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How to get started with Coinbase Wallet and manage your cryptocurrencies

Jan 18, 2024
How to get started with Coinbase Wallet and manage your cryptocurrencies
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Coinbase Wallet is a mobile application for storing cryptocurrencies created by Coinbase. It supports over 500 different cryptocurrencies and tokens. This wallet allows you to purchase cryptocurrency using a bank card and interact with various cryptocurrency exchanges and decentralized applications (dApp). 

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How to get started with Coinbase Wallet and manage your cryptocurrencies - news

Key Details of Coinbase Wallet

Originally launched in 2012 as Toshi, this wallet was rebranded in 2018 and integrated into Coinbase's infrastructure.

Coinbase Wallet is designed for storing, receiving, and sending cryptocurrency using multiple blockchains. The wallet offers the ability to purchase cryptocurrency with fiat money and supports over 50 fiat currencies, including US dollars and euros. Wallet users can easily access projects in the field of decentralized finance (DeFi) and decentralized exchanges. Additionally, Coinbase Wallet is connected to the WalletConnect system, making it easy to use DEX services.

Coinbase Wallet is a custodial wallet that does not require registration. Private keys are held by intermediaries, and each account is protected by a unique phrase and password. According to the developers, 98% of assets in Coinbase Wallet are usually kept in cold storage.

No fees are charged for transfers between accounts in Coinbase Wallet. However, when sending cryptocurrency to other wallets, users pay a network fee. The wallet is not directly linked to the Coinbase exchange, which eliminates limits on deposits or withdrawals. The withdrawal fee to a bank card depends on the amount: no fee is deducted for amounts up to 200 pounds sterling.

Installing Coinbase Wallet

Versions of Coinbase Wallet are available for iOS and Android devices, as well as an extension for the Google Chrome browser. Before installing the browser extension, you need to download the mobile application.

To do this, go to the official wallet page. Find the section for selecting the operating system suitable for your smartphone. Then download and install the application on your mobile device. After launching the application, follow the instructions to complete the wallet creation process. You will be asked to write down and save a 12-word secret phrase. This phrase is necessary to recover access to your account in case you forget your password.

To add the extension to your browser, visit the Coinbase Wallet website again. Then go to the Chrome Web Store link and install the extension. After installation is complete, launch the extension in your browser, where a QR code will appear. Next, open the Coinbase Wallet mobile app, tap the scanner icon in the upper right corner of the screen, and scan the QR code. To complete the synchronization of the wallet with the browser extension on your phone, click "Allow." Once the confirmation is successful, the extension will automatically connect to your wallet.

How to get started with Coinbase Wallet and manage your cryptocurrencies - news

Overview of Coinbase Wallet Features

Coinbase Wallet has many features that make it an excellent choice for those looking to maximize the security of their digital assets. An example of this is the full compliance of the application with security standards and Know Your Customer (KYC) principles.

  • Storage of Digital Assets

One of Coinbase's key features is the ability to store unique digital items such as non-fungible tokens (NFTs). NFTs are a way for artists and brands to sell collectibles, digital art, music, and other exclusive digital assets. Thanks to blockchain technology, NFTs are unique, giving owners the right to own something that cannot be duplicated.

Coinbase Wallet supports Ethereum, allowing users to acquire NFTs, thus offering not only secure cryptocurrency storage but also the ability to store digital collectibles.

  • Synchronization with Coinbase.com

This type of wallet is also convenient because it synchronizes with the Coinbase cryptocurrency exchange. This means that if you are already using Coinbase's services, you can link your account to the wallet for easy access to your cryptocurrencies.

  • Access to Decentralized Exchanges

Using this wallet, you can easily trade tokens on decentralized exchanges right in the wallet. This includes trading assets on the BNB, Ethereum, and Polygon blockchains.

  • Ease of Use

In addition to the features mentioned, Coinbase Wallet is known for its user-friendliness, making it ideal for beginners. With it, you can easily send and receive cryptocurrency using unique usernames through a convenient and optimized interface.

Coinbase Wallet is considered one of the most accessible and reliable cryptocurrency wallets. It is widely recognized as an efficient means of independently storing cryptocurrencies, and it can be integrated with the Coinbase trading platform. Many cryptocurrency investors choose this wallet to safeguard their digital assets.

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