Coinbase VS Electrum

Compare Coinbase VS Electrum and see what are their differences

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Electrum

Electrum is an easy to use Bitcoin client.

Landing page //
2018-09-30

Landing page //
2023-07-21

Coinbase

Website: coinbase.com
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Electrum

Website: electrum.org
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Coinbase features and specs

User-Friendly Interface
Coinbase offers an intuitive and easy-to-use interface that is ideal for beginners in the cryptocurrency space.
High Liquidity
Coinbase has high liquidity, allowing users to buy and sell cryptocurrencies quickly without significant price slippage.
Security Features
Coinbase employs robust security measures, including two-factor authentication (2FA), insurance against breaches, and cold storage for the majority of users' funds.
Wide Range of Cryptocurrencies
The platform supports a broad selection of cryptocurrencies, making it easier for users to diversify their portfolios.
Educational Resources
Coinbase provides educational content to help users understand cryptocurrency and blockchain technology better.
Regulatory Compliance
Coinbase adheres to stringent regulatory standards, providing a sense of legitimacy and trust for users.
Mobile App
Coinbase offers a mobile app with full functionality, allowing users to manage their portfolio on the go.

Possible disadvantages of Coinbase

High Fees
Coinbase charges relatively high transaction fees compared to other exchange platforms, which can eat into users' profits.
Limited Advanced Trading Features
While it offers a user-friendly experience, Coinbase lacks some of the advanced trading tools and features available on other platforms.
Customer Support
Some users have reported delays and difficulties when trying to reach Coinbase's customer support.
Account Freezes
There have been instances where users have experienced sudden account freezes, which can be problematic when trying to access funds.
Know Your Customer (KYC) Requirements
Coinbase requires extensive personal identification information, which can be off-putting for users who prioritize privacy.
Geographic Restrictions
Certain features and services on Coinbase are limited or unavailable in specific geographic regions.

Electrum features and specs

Lightweight
Electrum does not download the entire blockchain; it relies on remote servers, making it fast and consuming less storage space on your device.
Security
Electrum uses advanced security features like two-factor authentication, multi-signature wallets, and cold storage to protect user funds.
Speed
Since Electrum does not require synchronization of the full blockchain, transactions are processed quickly.
Open Source
Electrum is open-source software, allowing for community review and contributions to enhance its functionality and security.
Compatibility
Electrum is compatible with various types of hardware wallets, enhancing security by enabling offline storage of private keys.
Blockchain Integration
Electrum uses Simple Payment Verification (SPV) to verify transactions, making it efficient and reliable for users.
Customizable Fees
Users have the option to customize transaction fees, giving them control over the cost and speed of their transactions.

Possible disadvantages of Electrum

Reliance on Remote Servers
Since Electrum relies on remote servers for blockchain data, a server malfunction or attack could potentially disrupt service.
User Interface
The user interface of Electrum can be less intuitive and less user-friendly, especially for beginners compared to some other wallets.
Limited Altcoin Support
Electrum primarily supports Bitcoin, with limited support for other cryptocurrencies, which may not meet the needs of those who use multiple altcoins.
Privacy Concerns
Using remote servers involves sharing some information regarding your transactions which might raise privacy concerns.
Manual Updates
Users are required to manually update Electrum to benefit from the latest features and security patches.

Analysis of Coinbase

Overall verdict

Overall, Coinbase is considered good for those looking to buy, sell, or hold cryptocurrencies. However, it is important to note that its fees can be higher compared to some other platforms, particularly for its simpler buying options.

Why this product is good

Coinbase is one of the largest and most popular cryptocurrency exchanges globally, known for its user-friendly interface, robust security measures, and a wide variety of supported cryptocurrencies. It is a good choice for both beginners and experienced traders due to its intuitive platform and comprehensive educational resources. The exchange is regulated in various jurisdictions, offering a level of credibility and trustworthiness.

Recommended for

Beginner cryptocurrency investors who need an easy-to-use platform.
Users seeking a regulated and secure environment for trading.
Investors interested in a wide variety of supported cryptocurrencies.
Individuals looking for educational resources on cryptocurrency trading.

Analysis of Electrum

Overall verdict

Yes, Electrum is generally considered a good Bitcoin wallet.

Why this product is good

Electrum is known for its speed and efficiency, as it connects to decentralized servers rather than downloading the entire blockchain.
It offers advanced features such as cold storage, hardware wallet support, and multisig functionality, making it suitable for more experienced users.
Electrum is open-source, which means its code is publicly reviewed and audited for security.
It provides users with full control over their private keys, enhancing security and privacy.
The wallet has been around since 2011, giving it a long-standing reputation within the Bitcoin community.

Recommended for

Users who prioritize security and want full control over their private keys.
Bitcoin enthusiasts looking for a lightweight, fast, and resource-efficient wallet.
Advanced users requiring features like cold storage, multisig capabilities, and hardware wallet compatibility.
Individuals who prefer open-source software with a strong community backing.

Coinbase videos

+ Add

Coinbase Commerce vs Bitpay Merchant Services - The Ultimate Crypto Payment Gateway

Electrum videos

+ Add

Electrum Bitcoin Wallet - Versatile and Feature Rich

Category Popularity

0-100% (relative to Coinbase and Electrum)

Electrum

Cryptocurrencies

81 81%

Cryptocurrencies

19% 19

Crypto

87 87%

Crypto

13% 13

Cryptocurrency Wallets

68 68%

Cryptocurrency Wallets

32% 32

Cryptocurrency Exchange

77 77%

Cryptocurrency Exchange

23% 23

User comments

Share your experience with using Coinbase and Electrum. For example, how are they different and which one is better?

