Coinbase is the world’s largest Bitcoin exchange and broker. With their exchange, Coinbase Pro you can make, buy and sell offers to other users on the platform and Coinbase takes a cut of the deals. You can also simply buy crypto directly from Coinbase at the price they offer using their brokerage.
In addition to this, Coinbase also operates a completely standalone app Coinbase Wallet, that allows users to store, or custody, their own crypto, and explore the decentralized web with a dapp (decentralized app) browser.
In this article, we will take a look at the Coinbase Wallet and explore it’s claims of being ‘The easiest and most secure crypto wallet’ going.
In essence, The Coinbase Wallet is a phone app for Android and IOS by the company Coinbase that pairs with their other products to let you store, send, and receive coins like Bitcoin and Bitcoin Cash, Ethereum, most Ethereum Tokens, and ETC. It also lets you access DApps on the Ethereum network.
You do not need a Coinbase account to use the Coinbase Wallet app. Coinbase Wallet helps users manage their own private keys and store their crypto assets directly on their devices, not with a centralized brokerage or exchange.
Coinbase Wallet is a multi-coin wallet that currently supports the following types of Cryptocurrencies: Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, XRP, Stellar Lumens, Dogecoin, and all ERC20 tokens (including USDC and DAI).
Coinbase Wallet is simple to use, in a nutshell this is how it works;
- Download the Coinbase Wallet app (make sure you are downloading the official app).
- An address is automatically generated, all Ethereum-based assets can live at this one address.
- Send some ETH to your Coinbase Wallet via Coinbase by copying the address in Coinbase Wallet and sending ETH from Coinbase to that address.
- Now that you have ETH in your Coinbase Wallet address you are ready to use DApps. Go to the DApp tab and browse for an app you want to use.
- Pick a token you want to buy.
- Hit the buy button, tell it you want to use Coinbase Wallet,
- Confirm your transaction and you’ll get that token sent to your address.
- You can now view your token in your Coinbase Wallet.
Using the method above you can play around with any DApp and access any DEX (Decentralized peer-to-peer Exchange) with a few simple clicks. This means you can use Coinbase Wallet to trade and store ANY Ethereum-based asset that one can access via a DApp.
I’m Jon, owner of Trade Wise at https://tradewise.community/ and https://www.youtube.com/channel/UC7VmOx8DbvX4Rbrac2pPcjw
I review forex and crypto trading products and services to find the best of what’s out there for creating a passive income without becoming a full-time trader.