Amazing Coinbase big move, what No One Talks About and Step-by-step Knowledge 2021

For those who do not pay attention to one of the biggest trends in investment and technology, cryptocurrencies are digital currencies that use cryptographic technologies that regulate the generation of currencies and verify the transfer of funds, operating independently of central banks. Monetary units are created through a process called mining.

In the case of Bitcoin, the miner runs a computer program to verify the data of the complete transaction history of creating all Bitcoin. A technology called blockchain is used to create irreversible and traceable transactions, making the verification process possible.

Once the miners verify the data (from blocks, therefore blockchain), they will get a certain number of digital currencies, which are the same currency as they verify the transaction history. Therefore, for example, mining Bitcoin can win Bitcoin.

Now the direct answer is :

If you want to trade in digital currency, you will need a platform to trade them and an intermediary to communicate with the network.

Coinbase is a global digital asset trading company (GDAX), which provides a place to buy and sell digital currencies and sends information about these transactions to the blockchain network to verify these transactions.

Coinbase acts as a place where wallets can also store digital currency. The application operates Bitcoin, Ethereum, Bitcoin cash and Litecoin transactions, as well as other digital assets using fiat currency in 32 countries, and Bitcoin transactions in more countries. Under its website, they has served more than million customers and facilitated the exchange of digital currencies worth more than billion.

Essentially, if you are interested in digital currency trading but don’t want to fall into basic technology, then products like Coinbase are a way to start dabbling in new forms of currency speculation and investment. However, you do lose some advantages in trading through cryptocurrencies and blockchain.

On Coinbase, you don’t have a pseudo-anonymity – your name is attached to your Coinbase account, so is true of your bank account, so the transaction history is relatively easy to track. If you don’t use blockchain, you can’t make sure that your transaction record or account is verified on the blockchain. Instead, you put trust in the mediation, in this case, Coinbase.

Coinbase requires you to associate your bank account or credit or debit card with your Coinbase account to purchase cryptocurrencies. Use a bank account to allow a higher limit ($100/transaction, $2,500/week), but it takes longer to verify the transaction, so it takes two to four days for you to see the money in Coinbase wallet (depending on your bank). When selling Bitcoin, once the sale is confirmed, it will take two to four days for the proceeds to be displayed in your bank account.

Use a credit or debit card with a lower limit ($200 a week), but you only need to transfer funds from the bank account to the website to buy digital currency. For these transactions, Bitcoin will immediately appear in your Coinbase wallet. You can also sell Bitcoin to your PayPal account and cash it in practice because your Bitcoin will be exchanged for local currency. This transaction is also instantaneous.

Most of us don’t have the technical funds to communicate with blockchain or store our digital currency; this is where Coinbase is used.

Despite the complex technology and necessity related to cryptocurrency investment, speculation and possession, Coinbase has created a device that makes the process simple and familiar, almost like buying and selling stocks.

1. Some national digital certification companies may accelerate the pace of listing.

Funds are accelerating the influx of digital generalization into the general securities market. According to data released by CoinShares, a digital securities asset management company this month, the inflow of funds to digital securities funds and products reached a record $45 billion in the first quarter, reflecting that more and more institutional investors are participating.

Coinbase listing is a recognition from the mainstream world for the industry, providing an experience for companies in the digital certification industry or blockchain industry, and proving that exchanges can also be listed.

The acceptance of digital certificates in the market will increase, and companies in the digital general certificate industry in other countries may also accelerate the pace of listing.

It is reported that Kraken, a virtual asset trading giant in the United States, is considering a public listing in 2022, and the company’s management expects to go public in a similar way to Coinbase. Kraken is now negotiating with investors to seek a new round of financing, which may be worth as much as $200 billion. In the future, more crypto industry companies in the United States, South Korea, and Japan may choose to go public.

2. More traditional investors and institutions will enter the market

Industry experts analyzed that Coinbase’s listing will mark the first formal link between traditional financial channels and digital generalization channels. Successful landing on the Nasdaq can be used as further recognition of digital general certificates as a traditional asset, which is a big step in the digital generalization industry.

The listing of Coinbase will attract more attention to digital certificates in the traditional financial field, and also help to improve users’ trust in the exchange, provide endorsements for the encryption industry, and play a good role in the overall market.

Its listing will greatly promote the acceptance of digital certificates in the mainstream market, and will attract more traditional investors to pay attention to the field of digital certificates. More people and institutions outside the market will enter the field of digital certificates. The number of users in the entire encryption industry will grow rapidly, and digital certificates will be more easily and more widely accepted by the public.

