As we all know, Bitcoin is an electronic or digital cryptocurrency. It is mostly used for the purposes of business transactions. It is one that provides a framework for peer-to-peer transactions. While Bitcoin was the first cryptocurrency to be launched a decade ago, the market now has around 2,322 cryptocurrencies traded. Blockchain wallet storage technology has been implemented to securely store such cryptocurrencies.
The most common wallets are the BlockChain wallet and the CoinBase wallet, although there are many wallets available on the market. You’ve arrived at the right place if you’re an amateur in the blockchain room struggling to understand what’s best between the two. I’ll give you a quick summary of the similarities and differences between the two in this post, which can help you decide which one is better.
Understanding the BlockChain Wallet
It is one of the most well-known wallets used to store Bitcoin. It is the world’s leading platform for digital assets. It keeps track with a timestamp of the organized records or frames. Every block is connected to the old block. The data stored in the database can not be altered. It is peer-to-peer oriented and highly secure. Globally, these wallets carry out about 100 million+ transactions. It can be used as a mobile application or desktop. It provides support across multi-country and cross-platform.
What is CoinBase?
CoinBase is an online platform that allows users to purchase and sell digital currencies such as Bitcoins. For secure offline space, many of its digital assets are stored. An insurance policy also protects the cryptocurrencies deposited on their servers. A wide range of common digital currencies is supported.
Similarities of BlockChain and CoinBase
CoinBase and BlockChain are both respected blockchain wallets on a general note. While both are secure and easy to set up, the main difference is how funds are deposited and transacted. Although BlockChain only supports payments in cryptocurrencies, CoinBase allows credit card, debit card, bank transfer and withdrawal by bank transfer, PayPal, and cryptocurrencies to deposit funds. Both of these services offer an app, wallet, and website that is easy to use. All offer similar dashboards and provide your account information as well as currency and price trends. Registering for both services takes just a few minutes. The method of registration includes checking your account via email and phone numbers. An additional feature of CoinBase is that to start buying Litecoin, Bitcoin, or Ether with USD, you need to search or add financial accounts. CoinBase helps you to turn for a very small fee US dollars or any other currency into cryptocurrency.
The user interface of CoinBase is very similar to that of BlockChain. In both, the user interface is displayed for website panels and on the app’s navigation screens. All allow you to track trading patterns in cryptocurrency. CoinBase displays information about your dashboard portfolio.
Selecting a blockchain wallet is a vital task as it is crucial to select one that will ensure safe and secure storage of the cryptocurrencies you have invested in. All CoinBase and BlockChain have their own advantages and it is up to you to decide which wallet to use. If you’re a newbie who begins with crypto wallets, it’s best to go with CoinBase as it’s easy to use and provides encryption with two factors. Coinbase will also allow you to store other coins including Ether and Litecoin. Also added to the CoinBase network was Ethereum Classic in 2018. On the other hand, blockchain will be the perfect option for you if you only want to use cryptocurrency transfers without the need for a branch.