Welcome to our Coinbase news page. Here you’ll find some of our featured Coinbase Wallet content pieces as well as all our latest Coinbase Card posts.
The whole point of cryptocurrency is to be easily usable by investors and applying it to retail and similar industries as payment has been on of the biggest use cases so far. In a new announcement on April 10th, it appears that Coinbase has launched a product that will make the spending of cryptocurrency exponentially simpler – the Coinbase Card.
The Coinbase Card is a Visa debits card, and it is available to both United Kingdom and European Union customers. The funding that fills up these cards comes from the account balance of the user’s crypto wallet, which means that they can spend their tokens from Bitcoin, Ethereum, Litecoin, and others easily.
On the card, consumers will have the option of using the embedded chip with a corresponding PIN to make their purchase, and they can also immediately cash out fiat currency with a trip to the ATM.
Much like a banking app from Chase or Bank of America, Coinbase offers the Coinbase Card app, which means that the user can choose from any of their applicable wallets to perform their spending.
Every crypto asset found on the Coinbase platform can be applied in these purchases, which means someone can go pickup dinner with Bitcoin, or buy a train ticket with Ethereum, as just a few examples. The user will get real-time receipts, transaction summaries, and more.
With the launch, the first 1,000 people to add themselves to the Coinbase Card waitlist will be exempt from the £4.95 issuance fee for the card, which is issued by UK payment processor PaySafe.
The app can be found already on both Android and Apple phones, and the balance found on their connected Coinbase wallet will be instantly able to connect. The transactions will charge 2.49% total in fees – 1% for the actual transaction at the rest for the conversion of the tokens. However, if the cardholder spends their funds outside of the UK and EU, the fees could be up to 5.49% of the transaction, depending how far they go.
While the release of the card is limited to this area at the moment, Coinbase is hoping to add other countries in Europe soon. So far, no other major company has created a debit card with a direct link to the crypto exchange for users in the UK and EU.
However, a small banking startup called 2gether decided to launch a card with similar benefits, but the crypto assets are presently limited to BTC, ETH, XRP, Bitcoin Cash, EOS, Stellar Lumens, and Litecoin.
Coinbase announces it re-enabled sends and receives of Ethereum Classic (ETC) after the 51% attack experienced at the beginning of 2019. In January, the Ethereum Classic network experienced a deep chain reorganization that was detected by several companies, including Coinbase. Due to this situation, transfers to and from Coinbase have been suspended and no re-enabled.
In a recent tweet released by Coinbase Support, they informed that they have re-enabled sends and receives of Ethereum Classic. As per the crypto platform, the transactions may require around 24 hours, or even more, to be processed by the network since there is a large number of confirmations required. This increases the security of the network avoiding any further problem in case there is a 51% attack.
Transactions of Ethereum Classic have been suspended for over two months, which is not positive for users in the platform.
Coinbase is one of the most popular and largest crypto exchanges and wallet in the space. The firm offers different services and supports different cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH), among others.
The firm has been criticized for adding a large number of new ERC-20 tokens before adding support to XRP, the third largest cryptocurrency in the market. Nonetheless, after being criticized by the whole space, Coinbase decided to list XRP.
As Mark Nesbitt informed back on January 7, Coinbase detected a deep chain reorganization of the Ethereum Classic blockchain. Since that moment, transactions have been paused on the ETC blockchain to and from the exchange.
As per Coinbase, they identified a total of $15 reorganizations, 12 of which contained double spends. Ethereum Classic is currently the 18th largest digital asset in the space. It has a market capitalization of $469 million and each coin can be purchased for $4.31.
A 51% attack refers to miners that control more than 50% of the network’s mining hash rate. In this way, they can perform double spending attacks which can result in users losing their coins.
Coinbase, one of the world’s biggest crypto exchange companies currently records over $160 million in daily transaction volume. Part of these transactions include withdrawals from the platform to bank accounts or payment processors like Paypal.
The platform strives to become an industry leader by providing highly intuitive and user friendly features. One of these is the addition of Paypal as a payment option to the platform. With Paypal, users can easily deposit and withdraw their funds, with the transactions reflecting almost instantly.
The problem with Paypal withdrawal however, is its somewhat confusing process. Many new users struggle with this withdrawal process, which is why this article is necessary. The process is different depending on your country of residence. US residents for instance, can use the Paypal Instant Transfer option which attracts a 3.75 percent charge –pretty high considering current industry standards.
If you’re interested in withdrawing funds or capital to Paypal, this sort step by step guide will help you do that. Just follow the outlined steps and you’ll have your funds.
Login to your Coinbase account on your mobile or desktop device, then click “Settings”. Once the page loads, go to “Linked Accounts” tab, click that followed by the “Link a New Account” tab. Once you do this, it’ll provide you with options including Paypal.
Click on “Paypal”, and wait as the page redirects you to the Paypal website. Once there, you’ll need to enter your Paypal login details, and allow Coinbase access your account –don’t worry, it’s completely safe.
Once there, click “Agree” to give Coinbase permission to credit or debit your account. They won’t do this without you executing the transactions first. Once that’s done, you’ll get the notice that your Coinbase account has been successfully linked with Paypal.
With that set up, you can now fund your Coinbase account or withdraw from Coinbase to Paypal. To withdraw, all you have to do is, click the “Buy/Sell” on your Coinbase dashboard, click the “Sell” tab, you’ll see the “Sell From” and “Deposit To” sections.
The “Sell From” is where you have your total balance, and the “Deposit To” is where the funds you’ll withdraw will get sent to –in this case, you’ll select your Paypal account from the drop down menu if you have other options.
Enter the amount you’d like to withdraw to your Paypal, follow the prompts, then, click “Confirm Sell” to approve the transaction. Your funds should reflect in your Paypal account within minutes. It’s that simple.
If you want to stop using Paypal for your deposit or withdrawals, you can simply unlink it from your Coinbase account. Click “Settings”, go to the “Linked Account” tab, and click the “Remove” tab next to your Paypal account details.
You’ll get a confirmation notice in the form of a popup box, just click the “Remove” once again, and you’re done.
As you can see, it’s a pretty straightforward process that only takes a few minutes. The introduction of Paypal as a funding and withdrawing option truly sets Coinbase apart from many crypto exchanges.
The only downside is the fees – as earlier mentioned- but if convenience is a priority for you, and you don’t mind the rather steep fees, then it’s not so bad. If you want cheaper fees though, you might want to stick with other withdrawal options.
However, the fee margins aren’t so significant. Coinbase currently charges the highest fees in the industry, so the difference between regular withdrawals to the bank and Paypal isn’t much. Many users just suck it up and pay the fees, as the convenience tradeoff is worth it.
There is good news for the Ethereum Classic, ETC, users, Coinbase Wallet has just announced that it is able to support this coin. With the launch taking place the Coinbase Wallet will be able to support Ethereum Classic together with Ethereum easily. But this is not all as more than 100,000 ERC20 tokens that are on the Ethereum Blockchain will also be supported.
The company has a mission to be among the trusted and also most comfortable to use crypto wallet you will find in the market, thus, the company is planning to add the needed support for more blockchains in the near future. If you are using the app currently, expect it to update in the coming days, and after this, you will be able to send, view and even receive some ETC straight to your wallet.
If you are an existing Coinbase Wallet user, then your ETC address will remain the same as the current Ethereum address you have been using. So this means, for any of the ETC that you have sent to your Coinbase Wallet ETH address in the past will immediately show up after the update has taken place. It is clear the company is working on ways to make the Coinbase Wallet better for you to use in your next trade.