Hello everyone, today, were going to be talking about coinbase and how to use it in the cryptocurrency ecosystem. But before then, let go through some terminologies of the Decentralized Finance.

First of all, what is DeFi?

Decentralized finance (commonly referred to as DeFi) is a blockchain-based form of finance that does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial instruments, and instead utilizes smart contracts on blockchains, the most common being Ethereum. wikipedia

Defi Terminologies

This section is a list of the most popular DeFi terms and acronyms you’re likely to encounter when exploiting the space.

Anti Money Laundering

Anti Money Laundering refers to the laws and regulations designed to prevent criminal activity.

Auditing

Auditing is an additional professional security work done on DeFi to secure it from hacking and inflection of bugs in order to create an easy system for it users.

Bonding Curves

Bonding curves allow token prices to increase when new tokens are purchased. And they allow prices to decrease when existing tokens are redeemed.

Borrowing Rate

The rate by which a borrower will pay back their borrowed tokens is known as the Borrowing rate. This borrow rate is usually higher than the lending rate.

CEX

Centralized Exchange. Binance and Coinbase are examples of CEXs. Acting as centralized authorities, they take custody of a user’s funds on deposit.

Collateral

These are assets, either fiat currency or other cryptocurrencies used to secure a load.

Crypto Wallet

These are cryptocurrency wallets that are used to store crypto. They come with a secure private keys that are used to create and retrieve and an account. The tokens reside on the blockchain and the wallet accesses them.

DeFi

DeFi is an acronym for Decentralized Finance. Click here for definition of DeFi.

dApps

They are called digital or Decentralized Apps which are built on the blockchain technology, and also, runs without a central authority.

DEX

A DEX, or decentralized exchange, is a type of cryptocurrency exchange. It operates like a stock exchange, except it is run by smart contracts. These smart contracts enforce rules and execute trades. Unlike a Centralized Exchange (CEX), a DEX does not take custody of a user’s funds.

ERC-20

This is the technical standard used for smart contracts on the Ethereum blockchain. ERC-20 defines the list of rules that Ethereum tokens must abide by.

ETH

Unlike STEEM, which is the native currency for the steemit blockchain, ETH is also a digital currency/asset built in the Ethereum blockchain.

Ethereum

This is a transparent, Decentralized blockchain that works with smartcontracts.

Etherscan

This is a validated block explorer for the Ethereum Blockchain used to research and validate transactions.

Flash Loan

Flash Loans are futuristic and next-generation DeFi and native to the crypto space. A borrower can take out a flash loan with no collateral. However, it must be repaid within the same block or the entire transaction is canceled.

Liquidity mining (yield farming)

This encourages and allows the depositing or staking of cryptocurrencies or tokens on a DEX or dAAp for rewards.

Liquidity pools

This is a common feature of the DEx that permits/allows transactions between two persons without any third party middle man.

Now lest talk About Coinbase

What is coinbase??

Coinbase is a cryptocurrency exchange platform where users buy, sell and exchange their cryptocurrencies for either Fiat currencies or other cryptocurrencies. The headquartered is in San Francisco, California, United States.

Coinbase was founded in 2012 and is a fully regulated and licensed cryptocurrency exchange supporting all U.S. states except Hawaii.

Initially, coinbase only traded on Bitcoin, but added other cryptocurrencies subsequently.

Cryptocurrencies Available on Coinbase

There are good options of cryptocurrencies on coinbase to trade on. The following currencies are listed right now:

Aave (AAVE)
Algorand (ALGO)
Cosmos (ATOM)
EThe Balancer (BAL)
Band Protocol (BAND)
Basic Attention Token (BAT)
Bitcoin Cash (BCH)
Bancor Network Token (BNT)
Bitcoin Satoshi's Vision (BSV) (Send Only)
Bitcoin (BTC)
Celo (CGLD)
Compound (COMP)
Civic (CVC)
Dai (DAI)
Dash (DASH)
districtOx (DNT)
EOS (EOS)
Ethereum Classic (ETC)
Ethereum (ETH)
Filecoin (FIL)
The Graph (GRT)
Golem (GNT)
Kyber Network (KNC)
Chainlink (LINK)
Loom Network (LOOM)
Loopring (LRC)
Litecoin (LTC)
Decentraland (MANA)
Maker (MKR)
Numeraire (NMR)
NuCypher (NU)
OMG Network (OMG)
Orchid (OXT)
Ren (REN)
Augur (REP)
Synthetix (SNX)
USD Coin (USDC)
Universal Market Access (UMA)
Uniswap (UNI)
Wrapped Bitcoin (WBTC)
Stellar Lumens (XLM)
Ripples (XRP)
Tezos (XTZ)
Yearn.finance (YFI)
Zcash (ZEC)
0x (ZRX)
............And lots more of them.

Trade Experience

Trading on Coinbase is an extremely easy process and geared toward a beginner. The platform can also be accessed through your android or iOS devices.

Now let's talk about how to receive or send crypto on coinbase.

1. Sign in to Coinbase.
   

2. Click on the exchange icon in the middle.
   

3. Select either send or receive, depending on what you wanna do.
   

4. Click on copy if you wanna receive BTC or you can still share the code with your sender. In the event that you don't want to receive BTC, click on the BTC circled in black.
   

Now you can either send the link to your sender or the QR code.

Coinbase Security

Coinbase uses a variety of safety measures for account holders. It is important to understand that any crypto on any exchange account is only as secure as the account holder makes them. It is imperative to use strong passwords and to utilize the available security features like 2-step verification.

Fees

Coinbase has an incredibly convoluted fee system that is also quite expensive if you are not using Coinbase Pro. The cost of trading on Coinbase's standard platform is quite high in comparison to its competitors. Those who are new to crypto and are looking for ease of use may overlook this.

Thanks to @yohan2on for organizing such a great lectures

Thanks for reading my post.