As we all know, Bitcoin is a cryptocurrency that is available in electronic or digital form. It is primarily used for business transaction purposes. It is one that provides a peer-to-peer transaction methodology. Although Bitcoin was the first cryptocurrency to be introduced a decade ago, there are now approximately more than 2,322 cryptocurrencies that are traded in the market. The concept of blockchain wallet storage was introduced for storing these cryptocurrencies securely.
Though there are many wallets available in the market, the most popular ones are the BlockChain wallet and the CoinBase wallet. If you are an amateur in the blockchain space struggling to understand which is better between the two, you have landed at the right place. In this article, I will be giving you a quick overview of the similarities and differences between the two, which may aid you in deciding which one is better.
Understanding the BlockChain Wallet
It is one of the most renowned wallets that is used for Bitcoin storage. It is a leading digital asset platform worldwide. It keeps track of the ordered records or blocks with a timestamp. Every block is connected to the older block. No alterations can be done to the data stored in the database. It is based on peer-to-peer technology and is highly secure. These wallets perform almost 100 million+ transactions globally. It can be used as a mobile or desktop application. It offers multi-country and cross-platform support.
What is CoinBase?
CoinBase is an online platform that lets users buy and sell digital currencies like Bitcoins. Many of its digital assets are stored in secure offline storage. The cryptocurrencies stored on their servers are also covered by an insurance policy. It supports a wide array of popular digital currencies.
Similarities of BlockChain and CoinBase
On a general note, both CoinBase and BlockChain are trusted blockchain wallets. Though both are secure and are easy to set up, the main difference lies in the way in which funds are deposited and transacted. While BlockChain only facilitates transactions carried out in cryptocurrencies, CoinBase allows fund deposit through credit card, debit card, and bank transfer and withdrawal through bank transfer, PayPal, and cryptocurrencies. Both these platforms offer an easy to use app, wallet, and website. Both offer similar dashboards and provide information about your account, along with currency trends and prices. It only takes a few minutes to register for both the services. The registration process involves verifying your account through email and phone numbers. An additional feature of CoinBase is that you need to verify or add financial accounts to start buying Litecoin, Bitcoin, or Ether with USD. CoinBase allows you to convert US Dollars or any other currency into cryptocurrency for a very minimal fee.
CoinBase’s user interface is very similar to BlockChain. In both, the user interface is laid out in panels on the website and navigation screens on the app. Both allow you to monitor cryptocurrency trends on the exchange. CoinBase displays your portfolio information on the dashboard.
Let us now take a look at the features of both for better understanding.
Features of BlockChain
Some of the prominent features of BlockChain are:
- Security and safety– Its security center helps keep Bitcoin transactions safe. This center is responsible for the prevention of unauthorized access and backup of funds.
- 24*7 support– The users can reach out to its team at any time for support.
- Simplicity– It simplifies Bitcoin usage and allows Bitcoin transactions worldwide.
- Sophistication– It offers a sophisticated system with dynamic charges for transactions.
- Cross-platform– It offers applications for desktop, Android, and IOS that allows users to use their wallets from any device at any time.
- Global utility– It is a global platform offering conversion rates for around 20+ currency types.
Features of CoinBase
The notable features of CoinBase are:
- Security– It helps store almost 98% of digital assets in the digital mode. It helps protect Bitcoins from loss or theft.
- Cross-platform– These can be used on Android or iPhone applications.
- Complete control mechanism– It has multi-signature wallets that offer control for the private keys used.
- Instant transaction facilities– It lets users exchange their local currencies with digital currencies. Users will be able to transact instantly.
Customer Support of BlockChain and CoinBase
This seems to be the sore spot for both CoinBase and BlockChain, though there are very little complaints about the actual platform interfaces. Most of the complaints received about CoinBase and BlockChain are about poor customer service responsiveness. This is usually the case for many exchanges. A few users reported that they were only contacted by chatbots that relayed automated messages and that they had not heard back from the support team for months. Some CoinBase users also registered complaints with the Better Business Bureau (BBB), but even then, CoinBase managed to get an A+ rating without being an accredited BBB company. As both these platforms are popular in the cryptocurrency community, they could certainly lead the way in the industry if they improve their customer support responsiveness.
CoinBase Vs. BlockChain Wallet
Let us now have a quick overview of these wallets for simple understanding.
- CoinBase offers merchant services, whereas BlockChain does not.
- Bank account linking is possible in CoinBase and not in BlockChain.
- Blockchain offers private key control.
- CoinBase users can trade (buy and sell) bitcoins, while BlockChain users do not have this option.
- CoinBase users can make payments through email, whereas BlockChain users cannot.
Selecting a blockchain wallet is a critical task as it is important to choose one that will ensure that the cryptocurrencies you have invested in are stored in a safe and secure manner. Both CoinBase and BlockChain have their own benefits and deciding on which wallet to use depends on your own intent for use. If you are a newbie who is starting with crypto wallets, it is better you go with CoinBase as it is easier to use and offers two-factor authentication. Coinbase will also let you store alternative coins such as Ether and Litecoin. In 2018, Ethereum Classic was also added to the CoinBase platform. On the other hand, if you only plan to use cryptocurrency transactions without the need for a bank, blockchain will be the perfect option for you.
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