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I took the Coinbase description from their own about page.  They are not an exchange, since you do not exchange bitcoin with other users, you buy and sell it directly with Coinbase.  The big value they bring is making it easy to use bitcoin.
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Lornestar 2014-08-22 18:10:53 +08:00
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@ -147,7 +147,7 @@ Alice is now ready to start using her new bitcoin web-wallet.
It is not possible to buy bitcoins at a bank or foreign exchange kiosks at this time. It is not possible to use a credit card to buy bitcoins, either. As of 2014, it is still quite difficult to acquire bitcoins in most countries. There are a number of specialized currency exchanges where you can buy and sell bitcoin in exchange for a local currency. These operate as web-based currency markets and include:
* Bitstamp (bitstamp.net), a European currency market that supports several currencies including euros (EUR) and US dollars (USD) via wire transfer
* Coinbase (coinbase.com), a US-based currency market in California that supports US dollar exchange to and from bitcoin. Coinbase can connect to US checking accounts via the ACH system.
* Coinbase (coinbase.com), a US-based bitcoin wallet and platform where merchants and consumers can transact in bitcoin. Coinbase makes it easy to buy and sell bitcoin, allowing users to connect to US checking accounts via the ACH system.
Crypto-currency exchanges such as these operate at the intersection of national currencies and crypto-currencies. As such, they are subject to national and international regulations and are often specific to a single country or economic area and specialize in the national currencies of that area. Your choice of currency exchange will be specific to the national currency you use and limited to the exchanges that operate within the legal jurisdiction of your country. Similar to opening a bank account, it takes several days or weeks to set up the necessary accounts with the above services because they require various forms of identification to comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) banking regulations. Once you have an account on a bitcoin exchange, you can then buy or sell bitcoins quickly just as you could with foreign currency with a brokerage account.