Bitcoin is a type of cryptocurrency that is made available in the form of digital or electronic currency. It is mainly used for business purposes as a payment processor. It uses the peer to peer transaction methodology and also offers very low processing charges.
Wallet selection
Selecting a wallet is very simple. But while selecting a wallet, we have to ensure that whether the invested bitcoin will be kept in a safe and secure manner. Also, we need to ensure that the selected wallet must be compatible with our Android device, iPhone, and hard drives.
Bitcoin wallets
A wallet is nothing but a software program or an application that is used for the storage of bitcoins. It simply facilitates secure bitcoin storage and hence it is collectively called as a ‘Bitcoin wallet’. It offers the protection of private keys necessary for storing the bitcoins. The first bitcoin application which was discovered with mobile phone usage is the bitcon wallet, which is a highly secure application. Read Full post on Types of Bircoin wallets.
Necessity of using bitcoin wallets:
A bitcoin wallet is required for the exchange of bitcoin payments. It specifies that each and every bitcoin payment can be sent or received only with the help of bitcoin wallets. So the users have to create, download or buy a bitcoin wallet to make bitcoin payments.
This article reveals the advantages and disadvantages associated with the usage of Coinbase vs BlockChain bitcoin wallets.
BlockChain Wallet
BlockChain is one of the most renowned wallets used for bitcoin storage. It is the leading digital asset platform in the world. It keeps track of the blocks or ordered records with a timestamp. Here, every new block holds a connection with the older block and it does not allow any alterations in the data present in the database. It is purely based on the peer to peer technology and is most secure in nature. Almost, 100 million+ transactions are being performed with these type of wallets all over the World. It is a popular site for checking and performing bitcoin transactions. It offers multi-country and cross-platform support and also offers an easy usage. In addition, it is also used as mobile or desktop application.
This service was started in 2011 by Satoshi Nakamoto.
Registration with BlockChain:
The users can make use of this service by registering at BlockChain wallet website.
Features of BlockChain:
- Simplicity: It makes bitcoin usage very simple and allows instant bitcoin transactions all over the World.
- Security and Safety: It keeps all the bitcoin transactions in a safe and secure manner with the help of a security center. This center is responsible for the backup of funds and also for the prevention of unauthorized access.
- 24*7 support: It contains a team which offers help and support to all its users.
- Cross-platform: It holds applications for IOS, Desktop and Android, which lets the users to use their wallets anywhere at any time from any device.
- Sophistication: It contains a sophisticated system with dynamic charges for transactions.
- Global utility: It is a world-wide platform that has conversion rates of around 20+ currency types.
CoinBase Wallet
CoinBase is an online platform for selling and buying (trading) digital currencies like bitoins. In addition to bitcoins, CoinBase also allows ethereum trading and transactions.
This service was launched in 2012 in San Francisco, California, United States. The founder as well as the CEO (Chief Executive Officer) of this platform is Brian Armstrong.
Registration with CoinBase:
The users can use this platform / service by registering at the CoinBase website:
Once an user gets access by registering at this site, he must go through a 2-step verification process to protect his account from any unauthorized access.
Features of CoinBase:
- Security: It offers safe storage of digital assets (almost 98%) in the offline mode, so that the bitcoins are kept protected from loss or theft.
- Cross-platform: CoinBase wallets are used on both Iphone and Android applications.
- Complete control mechanism: It holds multi-signature wallets which provide control for the private keys used.
- Insurance: It holds several insurance policies for the stored digital currencies or bitcoins.
- Instant transaction facilities: It instantly allows the users to exchange their local currencies with digital currencies (bitcoins). It simply means that the users can make their transactions in an instant manner.
BlockChain VS CoinBase Wallet:
Both the BlockChain and CoinBase wallets are having several advantages and disadvantages. But when compared to BlockChain, CoinBase is the most recommended wallet for bitcoin storage. The reason is that CoinBase got the 1st rank while the BlockChain got the 2nd rank based on the below merits and demerits:
- The CoinBase users can buy and sell (trade) bitcoins, whereas the BlockChain users are not having an option of bitcoin trading. Instead, they only have the option for sending and receiving bitcoins.
- Merchant services are available with CoinBase, but not with BlockChain.
- The bank account can be linked in CoinBase, but it is not possible in BlockChain.
- Private Key control is available with BlockChain.
- The CoinBase users can make payments via email whereas the BlockChain users are not having the authority to pay via email.
Which one I prefer (Coinbase vs BlockChain)
I prefer Coinbase to store my bitcoins. It is easy to use and very secure wallet with 2-factor authentication. In Coinbase you can also store altcoin like eather and Litecoin. Coinbase has recently added Litecoin to the website.
