Coinbase Wallet - Your key to the world of crypto

Coinbase Wallet is a self-custody wallet which means that the users of Coinbase Wallet will be the only ones having complete control over the assets that are stored in the wallet. The private key given to you at the time of account creation are the keys that represent the ownership of your wallet and the cryptocurrencies stored in it. The wallet can be downloaded for free and the transactions can be charged for a fee between 1-4%. The fee structure of the wallet depends upon various factors such as time, location of the user, and amount of the transaction made. 

Are you having a hard time deciding between different digital wallets available? Then this blog will describe all the things about Coinbase Wallet that could help you determine whether you want to use this wallet or not.

Before we get to the part where we will discuss its sign-up or login process, you should know what are the perks of using Coinbase Wallet. Given below is the list of those perks that will contribute to your decision-making. 

• The availability of 2-factor Authentication doubles the security of the account. If anyone or even you try to log into your account a confirmation will always be sent to the number of the Account holder. 

• Multi-signature access has also been implemented. It means that now while making a transaction a user will require 2 private keys so that the funds could be moved to somewhere else.

• Coinbase has backed up this wallet. This indicates that Coinbase is the company behind this wallet which is a trustable company. So it resolves the doubt that it is not a fake wallet.

• Since we know that Coinbase is behind it, the wallet also has enough funds to bear the loss if incurred. This makes it a more reliable wallet than others. 

• The Wallet has the power to do both the things, and that is either giving access to the users of digital financial instruments or impose any restriction to do so.

It has the easiest interface that has ever been designed. Getting started using this wallet would be a piece of cake for first-time users. So let us now begin the journey of how you can create an account on this wallet. 

1. If you have not already installed the wallet, then install its extension. If you want to access it on your mobile, then you can download and install its application.

2. After opening the application, it will show you 2 options. The first option will be to import any existing wallet and the second one would be to Create a new wallet.

3. Because you are a new user, select the option of Create a new wallet.

4. Now the screen will display all the terms and conditions that will be applied to you once you accept them. After reading the given conditions press the accept button.

5. Create a unique username for you so that the persons who will be transacting with you in the future can recognize your account easily. 

•  If you create your Coinbase Wallet account using the browser extension, then the Coinbase will automatically store one unique username for you. 

• But at the time of creating the username, you should be aware that the username once created cannot be changed for a foreseeable time. You can only change it after the period of 1 year has passed. 

1. Now as per your choice, set out the privacy preference of your username.

2. The next step will be to ensure the security of your account. There are two available methods to do so. One is through setting up your biometrics and the next one is by creating a passcode. 

3. Now, the most important step is to back up your seed recovery phrase.

4. To confirm that it has been backed up securely, re-enter your account password.

A Coinbase Wallet account has now been created.

Once the account has been created, the next procedure that you should know about is how you can access your account in the future. So for this, follow the steps that we have stated below:

1. Open the wallet extension if using a PC or the mobile application as per your choice.

2. Press Login.

3. A few details will be asked on the next screen opened that are required to be fulfilled. The details that could be asked are your username, email address associated with it, and your account passcode.  

4. Before pressing the Continue button, review all the entered details and rectify any error that is made.

After you have pressed the Continue button, the homepage of your wallet will be opened.

Supported Cryptocurrencies

Just like Coinbase, its wallet also supports a few numbers of cryptocurrencies the number is not that big, but the ones it supports are in demand most of the time. Some of the currencies are mentioned below:

• ZCash (ZEC)

• US Dollar-Ethereum (USDC)

• Augur (REP)

• Dai (DAI)

• Ethereum Classic (ETC)

• Basic Attention Token (BAT)

• Bitcoin (BTC)

• LiteCoin (LTC)

• Bitcoin Cash (BCH)

This is not a complete list, if you want to review the full list you should check it on their official website. To withdraw from this wallet, you will have to link to a bank that is crypto-friendly and then at the time of withdrawal select the name of the bank you have linked.

The Coinbase Wallet users can get in touch with the support services via email, Twitter, and customer care numbers. To know the wallet’s customer care number, the user is required to fill out the online form stating their issue and then they will provide you the contact number. The form is available on the official site of the wallet under the support section. The assisting team is very cooperative and polite and will guide you correctly to resolve the issue that you are facing.

After considering and comparing the Coinbase Wallet with all the other digital wallets present it can be said that this wallet is better than every other wallet. Even if the currencies supported by it are limited in number, it supports other wallets along with some fiat currencies. And also this wallet is more safe to use. The wallet offers an easy to navigate user interface that attracts users who are using the wallet for the first time. Even in the past, there is no such record that a wallet has been hacked or any breach in security has been faced.