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Did you know that every three seconds, a post about Bitcoin goes up on social media? Or that Bitcoin remains the most popular cryptocurrency, occupying a 60% share of the market?
This is remarkable considering the coin cost approximately $0.0008 when launched in 2010. Of course, today, its value hovers above the $50,000 mark, with many analysts suggesting this value could go much higher to $100,000.
As a consumer, how do you get the blockchain and cryptocurrency foundation to start tapping into such incredible performance? It begins with finding the right platform. Two top-rated options are Crypto.com vs Coinbase.
Here's what you need to know about each cryptocurrency platform so that you can select the best option for your financial needs.
An Introduction to Coinbase
Coinbase is a secure platform where you can buy, sell, transfer, and store digital currency. The site remains committed to providing an open financial system worldwide.
Today, Coinbase represents a leading global brand that helps people convert digital currency into and out of their local fiat currency. Features worth noting when it comes to Coinbase include:
A focus on making buying and selling cryptocurrency a cinch
The ability to send or receive digital currency between friends, merchants, or online wallets
Handling worry-free backups and security
Coinbase remains a one-stop shop offering a wallet, merchant tools, and an exchange with one streamlined interface. What's more, the company continues to push the envelope when it comes to offering convenient applications built using its API.
Features of Coinbase
Besides the ability to connect your banking account to Coinbase, there are other reasons this company remains so popular. Many people love its easy-to-use, intuitive interface, which makes buying and selling Bitcoin a breeze.
You can also buy Bitcoin with a credit card. Just be prepared for additional fees.
Coinbase is a fantastic place for casual cryptocurrency investors who appreciate the user-friendly nature of this popular platform. That said, it's far from the ideal place to buy coins such as Bitcoin.
Why? For starters, many users get frustrated by the platform's extensive anti-fraud features. You must wait three full days before transferring your currency to a wallet outside of the website.
What's more, get prepared to wait multiple days for funds to clear when you sell and transfer money to your bank account. Such delays could prove disastrous for traders involved in split-second decisions. For more advanced day traders who wish to make money on the often erratic cryptocurrency market, these policies make Coinbase unsuitable.
More Coinbase Considerations
What else do you need to know about Coinbase? The platform offers limited cryptocurrency options, which prove disappointing to some. You'll gain access to the most popular options, such as Ethereum (ETH) and Bitcoin (BTC).
But if you're after more obscure options, look elsewhere. Although the company continues to pursue new coins, its diversity proves downright disappointing.
The information above begs the question. Is Coinbase a worthwhile platform for cryptocurrency trading? It depends on your current needs and situation.
For example, if you want to invest casually and look at these activities as a novelty, Coinbase's convenience makes it well worth your time. Yes, you'll pay more in fees.
But the company goes to great lengths to decrease the learning curve. You'll also enjoy the great simplicity of the platform.
That said, if you're a more experienced investor, Coinbase likely isn't right for you. You'll want to consider alternatives such as Crypto.com.
Who Should Use Coinbase
Experts recommend Coinbase to those looking to gain more experience. Why? Because it's one of the most reliable and easy exchanges to navigate in the world.
Coinbase lets you link your bank account, permitting direct transactions for buying and selling cryptocurrencies. For this reason, many consider it an ideal choice for traders still learning about digital currencies and funding wallets.
The platform also lets you track your portfolio over time. But you'll pay for this convenience. Coinbase comes with some of the highest fees you'll encounter when purchasing Bitcoin.
You'll also lack the agility necessary for day trading and other quick adjustments based on the market. That said, it's hard to find a more secure platform when it comes to anti-fraud policies. Here's what else you need to know about Coinbase.
An Introduction to Crypto.com
Similar to Coinbase, Crypto.com is a cryptocurrency platform where you can stake and invest funds. It lets people sell, buy, and earn interest on their crypto assets. That said, you can only access this platform via its app and not your desktop.
