Selecting a crypto wallet may seem complicated but suitable to store your crypto. When you buy digital currency on a trading platform or exchange, you may have the option to leave the “keys” to your coins within the account — that’s one form of storage. But you can also move them off the platform to a personal crypto wallet, which may be software connected to the Internet (a hot wallet) or an utterly offline device (cold storage).
Here’s what you need to know about BitPay and Coinbase cryptocurrency wallets and how to decide which storage option is right for you:
The online (‘hot’) wallets offered by BitPay and Coinbase allow users to store Bitcoin and other digital currencies. The Coinbase.com trading website, in particular, allows you to store them there. However, BitPay’s wallet may be downloaded as a digital file for use on any modern computer or mobile device. Both wallets are similar in terms of ease of use, but the difference comes down to more than your degree of cryptocurrency understanding.
• Coinbase Vault Vs. Wallet: What Should You Have?
• Coinbase Vs Exodus: Which Is A Better Crypto Wallet?
• How To Find Coinbase Wallet Address?
• Coinbase Id Verification Not Working: What To Do?
Source: Crypto Head
BitPay Inc. is a company that offers Bitcoin wallets. Jim Aviles and Stephen Pair established Copay in 2011. Customers of BitPay may store, transfer, and receive Bitcoin (BTC) and Bitcoin Cash (BCH) using the BitPay wallet (BCH). A single account serves as the conduit for all transactions. You may use BitPay on several devices. BitPay is a free and open-source project. The wallet has an easy-to-use user interface as a desktop client and a mobile app. BitPay is a highly safe and secure HD Wallet.
The BitPay wallet displays prices in around 150 different currencies and is accessible in several languages. Chrome also has support for hardware wallet integration.
You may question how Copay and BitPay are connected, and the answer is simple: Copay is the primary “development head” for the BitPay wallet software. The two names may be used interchangeably in some instances. A significant reason for the widespread adoption of Copay was its ease enabling various payment methods to work together more seamlessly. It allows several people to use the same wallet at the same time. In addition, it is suitable for companies that need several signatures to guarantee payment.
To retain Copay as a wallet, the business decided to remove BitPay. BitPay has deactivated all non-digital asset-related functions. The makers of the Copay app also removed the ability to purchase gift cards. BitPay’s wallet software still supports all gift cards.
Also, a new wallet application called Glidera was made available. Using the Glidera platform, consumers may now buy BTC directly from their wallets. BitPay Card, BitPay stood apart from Copay because of its tie-in.
The BitPay Card is a pre-paid Visa debit card that may be used everywhere Visa is accepted. Using the BitPay app, you may safely pair and fill your BitPay Card. This makes BitPay’s wallet software ideal for those who make a full-time profession out of Bitcoin trading. A user’s conventional money and BTC spending/savings wallets can be easily managed.
It was founded in 2011 as a Bitcoin payment processor by BitPay, Inc. (BPI). The business offers products and services for both commercial and private usage. The wallet was developed in 2015 as a non-custodial HD wallet for cryptocurrency assets stored on the Copay network. Atlanta is where BitPay’s headquarters are located. Competitors include Trust Wallet, Coinomi, and others.
Coinbase’s trading platform is one of the most varied regarding the number of cryptocurrencies available to customers. Exchange’s Pro platform offers reasonable pricing. However, the base service tier provides expensive transactions and hides its complicated fee structure. Coinbase is one of the few cryptocurrency trading brokerages that gives users custody of their bitcoins and can earn staking rewards (rewards) from them. Customer support at Coinbase, on the other hand, is woefully understaffed, as is the case with other cryptocurrency exchanges.
Source: Busines header
IB just announced low-cost trading in many cryptos, making it an attractive choice for traders looking for a complement to their stock or option trading. If you’re looking for a crypto-focused broker, Kraken and eToro are good options. Another low-fee alternative is Binance.US.
Coinbase’s Pro service tier separates it from the competition regarding remuneration. (For further information on the entry-level service, see the section below.) At the Pro tier, you’ll pay no more than 0.5 percent of your monthly trading volume if it’s less than $10,000. However, if you take advantage of the exchange’s volume-based pricing, you may be able to drop that price even more.
Coinbase is notable for:
- Crypto-only traders
- Active traders
- Custody and staking incentives
- Minimum balance: $0.00
- Supported Cryptocurrencies:125+ cryptocurrencies are tradable.
- Cost per transaction: Rates in the basic tier vary from 1.49 percent to 9.9 percent, with a 0.5 percent spread markup.
- Pro tier: A sliding scale begins at 0.5 percent and decreases in proportion to volume.
- Customer care is available by email, phone, and live chat 24 hours a day, seven days a week.
- Account fees: A $10 per month inactivity charge is assessed after 12 months of inactivity. There are no deposit or withdrawal fees.
- The Coinbase mobile app is available for download through the Apple App Store and the Google Play Store.
Comparison of Bitpay and Coinbase wallets
If you’re debating whether to leave your coins on the Coinbase exchange website or move them to one of your devices, the security of the coins should be your priority.
