If you haven’t paid attention to the latest technology developments, you might not be able to cope up with the bright future that is going to come. Yes, we are talking about the crypto-currency world. You might have heard the word cryptocurrency or digital currency, right? Digital currency is the most significant trend in the world of investment, giving a new life to the investors and others who wish to mine the currency by themselves. So, if you are interested in investing something that could give you better returns in the future, you must read this blog until the end.
What exactly is Coinbase?
Now with the introduction explaining it completely, we can understand that Coinbase is a digital platform that gives the users a chance to invest in digital currency. The technology that is used on Coinbase is known as the blockchain. This technology helps in creating digital currency and completes the traceable but irreversible transactions. With time, Coinbase has become a GDAX (Global Digital Asset Exchange Company). It provides the currency miners a platform or a venue to buy and sell these digital currencies. To keep all the exchanges secure, it also sends a message to the user out of Blockchain to re-verify all the transactions. Once you are aware of what Coinbase is, the next thing that matters is, “How to use Coinbase?” It is also an important thing to know before you start investing in it.
Coinbase is one of the simplest and probably the best digital platform to start your journey in the digital currency business. Though the platform is very easy to understand and use even for the beginners but then one wrong step can cause a lot of problems.
Here is “How to use Coinbase” effectively and efficiently
As you have now understood that Coinbase is simply a platform that gives you the chance to invest in the digital platform, but one thing that you should know about this is you will have to follow these simple steps.
- As you know, to proceed further, you will have to make an account on this platform first, after which you will be able to go to the next step. In this step, you will have to punch in a few of your personal details, including your bank account.
- Once you are done with this, you will have to set-up your 2FA, which means two-factor authentication. In this, you will have to punch in your e-mail address and your bank details. After that, there will be two small transactions to your account, which will then complete your verifications.
- To make it even more secure, Coinbase has established another set of security questions, including a government identity of your country.
- The next step includes adding a payment method. In this section, you will see a lot of options popping on your screen, but it will always be recommended that you select the bank account option. Once you are done with this step, your Coinbase account setup is complete.
Now, you can start mining the crypto-currency and later-on either withdraw it with any merchant on the platform or exchange it. That depends on how you would want to utilize it. And coming on to the later part of the question of how to use Coinbase, then this is the way you can use it. In short, we can say that a person can use the platform for three purposes, first to set-up an account, secondly to start earning and thirdly to exchange or withdraw it.