It’s hard to believe that it’s been a decade since the original whitepaper describing Bitcoin was first released. In the last ten years, the technology has grown from a concept to a global household name. However, the adoption of cryptocurrency technology in the mainstream has been somewhere between slow and non-existent. While there are many reasons why this is the case, the two primary issues involve ease of use and breadth of choices. Coinbask is working to address both of these issues.
First, there are a lot of coins available on the market. How do you choose which ones to buy? If you want to buy a variety to diversify your portfolio, how do you do it and how do you manage the whole collection? That is the point of the basket aspect of Coinbask. By purchasing a tokenized basket of currency, you get the ability to invest in a collection of coins. A more diverse portfolio can mean you can absorb the loss of a volatile coin’s price fluctuation.
Second, interacting with cryptocurrency isn’t easy. Each platform can require a separate wallet, making the management of a diverse portfolio difficult. With Coinbask, you only need a single wallet to buy and sell a basket. Plus, the process of buying and selling is peer-to-peer, meaning you don’t have to wait for hours or days for a transaction to complete. It also means that the process is more secure because you don’t have to move your coins from a private wallet to a public wallet, through an exchange to sell, only to be reversed on the other side.
Coinbask is currently in early access and the company is looking for testers. If you want more information on the platform, or want to sign up for early access, head over to the website.
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