Coinbase is one of the largest Bitcoin wallets and Bitcoin merchant platforms in the world.
Coinbase offers three main products:
- a Bitcoin wallet that is comparable to a bank account since its purpose is to enable Bitcoin storage and transactions.
- a Bitcoin marketplace where Bitcoins can be traded
- an API to build applications and accept Bitcoin payments – specifically targeting developers and merchants
In 2014, they claimed to have over 2.4 million users and more than 3.8 million wallets.
- It is a low cost service:
- Transactions are free of charge for merchants – compared to credit card fees averaging 2 to 3 percent
- Users can send money and purchase in Bitcoin for free. The only fee is a 1% fee to convert Bitcoin into local currency.
- Privacy is at the core of Bitcoin and users do not have to give their personal details nor credit card information while shopping
- More and more businesses accept Bitcoins: Coinbase made partnerships with large companies such as Dell, Expedia and Time Inc.