Coinbase Extension

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Choosing a reputable wallet to store crypto assets is extremely important when participating in the cryptocurrency market. Besides security, Coinbase Wallet is also an excellent choice for beginners, and here is the reason.

Cryptocurrency wallets are essential for buying, trading, and selling cryptocurrencies. Traders need them to store cryptocurrencies securely, as well as to protect and validate transaction information. Be it hardware or software, also known as hot and cold crypto storage, custom crypto wallets offer traders specialized solutions compared to those from exchange’s electronic currency translation.

Specifically, the following article will share with you about Coinbase Wallet and how it works.

What is Coinbase Wallet?

For those who are just getting started with cryptocurrency, Coinbase Wallet is fantastic. The user interface is clear and simple to use, with a straightforward three-tab layout and distinguishable features. The software links to the majority of major bank accounts.

One of the biggest wallets on the list, Coinbase Wallet supports more than 5,500 digital assets, including major coins like Bitcoin, Litecoin, Dogecoin, and Ripple as well as all ERC-20 tokens and tokens on EVM-compatible blockchains.

It is essential to distinguish between the Coinbase exchange and the Coinbase wallet. Coinbase exchange is one of the oldest and most famous cryptocurrency trading platforms in the United States. Keeping your digital assets on an exchange’s web wallet makes trading easier but leaves your funds more vulnerable to dangerous cybersecurity threats.

Coinbase Wallet is a hot wallet that can be used without opening an account with the exchange, and it is non-custodial, meaning the private key is stored in your device – not in Coinbase’s servers. This means you don’t need to worry about your currency getting locked for any reason or getting hacked on the website.

This pocket wallet is ideal for those who are new to e-wallets with its simple interface or anyone who prioritizes security and enjoys exploring the Web3. Traders who prefer to switch between simple and pro mode will also find Coinbase useful.

Coinbase Wallet offers several advantages over its main competitor, MetaMask, by providing support for Bitcoin, Litecoin, and several other cryptocurrencies. However, these additional cryptocurrencies are only accessible through mobile wallets, which feels a bit clunky at times. Another minus point is that its transaction fees are a bit high compared to other wallets on the market.

Coinbase’s seed phrase system ensures maximum security. However, this seed phrase must be kept safe. Coinbase allows you to automatically backup your seed phrase to Google Drive, which is very useful for users who may forget about it.

For basic sending and receiving as well as trouble-free swaps, Coinbase’s mobile wallet is a solid choice, while the Chrome extension provides a reliable way to discover web3 on the desktop.