The Bitcoin theft at the Mt. Gox exchange in 2013-2014 serves as a stark warning about the dangers of digital wallets. The exchange declared bankruptcy, resulting in the loss of millions of dollars in Bitcoins.
Source: Business Header
Coinbase has now taken over Mt. Gox’s overwhelming market share and is committed not to repeat the same error. Since the collapse, one of Coinbase’s core beliefs has been secured, and it shows.
Coinbase has included safeguards
- 98 percent of their Bitcoin is split and stored offline throughout the globe.
- Using AES-256 to encrypt the data, which cannot be reversed
- Two-factor phone authentication is now available.
Trusting other parties to maintain the private keys linked with your bitcoin, on the other hand, presents a more general security risk.
BitPay’s desktop wallet, on the other hand, shifts the risk entirely on the security of your PC. Thus, if you maintain your computer malware-free, installing the wallet, an antivirus application, and configuring two-factor authentication with your phone will almost certainly ensure its security.
Because the wallet’s code is open-source, it’s tough for developers to sneak in unwanted code to steal cash as well. You may further secure your money by producing an offline (‘cold’) backup and storing it someplace physically secure.
Regardless of Coinbase’s significant efforts, it’s best to spend the time and trust yourself to keep your funds secure in a software wallet like BitPay’s.
BitPay has to its credit these security features:
Certain assets with multi-sig and optional key encryption in BitPay’s non-custodial wallet. Seamlessly manage assets across platforms.
Use multi-factor security
Use multi-factor wallets to split payment authorization across up to 12 devices or trusted co-payers for enhanced security.
Sending your Bitcoin will incur a payment processing fee proportional to the speed with which you want the online payments to be completed. Because the costs are external to the wallet, they are ultimately identical for all systems, but your purchase preferences may be optimized.
To customize your desired speed and cost, you may choose from five options in the BitPay wallet.
The BitPay wallet makes it easy to optimize your mining expenses from the settings page. You may examine the cost and expected completion time of your transaction from here and alter it as needed.
Coinbase wallet, on the other hand, does not provide such a solution and instead relies on an algorithm to determine your amount. Not having this freedom may be expensive if you wish to transfer coins between personal wallets rather than use them for payments, and it restricts how you can utilize your bitcoin.
As a result of the additional flexibility, BitPay is the apparent winner.
BitPay has been focused on delivering solutions for merchants since its beginnings. Consequently, BitPay provides a broad range of connectors that make it simple to accept BTC payments. BitPay has collaborated with point-of-sale, accounting, and donation services in addition to e-commerce plugins and services.
BitPay has many existing integrations and plugins that accept Bitcoin payments on their platform.
Coinbase wallet, on the other hand, provides much fewer APIs, and none of the Coinbase connections are not previously supported by BitPay. While they cover the essential plugins, their services will provide less flexibility to current organizations.
Consequently, established firms may choose to use BitPay’s broad integration to enable rapid and easy Bitcoin integration. BitPay seems to be the winner of the plugin competition.
User experience comparison
In terms of design, both platforms’ payment pages display the same information but might be aesthetically different depending on the platform and plugin. Therefore, you cannot simply compare them.
Source: UX Collector
Coinbase, being the market’s biggest Bitcoin dealer, has one advantage. Coinbase users who are logged in may pay with a single click of a button. Given Coinbase’s large market share of over 10 million users (in comparison to the 23 million Bitcoin wallets in existence), this makes a significant difference in your clients’ ease of use and familiarity.
The BitPay wallet is restricted regarding its currencies since it only supports Bitcoin and Bitcoin Cash. Coinbase, on the other hand, accepts Ethereum, Ethereum Classic, and Litecoin. This is only advantageous if you intend to use these currencies, but if you do, Coinbase will profit handsomely.
Coinbase, as the most significant Bitcoin exchange, has a substantial advantage as it expands its offerings. The cryptocurrency exchange significantly improves the competitiveness of their crypto wallet and payment processing solutions and provides a one-of-a-kind debit card solution.
Unless you value Coinbase’s convenience, BitPay’s wallet is the clear victor, but BitPay loses ground to Coinbase’s aggressively cheap payment processing rates.
Whichever option best meets your demands is the winner. Consider how and why you want to utilize your cryptocurrencies, as well as the coins you intend to use. BitPay and Coinbase are excellent systems; the better option is your taste.
FAQs about BitPay vs Coinbase
Why can’t I use Coinbase to pay a BitPay invoice?
To pay a BitPay invoice, you must use a wallet that supports the Payment Protocol. Payment Protocol guarantees that the payment you submit is the correct amount. It also ensures that you provide a sufficiently large miner fee for the network to validate your transaction.
Payment Protocol eliminates the need to deal with rejected payments, delayed purchases, and refunds. Payment Protocol also offers extra security to payments, preventing them from being sent to imposters or attackers.
Is BitPay used to accept bitcoin payments?
Bitpay accepts Bitcoin and other cryptocurrencies to attract new clients while avoiding the costs of excessive fees and chargebacks. BitPay makes accepting these payments simple, from setup to settlement.
Does BitPay accept Bitcoin Cash?
Bitpay does accept payment from BCH.