If you don't mind this inconvenience, the company provides access to various financial services. These include credit, earnings, an exchange, and even an MCO Visa card.
Ultimately, the platform's goal remains to promote the widespread adoption of digital currencies. Let's take a closer look at the features it offers to achieve these ends.
Features of Crypto.com
When you use Crypto.com, you'll gain access to many powerful features. These features include the company's trendy MCO Visa card, which lets you convert your crypto-assets into fiat for spending.
Where can you use the MCO Visa card? Anywhere that the Visa logo is accepted, which translates into approximately 54 million different brands and businesses worldwide.
In other words, with the Crypto.com MCO Visa card, you can use assets in Bitcoin to buy everything from coffee to clothes and much more. It doesn't get better than that!
But the excellent features don't stop there. The Crypto.com app permits you to exchange, buy, send, and track cryptos. And with the platform's Crypto Credit feature, you gain access to an instant loan enabling you to use credit to spend on your Visa card.
More Crypto.com Considerations
What else do you need to know about Crypto.com? The app includes a Crypto Earn feature, which lets users earn up to 8% interest on crypto deposits.
Crypto.com also comes with an exchange powered by its native tokens, Crypto.com Coin (CRO) and MCO token. This exchange offers low fees and deep liquidity. It comes with the best execution prices, and users may trade the most popular cryptos like Bitcoin.
Some people feel that the company's dual-token system, fueled by CRO and MCO, represents an unnecessary complication. Here's what you need to know about each token.
The CRO Token
Currently available in 22 exchanges globally, CRO token includes cross-asset currency settlement. It settles block transaction fees, and nodes get rewarded with CRO upon validating and processing transactions.
When transacting directly in CRO, you must pay minimal fees. But users can access a 50% discount when they purchase cryptos with CRO through the exchange. With CRO tokens, you also gain access to the Syndicate.
The Syndicate is a spot where users can go to gain access to the most promising crypto projects. You'll find the coins from these projects listed on the exchange.
The MCO Token
The other coin you need to know about is the MCO token. This token's sale took place from May 18, 2017, through June 18, 2017. At this time, Crypto.com generated a whopping $26.7 million. Today, the MCO gets traded on more than 30 crypto exchanges worldwide.
What can you do with the MCO token? For starters, it permits users to order metal Visa cards by staking in the token. When you transact using your MCO Visa card, you'll also receive up to 5% back on all spending with the card.
You can upgrade your MCO Visa card by staking more MCO tokens, jumping up to a higher tier of the card. This upgrade will provide you with access to more features and perks.
What's more, there are rewards when you stake. For example, you'll get MCO at 6% for 500, and you'll get 8% for the 5,000 and 50,000 tiers.
Who Should Use Crypto.com
Countless advantages come with using Cryoto.com. It's an excellent card for individuals who would like to start transacting in cryptocurrencies in everyday life. The MCO Visa card provides you with the freedom to turn crypto-assets into spending power usable anywhere Visa gets accepted.
The card comes with no monthly maintenance fees, and you'll enjoy cashback rewards of up to 8% on purchases. That said, it doesn't have the same anti-fraud reputation as Coinbase.
What's more, there's a steeper learning curve when it comes to using Crypto.com. You'll need to devote more time to getting started as the interface isn't as intuitive as you'll find with Coinbase. Find out more about Crypto.com and whether it's right for you.
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Crypto.com vs Coinbase
What's the final verdict when it comes to Crypto.com vs Coinbase? Your current level of experience with cryptocurrencies and your investment goals should inform a final decision.
Carefully consider how much time you wish to devote to learning a new platform. While Crypto.com ultimately proves more complicated, it also comes with lower fees than Coinbase and more conducive regulations for trading and investing. Best of all, you'll gain access to the MCO Visa card.
Of course, your choice of crypto platforms should involve more than just considering Crypto.com vs Coinbase. Many other excellent platforms exist that prove well worth your attention. With that in mind, explore our comprehensive list of crypto platforms now.