What is Coinbase?
Coinbase is considered the largest United States-based crypto exchange/wallet. It is also considered one of the largest crypto exchanges by trade volume in the US.
Coinbase Wallet is a non-custodial crypto wallet for sending, receiving and storing supported crypto assets. The wallet was launched in 2012 by Brian Armstrong and Fred Ehrsam. It is a hot wallet with many features that make it outstanding.
One of its unique features is, Users can still use cold wallet services efficiently by using Coinbase. It can be connected to a cold wallet storage facility, Ledger.
Coinbase Wallet ensures maximum security for its users. This is achieved by providing multiple layers of security authentication, including two-factor authentication (2FA) and email verification.
The wallet supports a variety of cryptocurrencies across different blockchains and protocols. It supports coins such as Bitcoin, Ethereum, Litecoin and many other assets.
Coinbase isn’t just a crypto wallet; it can also be your first contact point with any supported crypto assets. Users can buy crypto assets with their bank accounts on Coinbase.
The wallet also has a decentralized browser for accessing numerous Decentralized Applications (Dapps). DApps are applications or programmes that run on the blockchain, offering various features, such as decentralized finance (DeFi), gaming, and more.
In addition to all its unique features, Coinbase Wallet has a very friendly user interface, making navigating the application swift and hassle-free.
Getting Started with Coinbase Wallet
Getting started with Coinbase is not a challenging task. The mobile version of Coinbase is available for both Android and IOS operating systems. Additionally, a desktop version of the wallet is an extension to Chrome and other desktop browsers. To start using Coinbase either on mobile or desktop, please follow the guidelines below;
Setting Up on Mobile
- Download the Application: Log on to the respective application store of your device or phone and search for “Coinbase Wallet” in the search bar. When found, tap on the download button to install the app into your device.
- Open the App: If you have downloaded and installed the app on your mobile device, tap on the app to start your setup process. If you have had an account with Coinbase before, tap on the “I already have a wallet” button to restore your account by entering your 12-word recovery phrase or through Google Drive. Otherwise, tap the “Create new wallet” button to signup for an account.
- Backup your Wallet: Backup Your Wallet: As the initial step in creating a new account, you will be required to back up your wallet. Two options will be given to you for doing this. In the first, it will be manually backed up by writing it down somewhere, and in the second, it will be backed up into a Google Drive. You should back it up manually, it is strongly encouraged. Please record your 12-word backup phrases on paper and maintain them in a location that is only accessible to you. This is essential because, if handled carelessly, someone could gain access to your wallet and take all of your cryptocurrency holdings.
- Create Your Password: After backing up your wallet, you must create an alphanumeric password of more than eight characters to continue. Enter a secure password and verify the password to proceed.
- Protect Your Wallet: You must protect your wallet from being accessed by someone with your phone. It would help if you used a 6-digit passcode or thumbprint to protect it. Choose the option you prefer to use and agree to the terms and agreement to proceed.
After the process above, wait some seconds for your wallet to process and be ready to use.
Setting Up on Desktop
1. Visit Coinbase Website: If you want to use Coinbase Wallet on your desktop, add the wallet to your Chrome extension. To add the extension to your browser, visit Coinbase Wallet’s official website. Please ensure you are visiting the right website. This is important because many scammers have cloned the Coinbase website to scam unsuspecting internet users. On the download page, click the “Download for Chrome” button.
2. Click on the “Add to Chrome” button
3. Click on Coinbase Extension to set up your wallet
4. If you have an existing wallet, restore your wallet. Otherwise, click the “Create new wallet” button.
5. Backup Your Wallet: Write down your 12-word backup phrase on paper and hide it somewhere you can access it. Do not save up your passphrases on any electronic device because if the device is hacked or tampered with, someone else might get access to your wallet and probably steal all your crypto assets.
6. Verify Your Backup Phrase: To ensure that you have written down your passphrases securely, verify your backup phrases by clicking on the first and last phrases to proceed.
7. Create Your Password: After verifying your passphrase, you must create a strong password. The password must be alphanumeric and have more than eight characters. Input and confirm your password to complete the setup process.
When you complete the processes described above, wait for some seconds for Coinbase to process and create your wallet.
Important: Please ensure you do not save your passphrase on any of your electronic devices. This is crucial because if your device is hacked or tampered with, your phrases might be exposed to the hacker and could be used to access your wallet to steal your assets.
Cryptocurrencies & Assets Supported by Coinbase Wallet
Coinbase provides support across different blockchains and protocols. Among the blockchains that Coinbase supports, some notable ones include Bitcoin, Ethereum, Binance Smart Chain, Gnosis Chain, Fantom Opera, Optimism, Polygon, xDAI, and Solana. By embracing multiple blockchains, Coinbase ensures that users have the flexibility to engage with various digital assets and decentralized applications across different ecosystems.
Furthermore, Coinbase Wallet, a feature-rich offering from Coinbase, is pivotal in empowering users to manage their cryptocurrencies effectively. The Coinbase Wallet supports all ERC-20 tokens on the Ethereum and Binance Smart Chain networks. This means that users can securely store, send, and receive a wide array of tokens that comply with the ERC-20 standard, widely adopted in cryptocurrency.
In addition to ERC-20 tokens, Coinbase Wallet also facilitates handling ERC-721 tokens, commonly referred to as Non-Fungible Tokens (NFTs). NFTs have gained immense popularity due to their uniqueness and ability to represent digital assets such as artwork, collectables, and virtual real estate.
