offers
conversion rates for over 20 world currenciesCross- Platform : It can be accessed from
anywhere and any device; Android, IOS and DesktopEfficiency: Bitcoin transactions are made simple and
instantly from any part of the globeSafety/Security: With the unique feature
of a security centre which is responsible for the blockage of unauthorized
access and fund backupCustomer Support: A great team of
professional are readily available to respond to queries and complaints
The two wallet platforms have their
merits and demerits; www.eaglefx.com recommends that you perform due
research asides this guide to make a profound choice.
Unlike Blockchain, merchant services are available on CoinbaseBlockchain is equipped with a private key controlBitcoin trading takes place on Coinbase while Blockchain stores onlyBlockchain does not link with your local bank but Coinbase doesWith Coinbase, payments can be made through email while Blockchain doesn’t have that payment option.
The post The EagleFX – Guide Bitcoin Storage: Coinbase Vs Blockchain appeared first on Bitcoin Garden.