Coinbase Wallet – How To Create And Use It Safely and Properly?
At present, almost all people now use cryptocurrency. Because of the increasing demand and usage, the security of the cryptocurrency market becomes necessary. To store your assets securely, you must need a specialized wallet address. Even though many cryptocurrency wallets are accessible on the ground, Coinbase is one of the largest and popular e-wallet address services. Since 2012, this wallet is launched and put into operation. The highlight of the Coinbase Mobile Wallet Setup is offering services such as exchanging supported coins, developing storage wallets, and bitcoin transactions fees at free of cost. Coinbase does not require any amount to access it. You can download the Coinbase wallet for both Android and iOS. Keep reading the article to know how to create a Coinbase wallet, reasons to use the wallet, and much more.
Reasons to access Coinbase wallet
Look at the popularly known reasons for an increasing number of people access the Coinbase wallet while vast options are accessible in the cryptocurrency market.
- Coinbase wallet is a popular and reliable software product, which renders you access to a vast spectrum of decentralized innovation. It acts as a secure shop to purchase, sell, and manage all your digital currency.
- Coinbase wallet is extremely easy to download and access. It does not require any technical skill to use this wallet because doing the prompted instructions are enough
- There are no kinds of restrictions on who can access the wallet. Anyone from anywhere in the world can download and use this app.
- This wallet is a perfect choice for the crypto users who have a tough time passing the KYC check and live in a country, which is not supported by the majority of the cryptocurrency exchanges
- It is incredibly easy to use, sign up, and make transactions in the Coinbase wallet. It is a safer and secure wallet available in the crypto market.
- It has the ability to check the wallet values and much easier to add holdings. It offers a reliable and easiest platform to purchase bitcoin for the new users
- The process of registration and verification of the Coinbase wallet is easier and simpler.
- This wallet has higher purchasing limits, and therefore users need not think about anything when making a purchase
- All the coins on the wallet have a high volume, which assists you in the processing of the order quickly
It comes with several additional features, which lets you purchase and sell shares quickly and instantly
How do Coinbase wallet works?
Coinbase wallet is extremely simple to access, as mentioned earlier. Here is how the wallet works.
- Download the Coinbase wallet application from the official app to enjoy secure transactions
- The address is generated automatically, and all the Ethereum based assets can be able to come live at this one wallet address
- You can send some ETH to your wallet through Coinbase by just copying the address in your wallet and then send ETH from Coinbase to that specific address
- You now have ETH in your wallet address and start to access DApps. Simply press the DApp tab and browse for the application, which you wish to use
- Navigate to Bancor and then choose the token that you wish to purchase and press the buy button
- You have to tell that you wish to access the Coinbase wallet and fill up the order form properly.
- After confirming your transaction, you will be able to get that token sent to your wallet address. In your wallet, you can view the token
- The above method explains to you the way the wallet works around with any DApp and performs transactions within simple clicks. It means you can access this wallet to trade as well as store any Ethereum based asset, which one can utilize through DApp.
How to Coinbase Mobile Wallet Setup?
Are you tired of searching for the destination to find out the instructions on how to create a Coinbase wallet? Well, there is nothing to worry about anymore because you are at the right destination. Here are the step-by-step instructions to follow to create your Coinbase wallet.
- To get started, all you need to do is just downloading the Coinbase wallet for your mobile. As this wallet is accessible for both iOS and Android version mobile, you need not worry about it.
- Based on the mobile you use, search for “Coinbase Mobile Wallet Setup” either on the Google Play Store or App Store. Upon completion of downloading, you will need to create a new account.
- On the wallet, you have to tab on the “Create a new account” and think about your unique username for easy identification.
- It is important to create a unique name and ensure a similar name not used already even though the KYC requirements needed.
- Press the button “create a new wallet.” Now, you will be asked to accept the wallet terms of service. Read the terms and conditions before checking the relevant box
- Now, you have to fill up the asked details properly. Then, enter your username to make other users transfer tokens to your cryptocurrency account
- When it is done perfectly, you will need to choose between passcode or touch ID to safeguard your account. Use a touch ID if your mobile has a fingerprint sensor. Or else, create the six-digital passcode.
