Do you want to learn about a self-custody wallet that gives you complete control over your cryptocurrencies? The Coinbase Wallet is the safest option for you to store your crypto coins worldwide. It is a digital wallet that provides hot storage for your cryptocurrencies.
Hence, with a mobile phone in your hand, you can directly access your Coinbase Wallet’s private keys. So, you don’t go through the hassle of launching Coinbase.com to access your Coinbase Wallet. Let’s explore the different aspects and features of this digital wallet.
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How to Manage Your Coinbase Wallet
The Coinbase Wallets contains a 12-word recovery phrase. It is also known as the “Seed Phrase”. Moreover, the exciting news is that only you can access your recovery phrase. However, you must be vigilant, as you won’t get access back to your Coinbase Wallet if you lose this phrase.
Also, Coinbase can’t gain access back to your digital assets as it never has access to your recovery phrase. On the other hand, Coinbase has developed an encrypted option for Google Drive and iCloud.
That’s how you can create a backup of your recovery phrase as an additional layer of security. You should keep backing up your recovery phrase using this tool. In addition, you must pen it down to store your recovery phrase safely and securely.
Coinbase Wallet App
The CoinBase Wallet is accessible as a software-as-a-service (SaaS). Also, it is downloadable as an application for mobile devices running Android and iOS. Hence, the exciting thing is that you can get the Coinbase Wallet app when you buy a Coinbase Wallet.
The Coinbase Wallet app is easily accessible. It helps you manage your cryptocurrency holdings regardless of where you are. Thus, you can manage your coins even through a gadget holding them in your hand.
Coinbase Wallet Login
Developers have created a very user-friendly and easy interface for Coinbase Wallet. People who have never used a wallet before can quickly start using it. Coinbase Wallet login process involves the following three steps:
Add information such as their first name, last name, email address, and phone number to login into your Coinbase Wallet. Further, you need to add a strong password for your Coinbase Wallet account.
Choose an Account
The preferences of crypto users compelled the developers to provide them with options regarding the Coinbase Wallet account. So, you can choose an individual account or a business account. An individual account is always the best choice as it comes with many easy options. However, a business account is a perfect choice for handling a massive amount of cryptocurrencies.
Phone Number Verification
The Coinbase Wallet user must use the 2FA method to verify his email address and phone number. There is no safer way to gain access to your Coinbase Wallet than through this authentication method.
Coinbase Wallet Users
People consider the Coinbase Wallet one of the most secure digital currency wallets. This wallet links with the Coinbase exchange platform giving crypto traders and investors a sense of security. With approximately 103 million verified users, this platform is highly reliable and safe for people. Therefore, they choose to store their digital assets in their Coinbase Wallet.
The Coinbase Wallet plays a crucial role for organisations to protect the cryptocurrency portfolio investments they hold in various markets. These include different sectors, for instance:
- The Financial Sector
- In the IT Sector,
- The Real Estate Sector
- The Telecommunications Industry
- The Retail Sector.
Coinbase wallet Supported Currencies.
The Coinbase Wallet supports only a handful of digital currencies. These currencies include:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Ethereum 0x Protocol token (ZRX)
- US-dollar Ethereum (USDC)
- Basic Attention Token (BAT)
- Chainlink (LINK)
- Ripple (XRP)
- Zcash (ZEC)
- Augur (REP)
- Electro-Optical System token (EOS)
- Dai (DAI)
- Lumen (XLM)
Additionally, the fiat currencies of several countries also get the support of the Coinbase Wallet. These include the US Dollar (USD), Canadian Dollar (CAD), Australian Dollar (AUD), and Euro (EUR).
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Coinbase Wallet Features
Coinbase is the most renowned platform in the world for buying and selling cryptocurrencies, including Litecoin, Ethereum, and bitcoin. Following are some exclusive features of Coinbase Wallet:
- The Coinbase Wallet is a software program that acts as a cryptocurrency wallet. It ensures the safety of your currencies, digital assets, and NFTs in one place.
- Coinbase Wallet also lets you browse and discover the decentralised web with the browser on your mobile device. Also, It keeps thousands of cryptocurrencies and decentralised applications upright by supporting them.
- Your digital assets are your top concern and priority regarding cryptocurrencies. Coinbase wallet Protects your digital assets with security at the industry’s forefront.
- If you are already using Coinbase, accessing your cryptocurrencies becomes easier. You simply connect your Coinbase Wallet to your existing Coinbase account.
- The Coinbase Wallet is unique for being insured. Moreover, it supports a wide range of cryptocurrencies. These features help it stand out among other wallets.
- It offers you a completely safe storage facility to store your currencies. Moreover, its two-factor authentication feature helps you verify the identity of every person who logs into your account.
Coinbase Wallet Pricing and Fees
As a Coinbase user of Android and iOS, you can download the Coinbase wallet app for free. The Google Play Store and the Apple Software Store offer a mobile digital version of the wallet app. However, Coinbase’s wallet and exchange services are subject to the transaction fees that apply to those services.
No transaction fees are applied while transferring Bitcoin Cash (BCH) from one Coinbase wallet to another. Thus, customers need only cover network fees when exchanging funds between different cryptocurrency wallets.
The Coinbase Wallet is a terrific addition to the Coinbase exchange platform. It has undergone extensive testing to offer you the safest application available. Even though it has limited support for digital currencies, the Coinbase Wallet is compatible with many wallets and fiat currencies.
With nil-hack history and excellent reputation, it has become a top choice for cryptocurrency fans worldwide. So, do you think the Coinbase Wallet will keep developing to a higher degree of crypto-transactional performance in the future?
We would love to know your thoughts in the comments section below. Visit somquestblog to learn more.
Should I store my cryptocurrencies on Coinbase or within a Coinbase Wallet?
Coinbase is the best platform if you want to buy and sell cryptocurrency. However, the Coinbase Wallet is an excellent option for keeping your digital assets safe if you want to store them.
How can I withdraw money from my Coinbase Wallet?
You need to connect your Coinbase Wallet to a crypto-friendly bank account. To withdraw your money from your Coinbase Wallet, you must choose Bank Transfer as the withdrawal method.
Where can I find support with the Coinbase Wallet?
You can browse the following website to submit a request to contact Coinbase’s customer service department.