Coinbase is an American bitcoin exchange and hosted wallet service that allows people with a US bank account to send, receive and store bitcoin.
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Pro Very easy to setup & use
The entire process of using Coinbase is seamless. All you need to do to start buying/selling Bitcoin is link your bank account to Coinbase, and if you provide a credit card as a backup payment method you can start buying Bitcoin instantly.
Pro You can instantly buy Bitcoin
If you provide a Credit Card as a backup payment method and verify your identity you can instantly buy and sell bitcoin instead of waiting the usual 4 days.
Pro Reasonable transfer fees
You're only charged 1% for buying bitcoins.
Pro Acts as a hosted wallet
You can also use Coinbase to store your bitcoins in their hosted wallet. This makes the entire process of using bitcoins really simple, as you only need to use one service.
Wallets (and private keys) are stored using AES-256 encryption and the site runs entirely over SSL. Also
90% of customer funds are stored offline in bank vaults to prevent theft or loss.
For more information:
Coinbase have raised over 6 million from reputable investors.
Pro Great mobile apps
As well as the website, you can access Coinbase on Android, iPhone and visa SMS.
Con Can be slow to receive bitcoins
It can take from 3-7 days to receive your Bitcoins after you have purchased them.
Con Requires you to connect a US bank account
Coinbase works by connecting to a US bank account. This makes the service easy to use for Americans, but unfortunately does not let Coinbase work internationally. Also, connecting bank accounts to a online service does have additional security risks.