Coinbase Announces its Millionth Consumer Wallet and 7592% Growth Since Jan 2013

On its blog today, Coinbase announced that they’ve reached one million consumer wallets. According to company, the milestone marks 7592% growth from the beginning of 2013 when they began the year with just under 2013.

A provider of both consumer and merchant tools for buying and receiving bitcoins, Coinbase has been one of the fastest growing firms in the Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term sector. Part of its appeal is its focus on creating a product that is both easy to use as well as secure. Along these lines, accounts are similar to that of traditional financial companies where passwords can be readjusted when they are lost. Also, also to explanations given by Founder and CEO Tim Armstrong about their security methods, Coinbase only keeps a minimum amount of bitcoins in hot wallets, while requiring private keys of multiple company employees to access Cold Storage Cold Storage Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Read this Term.

In terms of its business customers, Coinbase added on its blog post announcement that they currently have more than 25,000 merchant clients, including recent additions Overstock.com and Fiverr. The growth follows Coinbase sourcing $25 in series-B funding from notable venture funds Andreessen Horowitz and Union Square Ventures, which has allowed the company to increase its hiring as well as continue its program users for introducing new account holders.