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Coinbase wallet is the overall best wallet ever. When starting with Bitcoin, people always think about Coinbase before. It is user-friendly for beginners to purchase Bitcoin (BTC) and Ethereum (ETH) purchases with fiat currencies. By Coinbase wallet it is possible to exchange only 3 digital coins- Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). With the version of GDAX, anyone can transfer coins instantly. At the same time, you can purchase quickly with fiat.
As Coinbase is the top cryptocurrency wallet its security system is very high. And due to the highly secured system, it is familiar to its users. To set up your security you can set up 2 step security system with Google authenticator. It is to be noted that, all transfers in Coinbase are free.
After all, there are some Coinbase alternatives that will help you to get your hands over some Bitcoins.
- Local Bitcoins
- Bitcoin ATMs
- Mycelium Local Trader
Setting Up Your Coinbase Wallet
To get started with Coinbase Wallet, follow these steps:
- Download the Coinbase Wallet app from the App Store or Google Play Store.
- Launch the app and create a new wallet by following the on-screen instructions.
- Set a strong and unique password for your wallet.
- Safely back up your recovery phrase or private key. This is crucial for wallet recovery in case of device loss or damage.
- Complete the setup process and verify your email address.
Exploring the User Interface
Once you have set up your Coinbase Wallet, let’s take a closer look at its user interface. The app provides a clean and intuitive design, making it easy to navigate and access various features. Here are some key elements of the Coinbase Wallet user interface:
- Home Screen: The home screen displays an overview of your portfolio, recent transactions, and essential account information.
- Wallets: This section allows you to view and manage different wallets for various cryptocurrencies.
- DApps: Coinbase Wallet integrates with decentralized applications (DApps) for enhanced functionality. Explore and access various DApps directly from the app.
- Browser: The built-in browser enables you to explore the decentralized web and interact with blockchain-based services.
So, what exactly the Coinbase wallet is?
Coinbase wallet is an open-source browser for the Ethereum exchanges. DApp browser is a part of the Coinbase family. They all provide universal access to financial services. It was founded in 2012. It is a virtual exchange that will let you buy, sell and store the most popular cryptocurrencies, like – Bitcoin, Ethereum, and Bitcoin. Read here to know about Ethereum for the beginner’s guide.
Moreover, to identify clearly know some features of the Coinbase wallet:
- It manages Ethereum and ERC20 tokens
- Buy and store crypto collectibles
- Receive airdrops and ICO tokens
- Without fees or geographical borders, it sends payments to anyone anywhere
- Explore the full universe of third-party apps
- Access decentralized exchanges
- Relayers to buy and sell tokens
What cryptocurrencies can I store?
- Bitcoin Cash
- Ethereum Classic
How to use Coinbase
You guys may know every feature of it, but you are not done with the beginning, yet. You have to know how to use it.
It is quite confusing to exchange cryptocurrency as many exchanges payment methods are available. As I have said to you before that, Coinbase is one of the best platforms for beginners. Because it offers fiat currencies. Moreover, you can purchase coins with other traditional fiat currencies. Therefore, if you want to use Bitcoin, Ethereum, Litecoin, and Bitcoin Cash purchase it with fiat on Coinbase and store it on Coinbase with Coinbase wallet.
Now, all you have to do to use Coinbase wallet is to follow some steps which are discussed below:
Create an Account
To set up a Coinbase account, go to the Coinbase website and click the “Sign Up” button. Then you will be brought to a page where you will have to fill up your name, email, password, and address or location.
In the second process, Coinbase will send you a verification link in your email. Now, sign in to your email and verify it with the given link.
In the third process, select your country and enter your phone number. A 7-digit code will be sent to your phone and you have to submit the code to verify your phone number.
After the submission of the 7-digit code, you may or may not be asked to verify your ID. If not, then you are done for now. If it requires, then you have to follow the next step. But, remember that, soon or lately you will be asked to verify your ID to buy cryptocurrency.
Transfer Bitcoin from Coinbase to another wallet
Now, you guys may want to transfer Bitcoin or any other digital currency from the Coinbase wallet to another wallet. So, how will you go? Follow the following steps to transfer your digital currency to another wallet:
- Find your main navigation bar, and navigate to the accounts link
- Click the Send button and at the same time select the digital currency wallet that you are like to send from
- Then Send dialog box appears. Now select Wallet Address. It could be external to Coinbase or an Email address.
- In the Amount field, enter the amount of digital currency. On the other hand, if you would like to send in the local currency you can also specify the amount. But, remember that, the fund will not be sent as your local currency, it always be sent as a digital currency.
- Finally, click Continue
Moreover, you can also transfer your digital currency to the other wallet using iOS, and Android phones. Though they seem to be different than the web, you can find it out anyway. That is not so tough, buddy.
Payment Methods support on Coinbase
Coinbase does not support the whole world. It supports more than 30 countries. But, payment methods are available depending upon your country.
- Bank Transfer
- Credit / Debit Card
- SEPA Transfer in Europe
- Xfers Transfer in Singapore
Note that, they cost a different fee per purchase. Actually, the deposit of currencies in your Coinbase account is free. Then, per purchase, it charges 1.49%.
Is it safe to link your Bank Account?
As there is an option to deposit your fund through your bank account. You now may ask is it safe to link your bank account to Coinbase?
In the answer to this question, I will say, of course, it is. Because it is a regulated company and had a license to trade. Moreover, most US investors invest and trade here. So, this is not a scam.
Is it safe to Store Bitcoin in a Coinbase wallet?
With Coinbase you can create three types of wallets: Wallet, vault, and multisig vault. If you want to store your Bitcoin in a Coinbase wallet, then it will ensure you keep your coins secure. The company will control your bitcoins. You don’t have to worry about it.
This company has funded over $100 million. Then, it is very easy to say that they really have a high and strong security setup. However, users have the ability to save and control their own money. So, if you want to save your Bitcoin, move it into a wallet in Coinbase after purchase.
To do so, you must have to keep your Coinbase wallet login and password safe.
Now, you guys have known about the Coinbase wallet, its features, process, security level, and much more information. So, it’s your turn to open your Coinbase account now and trade by storing your Bitcoin or cryptocurrencies in the Coinbase wallet.