Reviews

These are some of the external sources and on-site user reviews we've used to compare Coinbase and Electrum

Coinbase Reviews

shah7

· Admin at Coin Master · almost 3 years ago

Coinbase is Love

One of the main benefits of Coinbase is its extensive security measures, which include offline storage for a majority of the company's cryptocurrency holdings and advanced security measures for online storage. Additionally, Coinbase is licensed and regulated by several financial authorities, which helps to provide users with a certain level of confidence in the security of their funds.

Best Crypto Payment Gateways 2024

– Real-time Conversion: Coinbase Commerce offers real-time conversion of cryptocurrencies into fiat currency, mitigating price volatility concerns for merchants. This feature enables seamless transactions without the need for manual conversions or additional steps.

Source: bitcoinist.com

9 Best Cryptocurrency Payment Gateways Reviewed [January 2023]

Coinbase Commerce allows small and medium scale businesses to accept crypto payments from customers. Being one of the best crypto exchange platforms, Coinbase supports a wide range of cryptocurrencies. Its Coinbase Pro platform has advanced features to serve professional traders. Businesses can create invoices, simple hosted checkouts, and Coinbase payment buttons using this...

Source: coingape.com

Top Crypto and Bitcoin Payment Processors - Accept Digital Currencies

Moreover, Coinbase Commerce charges only a 1% transaction fee, which is insignificant compared to the benefits it provides. It’s important to mention here that Coinbase Commerce offers the first US$1 million worth of transactions for free, making it one of the cheapest payment processors available today. All in all, if you’re seeking a professional and reliable payment...

Source: originstamp.com

6 Best Coinbase Alternatives for 2022

Coinbase opens the door to the world of cryptocurrencies for many investors. It focuses on simplicity, providing easy access to over 100 cryptocurrencies through a well-designed app, where users buy, sell, and exchange crypto with ease.

Source: investingintheweb.com

Best Crypto Exchanges in Europe in 2022 (Ranked and Reviewed)

While Coinbase is known for its simplicity, the platform has higher transaction fees than its competitors. Users also tend to complain about its customer service, saying that it is hard to contact other humans, with the service being primarily automated. Finally, Coinbase Europe is not a regulated financial service provider for digital currency services.

Source: investingintheweb.com

Electrum Reviews

Top 10 Best Bitcoin Wallets of 2021

Electrum is one of the oldest Bitcoin wallets you can find. The wallet, which used to be a desktop client alone, is now also available on mobile. Electrum is compatible with multiple operating systems such as Windows, Mac, and Linux. The wallet is an open source software wallet. Over the years, several developers have contributed to its source code. Website: www.electrum.org

Source: medium.com

20 BEST Bitcoin Wallets | Top Crypto Wallets in 2021

Electrum is the oldest Bitcoin wallets available in the market. It offers excellent privacy features and keeps your Bitcoins secure. It is the bitcoin wallet that good privacy features and keeps your Bitcoins secure.

Source: www.guru99.com

Social recommendations and mentions

Based on our record, Coinbase should be more popular than Electrum. It has been mentiond 454 times since March 2021. We are tracking product recommendations and mentions on various public social media platforms and blogs. They can help you identify which product is more popular and what people think of it.

Coinbase mentions (454)

Ask HN: Who is hiring? (June 2024)
- We move at the pace of a startup, with value to full stack skillset, shipping fast, total ownership - Senior Product Manager, ideally ex-engineer, who has built API products before and written documentation - Engineering Manager for our Commerce team ( https://commerce.coinbase.com/ ) Send your github or resume to nemil.dalal+hn /at Coinbase's domain name. - Source: Hacker News / over 1 year ago
reset password email never shows
I have been trying to regain access to my account FOR OVER TWO FUCKING YEARS... The website only leads me in circles with no resolution, the reset password email NEVER shows up.. Yes I have checked my spam folder, yes I have searched for @coinbase.com in my emails search bar, yes I have contacted my email service provider whom states they cant even locate the emails being sent... I just need to reset my password... Source: almost 2 years ago
Over $50k was stolen from my account!!!
Late (2am) on the 26th, I received 3 text messages indicating the BTC (and ETH) being sent from my account are being delayed for security reasons. The text had a link (to a coinbase.com domain) to disable my account by clicking on the link. I did so for all 3 transactions (no login was required as it was a token based string) at around 6am when I saw the texts. Source: about 2 years ago
Accept Term problem
I got an e-mail that my account will be discontinued on Sept 25, and I should withdraw my funds. But after log in, I'm stuck on accept term, using app mobile, coinbase.com (firefox, google chrome , and safari) I tried also to connect to VPN but nothing happens. Source: about 2 years ago
Withdrawing money from Binance in the UK - how?
I do have an existing Coinbase.com account if that makes any difference? Source: about 2 years ago

Electrum mentions (230)

Noob question, laugh at will
I have been looking at exchanges and different wallet options but I am 99% sure its from electrum.org. Source: almost 2 years ago
Legitimate Bitcoin Apps
Https://electrum.org - Solid choice, Open Source and Non-Custodial, one of the oldest and most trusted Bitcoin Wallets. Source: almost 2 years ago
1000 btc wallets adresses
Hello, I have question, When I download wallet from electrum.org, and have 1 btc wallet adress. Can I made like 1000 btc wallet adress now ? Best regards. Source: almost 2 years ago
Failing to "gpg --verify" on linux
I am following the Linux instructions from electrum.org, I'm using Ubuntu (fist timer, know zero to nothing about coding) and ChatGPT to help me write the code. Source: almost 2 years ago
How to import Bitcoin Address as a watch only
Electrum (https://electrum.org) can do that. Under "View" enable the tab "Coins" and then right click on the UTXO you're interested in, "Copy" > "Long Output point". Source: almost 2 years ago