- Then, provide the secret recovery passphrase that renders you access to your Coinbase wallet in the event of hardware is stolen or lost.
- That’s enough! The wallet registration process is completed, and you have created your Coinbase wallet
How to access the Coinbase wallet
So far, you have understood how to create a Coinbase wallet. Now, check out the way to access your Coinbase wallet. With this wallet, sending and receiving the token is extremely easy. This wallet is designed to be accessed by anyone. Thus, there is no need to worry when making crypto transactions firstly. Look at the following section to know how to send and receive the crypto with this wallet.
Send crypto with the Coinbase wallet
Coinbase wallet gives you a chance to send ETC, BTC, ETH, LTC, BCH, and all the ERC-20tokens to the exchange wallets, hardware wallets, and other Coinbase wallet users. To use this wallet, you have to do below mentioned things properly.
- Open your Coinbase wallet app and login into your account
- Navigate top the tokens tab and choose the right type of token, which you wish to send
- Once you have made the right selection, click the send button
- Then, enter the number of tokens, which you would like to send to other wallets
- Enter the receiving wallet address in which you are sending the tokens. Or else, you can scan the wallet QR code for easy operation. Finally, press the continue button.
How to receive crypto with the Coinbase wallet
Just like sending, the receiving process of the tokens with the Coinbase wallet is extremely similar. Simply follow the steps mentioned above until your reach to send/receive step. Rather than pressing the send button, you have to click “receive.” After that, ensure the wallet address manually or scan the QR code. It lets you get the crypto-coins from the sender.
The Coinbase wallet has almost ten different addresses for every wallet. Usually, the first address is selected by default. When you wish to access another wallet address, simply go to settings and choose an active wallet under the advanced option to select another address. You should be very careful when selecting the wallet address because the crypto transactions are irreversible.
Is it safe to access the Coinbase wallet?
Coinbase wallet is the individual wallet used to store the private keys on your device in which it is installed. It means you can use this wallet safely and securely on your device. By accessing secure element technology, this wallet locks down the private keys on your mobile. To safeguard your private keys on your mobile, you can use your fingerprint.
It makes hacking impossible, and therefore you can enjoy it a lot. You can also set up the auto-lock timeout for your Coinbase wallet from one minute to even an hour. Keep a copy of the recovery passphrase, which you are offered when Coinbase Mobile Wallet Setup.
Benefits of the Coinbase wallet
Coinbase is the best software wallet, which assists you to buy, sell, and store bitcoins. It also has a feature where you can be able to request money in either cash or bitcoin. It also renders the vault where you can store all your bitcoins safely and securely. This wallet is extremely convenient to use as it has a user-friendly interface, no requirement of technical knowledge to handle things, and ease of adding funds to your wallet.
This popular wallet makes sure that all your funds are stored offline. Backups and drives are places in the deposit boxes and vaults for safe and secure keeping. It means you can keep all your digital assets in one destination. You can even access the decentralized apps to manage and take control of all your tokens. Even though this wallet has limited support for digital currencies, it is easy and safest to use.
You can enable two-factor authentication in Coinbase in the form of the code texted to your mobile number and accessed as the extra authentication method. In the huge cryptocurrency wallet lineup, the Coinbase wallet provides huge support to 2FA. It is making the wallet much different from others. It also gives plenty of benefits for the users and enjoys the crypto transactions hugely.
Similar to various things in the world of cryptocurrency, wallet technology has developed a lot in recent times. Actually, the Coinbase wallet is an advanced and evolved wallet, which is offering various services at zero cost. Now, you know how to create a Coinbase wallet to enjoy huge benefits.
Cryptos on your mobile with top-quality and enhanced security makes the wallet extremely simple to send and receive the supported tokens about anywhere you wish. Whenever you search for the right way to store your crypto savings, nothing is much better than Coinbase Mobile Wallet Setup because it would not cost you anything. It is the best product to enjoy safe and secure throughout the entire transaction.