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 watch
- Cross – Platform: They are compatible with PC, android and iPhone devices
- Quick – Transaction Tools: Local currencies can be exchanged with digital currencies which transcends that transaction can be made instantly by users
- Absolute 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 currencies
- Cross- Platform : It can be accessed from anywhere and any device; Android, IOS and Desktop
- Efficiency: Bitcoin transactions are made simple and instantly from any part of the globe
- Safety/Security: With the unique feature of a security centre which is responsible for the blockage of unauthorized access and fund backup
- Customer Support: A great team of professional are readily available to respond to queries and complaints
Coinbase Vs Blockchain
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 Coinbase
- Blockchain is equipped with a private key control
- Bitcoin trading takes place on Coinbase while Blockchain stores only
- Blockchain does not link with your local bank but Coinbase does
- With Coinbase, payments can be made through email while Blockchain doesn’t have that payment option.