Coinbase Payment Features

Payment Methods:

Coinbase approves users to buy and sell Bitcoin by their bank accounts, credit cards, PayPal accounts (sold only), and other less familiar methods. Although Coinbase has just started to be a broker (selling directly to Bitcoins to customers), recently (May 2016) CDEbase GDAX – is managing a Bitcoin exchange, where Bitcoins can make Bitcoin business with each other.

Increasing Limit:

If your Coinbase account is set up you can buy Bitcoins in a small quantity until to you increase your limit. For example, US citizens who have a credit card (such as backup) in their Coinbase account will be able to purchase Bitcoins up to $ 1,000 a week.

To increase your limit on buying Bitcoins you will need to provide the following:

• Identity verification
• Debit Card Verification
• Credit Card Verification

If you are a fully verified US resident you can currently reach the maximum limit of $ 50K Bitcoin one day. Depending on the method of payment you choose to buy bitcoins, the limits may be sent. For example, ACH transfer has a higher limit on purchasing Bitcoin with a credit card at Coinbase.

Principal Payment System:

Coinbase’s principal payment system is Wire Transfer. Depending on your country you will be able to connect your bank account immediately to Coinbase or to trap your account in order to send money to a particular Coinbase bank account.

It has been able to buy Bitcoin with Latitude coinbase credits and debit cards. Using this process you will have an extra% cost for processing fees but it is faster using wire transfer. However, if you are looking to sell your Bitcoins on Coinbase you can use PayPal as the source of funds; however, the use of PayPal is restricted to sellers only. Instantly it is not possible to buy Bitcoins with PayPal on Coinbase.

The Vault Feature:

Coinbase has recently launched the Vault feature that allows you to “share an account” with 2 or more users. This means that all transactions from the account are required to be approved by all users. There is also a 48-hour delay for the transaction added security. Using the vault account does not mean that you personally control your Bitcoin wallet. It is still hosted Coinbase and can still be closed or frozen as before. It’s just an extra security level if someone hacks your password.

If you want full control of your wallet you can use a multisig vault. This means what will be 3 of your wallets – 1 own, 1 owned by coinbase and 1 shared key. For an action on the wallet, you will need 2 out of 3.You will be able to still move funds from your wallet using shared and private keys.

Some Important Information:

A number of your name, phone number, email, and other personal details are required. Coinbase can always know your address and balance and connect it with your identity and IP address. You need to rely on the nodes of Coinbase to verify transaction data.

Coinbase has the buying / selling features, it has to report all KYC laws to be followed, and that is how it tracks its user’s Bitcoin cut.

Coinbase has its professional and cons of it is that it is easy to use and easy to use on the main site. The main obstacle is that you are not under full control over your Bitcoin and your transaction is being tracked.