Coinbase Wallet Breakdown

With an easy-to-use interface, Coinbase Wallet is a Dapp browser and mobile wallet that is ideal for storing, sending, and receiving Ether as well as ERC20 tokens. There is more, the wallet also supports the storage of other cryptocurrencies such as Bitcoin, Litecoin, Ethereum Classic, 0x, and Bitcoin Cash, to mention just a few.

As mentioned earlier, the Coinbase Wallet gives its users access to all your funds on mobile anywhere anytime. The private keys that belong to your wallet are stored securely on the device you are using, which minimizes the chances of any loss or risks of hacks on centralized platforms.

Coinbase Wallet is often conflated with the main Coinbase crypto exchange platform, but the two are different applications. For starters, the Coinbase Wallet is a decentralized application, while the main Coinbase exchange wallet is only available on the exchange platform. Established in 2018, Coinbase Wallet is also one of the more recent wallets in the market and serves as a decent decentralized alternative, especially for the many users of the main Coinbase exchange.

Beginner Perspective of Coinbase Wallet

To easily transact with your cryptocurrency and tokens, the Coinbase Wallet has an easy-to-use interface with a clean design. Setting up your wallet is also quite easy. All that is required is for you to download the app and insert the credentials of your account.

Then be sure to write down the recovery phrase that you can store in a secure location whenever you need to recover your account. Coinbase wallet also allows you to set up a two-factor authentication process that adds a layer of extra security to your account login. With a sleek and clean interface, the Coinbase Wallet stands out for its simplicity, especially for beginners.

Best Features

The best feature that comes with Coinbase Wallet is its seamless interaction with the main Coinbase crypto exchange platform. The Coinbase Wallet is designed to make it easy and smooth for Coinbase exchange users to move tokens back and forth between both platforms. Given that the Coinbase exchange comes with cold storage custody that is insured, Coinbase Wallet users can move their tokens to the main Coinbase Crypto Exchange to enjoy such benefits.

Coinbase Wallet also stands out for its high-security levels. With the app installed on your device, you are in control of all your private keys, which are stored securely on your mobile phone. This simply means that with the Coinbase Wallet, you have full autonomy of all your funds without being subjected to risks of hacks or loss by centralized entities.

Supported Cryptos

Coinbase Wallet supports about the same amount of cryptocurrencies you will find on Coinbase, which is just above 100 coins.

You can store your Bitcoin, Litecoin, Bitcoin Cash, Ethereum, and the many ERC20 tokens found in the Ethereum ecosystem. Other cryptocurrencies such as Dogecoin, Lumens, and XRP are also supported.

Security and Customer Support

As with any hot wallet, the risk of security issues is always a concern. Coinbase wallet has strong support for customer service and boasts of a high level of security that ensures your funds are safe at all times.

To ensure greater safety, all users can also opt for two-factor authentication to validate each transaction they make on the app which reduces the chances of any fraudulent activities.

Potential Dealbreakers

Coinbase wallet is a good option for beginners and many users of the Coinbase exchange platform.

It also provides a no-frills approach to anyone looking to store their funds securely and move them around easily on decentralized applications (dApps). The mobile wallet, however, could improve on the number of tokens supported by way of adding more cryptocurrencies to its repertoire.