What is Coinbase?
This is a unique new service that helps you secure online platform for buying, selling, transferring, and storing digital currency, like bitcoin. Their main focus with their service is to create an open financial system for the whole world. They want to be the leading global brand for assisting people in converting digital currency into and out of their local currency. They make buying and selling digital money as simple as possible. Doing things like sending and receiving digital currency between online wallets, friends or merchants on Coinbase are free. They take care of the security and the backups as well, leaving you worry free. They are headquartered in San Francisco, California. Also, they handle Bitcoin, Ethereum, Litecoin, and many other digital currency. They were first founded in June 2012 by Brian Armstrong and Fred Ehrsam.
Give our Coinbase Coupon Code a try and you can also earn $10 of free bitcoin by using this link.
What exactly is online currency?
There are many types of online currency that exists. One of the most popular would be Bitcoin. What it is, is a cryptocurrency and digital payment system. Bitcoin in specific was invented by an unknown programmer, or a group of programmers. They called themselves, Satoshi Nakamoto. They originally released this as an open-source software in 2009. This is a peer to peer system, the transactions take place between users directly, without an intermediary. It can be a reward for mining, but in today’s world you can exchange bitcoin for other currencies, products and services in legal or even black markets. Since February 2015, there has been well over 100,000 merchants and vendors accepted bitcoin as a payment. There’s been a study done by Cambridge University in 2017 who claims there are 2.9 to 5.8 million unique users who are using a cryptocurrency wallet. The majority of them are using Bitcoin.
Which is why when you use our Coinbase Coupon Code by following this link, you get $10 worth of bitcoin after you buy or sell $100 worth or more of bitcoin.
Another popular form of online currency that is used in Coinbase is called Ethereum. This is also an open source public, blockchain based distributed computing platform. Ethereum was originally proposed in late 2013 by Vitalik Buterin. He is a cryptocurrency researcher and programmer. The development for Ethereum was funded by an online crowdsale during July – August in 2014. The entire system went live in July of 2015. They had 11.9 million coins “premined” for the corwdsale. This counts for about 13 percent of the total circulating supply. Don’t forget to take advantage of our Coinbase Coupon Code by clicking this link, to get $10 of bitcoin after you buy or sell $100 of online currency like Ethereum.
Does Coinbase support Litecoin?
If your choice of online currency is Litecoin, you’re in luck! They definitely support Litecoin. For those who don’t know Litecoin is very similar to the famous Bitcoin. They are considered to be a direct competitor. Also, they are a blockchain where participating nodes process transactions, and miners will provide security and verification for every single one of those transactions. They were originally developed by Charlie Lee back in 2011. He is now the director of engineering at Coinbase!
He joined the Coinbase team in 2013. this helped Litecoin adopt an active community of traders, merchants, and developers. Its looking like Litecoin is here to stay. They will continue to play a very important role in cyrptocurrency and digital asset development. Once you earn some Litecoin you can use Coinbase to sell $100 or you can just buy $100 worth of Litecoin, and get $10 of bitcoin for free by following this Coinbase Coupon Code link.
How does paying taxes with CoinBase work?
The IRS has actually recently given out the guidelines for how to report taxes relating to digital currency you may have made. You can take a look at them yourself on their IRS.gov website at http://www.irs.gov/pub/irs-drop/n-14-21.pdf. The good thing is that Coinbase does provide you with a specialized cost of basis for taxes reports. This will be a major help when you begin to file your taxes. This report will provide you with your digital currency purchases, and sales, showing all of your cost basis and of course your capital gain/loss.
They use the FIFO or first in first out method for generating that report. The transactions that you are sending into or out of a Coinbase wallet are treated as buys, or sells at the current market price in the official report you would receive. But keep in mind it’s still good to keep your own report on records as well for best results and update the report often. If you transfer funds offsite to a desktop wallet, and then back again. This is when you would not count it as a sale of digital currency.
The report does make thing a lot easier when dealing with your taxes. You can always generate the report by clicking here and then clicking on the “New Report” button on the upper right hand corner. If this sounds like something you’d like to give a try to don’t forget to use our Coinbase Coupon Code by clicking this link, and you’ll receive $10 when you buy or sell $100 worth of digital currency on Coinbase.
What App market is Coinbase available on?
The app Coinbase is of course available on iOS and Android. Just head over to the app store on iphones, or the play store on android to download the app today. Don’t forget to follow this link to take advantage of our Coinbase Coupon Code to get $10 in bitcoin after buying or selling $100 of digital currency.
Coinbase has become a great and unique new service. A great place to buy or sell digital currency, From Bitcoin to Ethereum and Litecoin. Either of those three will be supported on Coinbase. Get started on experimenting with digital currency with Coinbase today. You could either buy some through Coinbase, or if you’re a miner you can reap the rewards by selling them on Coinbase to other people and receive your local currency in exchange. You can also receive free $10 of bitcoin when you buy or sell $100 worth of online currency on Coinbase by following this link for our Coinbase Coupon Code.