Choosing a crypto wallet may seem complicated but it’s suitable for storing your crypto. When you purchase digital currency on an exchange or trading platform, you may store your coin by leaving the “keys” to your coins within the account or you can simply move them off the platform into a personal crypto wallet, which may be software connected to a hot wallet – the Internet or an utterly offline device (cold storage).
We’re going to look at two popular cryptocurrency wallets, Bitpay and Coinbase and decide which storage option is right for you:
The online wallets offered by Coinbase and BitPay let users store Bitcoin and other digital currencies.
Traders who use Coinbase can store their coins directly on the website. However, BitPay’s wallet can be downloaded as a digital file to be used on any mobile device or modern computer.
In terms of ease of use, both wallets are similar but their differences come down to far more than your knowledge of cryptocurrency.
Customers of BitPay may store, receive and transfer Bitcoin Cash (BCH) and Bitcoin (BTC) using the BitPay wallet (BCH).
A single account may serve as the conduit for all transactions and it can be used on several devices.
It is a free and open-source project which has an easy-to-use user interface as a mobile app and desktop client. The BitPay wallet is safe and highly secure.
In the Bitpay wallet, traders can see prices in around 150 different currencies, accessible in several languages. Chrome also supports hardware wallet integration.
Copay and BitPay are connected and the two words may be used interchangeably.
Copay is the “development head” for the BitPay wallet software. One of the major reasons for the widespread adoption of Copay is that it enables various payment methods to work together seamlessly.
Several people can use the same wallet at the same time. In addition, it is most suitable for companies that need more than one signature to guarantee payment.
Traders can use the BitPay app to safely pair and fill their BitPay Card as it is a pre-paid Visa debit card that can be used anywhere Visa is accepted.
Hence, BitPay’s wallet software is most ideal for those who trade Bitcoin full time. Also, it seamlessly manages users’ conventional money and BTC savings/spending wallets.
Founded in 2011 as a Bitcoin payment processor, BitPay offers products and services for both private and commercial usage.
In 2015, the wallet was developed as a non-custodial HD wallet for crypto assets stored on the Copay network. Its headquarters is located in Atlanta.
With regards to the number of cryptocurrencies available to customers, Coinbase’s trading platform is one of the most varied.
The platform offers reasonable pricing. Although, the base service tier has a complicated fee structure and also provides expensive transactions.
Coinbase is one of the few trading brokerages giving users custody of their bitcoins and also enabling them to earn staking rewards from them.
As is the case with other crypto exchanges, customer support at Coinbase, on the other hand, is deplorably understaffed.
Coinbase’s Pro tier offers services in regards to remuneration which separates it from the competition.
At the Pro tier, if your monthly trading value is less than $10,000, you’ll pay no more than 0.5 percent.
However, you may be able to drop the price even more if you take advantage of the exchange’s volume-based pricing. Coinbase is notable for active traders, crypto-only traders, custody and staking incentives.
In terms of security, it is advisable to keep trust yourself and keep your coins in a digital wallet like BitPay as it is more secure than Coinbase.
BitPay securely stores your coins using multi-sig or key encryption. It also employs multi-factor security authorization to enhance security.
BitPay has many existing plugins and interrogations accepting Bitcoin payments on its platform.
Coinbase wallet, on the other hand, employs fewer APIs. Also, none of the Coinbase connections were previously supported by BitPay.
Although they cover essential plugins, their services don’t provide enough flexibility to current organizations.
In terms of currencies, The BitPay wallet is restricted as it only supports Bitcoin and Bitcoin Cash. On the hand, Coinbase, accepts Ethereum Classic, Ethereum and Litecoin.
You will find CoinBase advantageous only if you intend to use these currencies, and if you end up making use of them, Coinbase will profit handsomely.
In conclusion, as the most significant Bitcoin exchange, Coinbase has a significant advantage as it expands its offerings.
The cryptocurrency exchange substantially improves the competitiveness of their payment processing solutions and crypto wallet and also provides a one-of-a-kind debit card solution.
Looking at the above comparisons, BitPay is the clear victor, unless, of course, you value Coinbase’s convenience. However, BitPay loses to Coinbase on grounds of cheap payment processing rates.
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