Coinbase aims to generalize bitcoin services for consumers and merchants

Coinbase Logo

Country: USA
Year: 2012
Coinbase is one of the largest Bitcoin wallets and Bitcoin merchant platforms in the world.

Concept

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.

Consumer Benefits

  • 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.

How to use it

From a consumer point of view, Coinbase’s wallet works like a bank account except that it is in Bitcoins:
 App

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