3. The digital general certification industry has entered a new stage of ‘compliance development’

“Coinbase listing will help digital general licenses out of the loop, facilitate the entry of ordinary investors and institutions outside the market, and promote the digital general license industry to enter the next stage of ‘compliance development’.” Yu Jianing, the rotating chairman of the Blockchain Special Committee of the China Communications Industry Association, said so.

The listing of Coinbase will promote the compliance process of the industry and is of great significance to the whole industry. Compliance is a key factor in determining the development of the digital encryption industry.

Coinbase’s efforts in risk control and compliance provide an important reference value for the entire encryption industry. It will lead the entire digital encryption industry forward to the next compliance development process.

Industry experts analyze that in the next decade, more unicorns from the field of digital certificates are bound to appear in mainstream financial markets. The wave of wealth digitization has begun, and human society is facing the transformation of wealth from traditional form to digital form. The listing of Coinbase is an important milestone in the tide of this era.

About safety and insurance, The platform can store 98% of customer funds offline to ensure the security of cryptocurrency assets you buy and store in Coinbase. On their website, Coinbase assures customers that “sensitive data usually reside on our server is completely disconnected from the Internet”.

Then encrypt the data, transfer it to USB drives and paper backups, and distribute them to safe libraries around the world.

In case of violation of Coinbase online storage, the other 2% of customer funds will be kept online. In addition, Coinbase keeps all customer fiat currencies in a managed bank account on behalf of the customer.

Therefore, if you have fiat currency in Coinbase, FDIC insurance can reach up to $250,000 in the US dollar wallet (just like “regular” banks). Even in the case of Coinbase bankruptcy, this can protect customer assets (as long as they have been converted into fiat currency).

However, if you have so much money in Bitcoin, you may want a safer space to store it. In this case, Coinbase provides a Coinbase vault with delayed withdrawals (allowing you to cancel withdrawals within 48 hours) and multiple approver options to improve security by ensuring that all withdrawals are approved by multiple people. They also provide a multisig vault, which is basically a more complex and safer vault that requires multiple keys to unlock.

The Coinbase transaction was created by miners, mainly to reward miners for their efforts to carry out POW mining.

The reward is divided into two parts. Part of it is a block reward, and this part is relatively fixed. At present, the block reward for each block is 12.5BTC, which is halved every four years. The other part is the handling fee. Each transaction of the current block will contain a certain reward for miners, that is, the transaction handling fee. When creating Coinbase transactions, the mining union accumulates the handling fees in all transactions and then transfers the money to itself.

Coinbase transactions are characterized by no “parent transaction”. Input is required in ordinary transactions, and input comes from the output of the parent transaction, so ordinary transactions have parent transactions. However, Coinbase transactions do not have parent transactions, because coins are generated directly by the system.

what does the word coinbase mean in coinbase transactions?
Simply put, coinbase is a system-generated currency.” Coinbase transaction, also known as “Generation transaction”, is also known as “generate transaction”, because, in other ordinary transactions, they transfer existing Bitcoin, and this transaction is specially designed to generate new Bitcoin from scratch. To be precise, coinbase is input in “generate transactions”.
This is the basic meaning of the word coinbase.

I believe many readers have heard of Industry 4.0, but in fact, it can’t be equated with the Fourth Industrial Revolution.

Industry 4.0 was proposed by the German government to shorten the distance between industrial technology, sales, and product experience and create a new intelligent industrial world with a sense of perception.

For example, A Shoe Factory receives an order demand of “Shoes in the Amazon Basin”. At this time, A Shoe Factory can directly generate a phase that fully meets customers by analyzing various data, including local climate, demographic composition, public transportation, market research, raw material demand, machine loss, yield, and other data. Turn off the solution.

The above examples come from all aspects of data. Blockchain provides information for multiple partners (sensors). At the same time, the high transparency and security of blockchain allow data to be tracked and cannot be tampered with, and then the final solution is generated through smart contracts.
Everything revolves around data, which is the key to Industry 4.0 and the key to the Fourth Industrial Revolution.

IBM, a technology giant, has a set of gold flow services in the supply chain. The original process was mostly manual and interlocking, from order establishment, order amount input, packaging, and delivery.

Until the invoice is sent, as long as any link goes wrong, you must wait.

According to IBM statistics, an average of 2.2 million disputed orders take an average of 44 days to process each, and these kidnapped accounts cost up to $1 billion.

Therefore, IBM has built a supplier platform to use smart contracts to master the golden flow operation of every job.

When a smart contract receives two shipping notices from the manufacturer and the transportation industry at the same time, the terms of the contract will be automatically fulfilled and allocated to both parties according to the order.

IBM only entrusted the verification errands to the blockchain, reducing the dispute resolution time from 44 days to 10 days, and the early release of $1 billion of money.

More detailed examples about How do technology giants use blockchain in next article.