Coinbase Keys and Security
It is very important to prioritize the security of your crypto wallet to safeguard it from potential scammers and unauthorized access. One crucial aspect of this security is ensuring the safe storage of your private keys and passphrases. They act as the key to your wallet, and if they are not stored securely, they could be exploited by malicious individuals or hackers to gain unauthorized entry.
To prevent mishaps, it is strongly advised against storing your 12-word Coinbase passphrase on your device. If your device is compromised or falls into the wrong hands of hackers, it could lead to the exposure of your passphrase, granting unauthorized access to your wallet and potentially resulting in the loss of your funds. To access your Coinbase passphrase safely and conveniently, follow the steps provided below:
1. Open your Coinbase app
2. Tap on the “Settings” button
3. Tap the wallet you want to access its recovery phrase
4. Tap on the “Recovery Phrase” button
5. Authenticate with your fingerprint or password
6. Tap on “Allow.”
After the last process above, your recovery phrase will appear.
Other Coinbase Features
Coinbase placed itself above some other crypto wallets out there. It’s more than just a basic wallet. It is equipped with other unique features of high utility to its users. The following features are some of them;
Coinbase Wallet offers a unique feature known as a Decentralized Browser. Within the wallet, users can find a built-in browser specifically designed to interact with Decentralized Applications (DApps) built on Blockchain technology.
This innovative browser, powered by Web3 technology, allows Coinbase Wallet users to explore and access a wide range of decentralized applications seamlessly. Leveraging the security of the blockchain, these applications offer exciting new possibilities in various domains such as finance, gaming, social media, and more.
As a user of Coinbase Wallet, you enjoy total control over your Wallet and its assets. Meaning you have the power to manage, store, and transfer your cryptocurrencies and tokens as you see fit. By choosing Coinbase Wallet, you are embracing a level of autonomy and responsibility for the security and safety of your Wallet. Unlike custodial wallets, where a third party manages your assets on your behalf, Coinbase Wallet empowers you to be the sole guardian of your funds.
With this increased control, you can make decisions regarding the storage and protection of your assets. You must implement best practices for securing your Wallet, such as utilizing strong passwords, enabling two-factor authentication, and keeping your recovery phrase or private keys safe and confidential.
In-App Crypto Buy
Coinbase provides users with a convenient way to purchase cryptocurrencies using debit or credit cards. This user-friendly feature is made possible by seamlessly linking your Coinbase Wallet to the Coinbase Exchange.
It’s important to note that although Coinbase Wallet and Coinbase Exchange are separate entities, they are owned by the same company. This connection allows for a smooth and seamless experience when buying cryptocurrencies with your cards. Connecting your Coinbase Wallet to the Coinbase Exchange grants you access to a good number of supported cryptocurrencies that you can purchase directly using your debit or credit card.
In addition to its many features, Coinbase Wallet offers comprehensive support for Non-Fungible Tokens (NFTs). As a user of Coinbase Wallet, you can engage with the exciting world of NFTs by sending, receiving, and securely storing these unique digital assets directly within your Wallet.
NFTs have been incredibly popular recently, altering the way we view and exchange digital treasures, artwork, and other distinctive digital assets. You can actively engage in this developing ecosystem and discover the enormous variety of NFTs available thanks to Coinbase Wallet’s NFT support.
Send and Recieve Crypto
One of the key features provided by Coinbase Wallet and many other digital wallets is the ability to send and receive cryptocurrencies seamlessly.
With Coinbase Wallet, you can send cryptocurrencies to any valid wallet address. Whether you’re sending Bitcoin, Ethereum, or any other supported cryptocurrency, you can quickly initiate transactions. By simply inputting the recipient’s wallet address and specifying the amount you wish to send, you can quickly and securely transfer funds from your Coinbase Wallet to another wallet.
Coinbase Wallet Usability and Support
Coinbase Wallet set itself as one of the leading crypto wallets due to its exceptional usability and robust support system. Designed with user-friendliness, Coinbase Wallet offers a seamless and intuitive experience, allowing novice and experienced users to navigate the application effortlessly.
The user interface of Coinbase Wallet is thoughtfully designed, making it easy to access and manage your crypto assets. The Wallet provides
- Clear and concise options.
- Allowing you to do various actions such as sending.
- Storing cryptocurrencies with just a few taps or clicks.
In terms of customer support, Coinbase Wallet offers a reliable and responsive system to assist users in case of any issues or queries. They provide extensive documentation, FAQs, and tutorials to help users understand the functionalities of the Wallet and resolve common problems.
Coinbase Wallet Reputation and Popularity
Since its establishment, Coinbase Wallet has experienced a continuous expansion in its user base, steadily gaining recognition as one of the most widely utilized cryptocurrency wallets available today. Wallet has upheld a commendable reputation throughout its existence, remaining free from significant controversies.
In fact, no substantial reports or allegations have cast doubt on the integrity or reliability of Coinbase Wallet. This remarkable track record speaks to the platform’s effectiveness and trustworthiness and reflects positively on the individuals who own and operate it.
In conclusion, Coinbase Wallet stands out as a top-tier crypto wallet that offers a comprehensive range of features, exceptional security measures, and a user-friendly experience. It is evident that Coinbase has prioritized the needs of its users and established itself as a trusted platform in the cryptocurrency world. If you are a seasoned crypto enthusiast or just starting your journey, Coinbase Wallet is a compelling choice that combines functionality, security, and ease of use.
Coinbase Wallet Pros and Cons
The points in the following table are the Pros and Cons of Coinbase Wallet;
|In-App crypto purchase||Limited NFT support|
|Self-custody wallet||High Transaction fees|
|Its easy to use|
|Signup process is easy|
|Secure Crypto wallet|