Coinbase Wallet Review and Beginner's Guide
If you are looking to invest in cryptocurrency, it is always a good idea to learn the basics of the industry and the important role of crypto wallets like Coinbase Wallet playing in the cryptocurrency ecosystem. Continue reading, We will also talk about Coinbase Wallet vs. MetaMask comparison to see which one is better
This Coinbase Wallet review discusses the different features of the Coinbase wallet and why it is one of the best crypto wallets on the market.
Coinbase Wallet is a portable wallet, available on both iOS and Android devices. Supports Bitcoin, Litecoin, Bitcoin Cash, XRP, Ethereum, Dogecoin, Ethereum Classic, XRP, Stellar Lumens, Dogecoin, and all ERC20 tokens (including USDC and DAI). Formerly known as Toshi, Coinbase Wallet was renamed by Coinbase in August 2018.
It is a unique and unique product from the traditional wallet included in the main Coinbase app meaning both Coinbase wallet and Coinbase Wallet.
Coinbase Wallet's distinctive features include its simple crypto username to send and receive, as well as its support for applications distributed through the installed dapp browser — which are available later.
Getting started with Coinbase Wallet
Setting up a wallet is a simple process. When you launch a wallet for the first time, you will be given the option to create a new wallet or restore a wallet using your recovery phrase. Click "create new wallet" and you will be prompted to review Coinbase's terms and conditions and privacy policy. Click "Accept" and you will be taken to a screen where you can choose your username.
Once you have selected your username, you will be given the option to set your privacy preferences. You can choose either a public profile, which allows other Coinbase Wallet users to search your username and send you a cryptocurrency, or a private profile, which prevents other users from searching for your username.
Click "Next" and you will be asked to protect your wallet using a passcode or biometric security, such as Apple's Face ID.
Finally, you will be given the option to back up your wallet. Your backup takes up a 12-word recovery clause, which can be stored encrypted on iCloud (on Apple devices) or Google Drive (on Android devices), and accessed with a password. Alternatively, you can simply write down your recovery phrase and keep it in a safe place.
You can skip this step, but it is important to note that if you lose your recovery phrase, you will not be able to restore your Coinbase Wallet or move it to a new device.
Once the wallet is set up, the use is seen in the old Coinbase: simple, and easy to use, make the bustling crypto world feel like something your grandmother could use.
The home page shows which coins you have in your wallet, the second tab takes you to the list of your crypto collections (mold-free tokens, or NFTs, like CryptoKitties).
You also have the option of linking your Coinbase account to your Coinbase Wallet; To do this, click the settings icon at the bottom right of the home screen and then click "Connect Account". You will then be required to authorize your Coinbase account by signing in. This will allow you to transfer funds from your Coinbase account with a single click (although it is important to note that since Coinbase Wallet is a separate wallet, you will still have to pay a fee if you transfer your crypto from one to another).
Making and accepting payments is a straightforward process. To send crypto, simply select the cryptocurrency of your choice, select the amount you want to send, and then select the recipient. You can scan a QR code or enter a long-form address, or use the Coinbase Wallet username system, which is easy on its own; just search by username and select your recipient from the list. There is also an option to send to Ethereum Name Service usernames.
Finding crypto is as easy as finding it with a crypto wallet, too. Also, select the cryptocurrency you would like to receive in the options list, and the QR code and address will appear, with the option to share your address. Of course, another Coinbase Wallet user can simply enter your username and send the crypto directly to that, instead.
How safe is Coinbase Wallet?
Unlike Coinbase itself, Coinbase Wallet is a user-controlled, unsaved product. That means, in the end, it's just as safe as you do it.
A wallet creates a 12-word recovery clause when you first stop it, and it is your responsibility to keep it safe; anyone with a recovery phrase can access the wallet and the content they contain by setting it up on the new device.
Coinbase Wallet offers the option to save the encrypted, password-protected version of the phrase recovery on Google Drive (for Android devices) or Cloud (for Apple devices).
You also need to protect your Coinbase Wallet with a six-digit password or biometric security such as Apple's Face ID. This is used to lock any transaction or access the app (or both — but one of the two options must be selected).
Log in to the Coinbase Wallet dapp browser
Another outstanding feature of Coinbase Wallet is its dapp browser. This is a web browser that allows the wallet to interact with the websites you visit; is like any normal browser, with a search bar at the top, back and forth buttons, and a home button. It should be easy; and when dealing with dapps, it is. But there is one or two complex aspects.
First, iOS users are forced to jump on some insignificant hoops in order to reach the original dapps. If you are using an Android device, you are greeted with a custom App Store style homepage, with links to popular dapp links such as Uniswap and CryptoKitties. Unfortunately, according to Coinbase CEO Brian Armstrong, Apple has barred Coinbase from offering cryptocurrency capabilities, as well as the ability to access fixed financial applications. That means Coinbase has to hide links and allow users to find their way to dapps.
The conclusion is that when the Coinbase Wallet dapp browser opens, iOS users are greeted with a blank bookmark screen, and should navigate to dapps using the browser address bar. It is a very confusing user experience — and it is important to note that it is Apple's policies that are flawed here, not Coinbase, although Coinbase may place some sort of descriptive text on the dapp browser's home page for Apple users.
It also adds an absolutely unnecessary part of the risk to using a dapp browser, as copying and pasting addresses, or typing them in the address bar, can result in the user making mistakes and accessing criminal sites to steal sensitive information.
Even the Android version is not fully operational, however; dapp browser homepage does not have a search bar to find specific dapp. Clicking dapp brings a simple explanation, with the next click taking you to a website.
With normal apps, that sensation can lead to app installation on your device. But in the dapp world, you are redirected to the web version of the dapp, within the wallet browser. That means a lot of space is taken up by the chunky nav bar at the bottom of the screen, which leaves a sad amount of app space itself. Also, not all dapps are easy to use, making it seem like you were using the web in 1997.
It also throws off roadblocks after a roadblock. MLB Crypto Baseball — which sells collectible baseball players — hangs on rotating baseball. Oasis.app, accessed by MakerDAO, initially seems to allow you to connect your wallet to dapp — but it turns out that all you really need to do is use the WalletLink protocol.
That requires you to visit the desktop website, open the QR code, open the WalletLink within the Coinbase Wallet, then scan the QR code in question and sign the function. Once you have done all of that, you are now able to access the site (even though the visible link is still very sophisticated).
At that point, an attempt to purchase CryptoKitty displays the message "Oops, it looks like this operation is invalid", followed by a hacker who commands "Complete this purchase in your wallet" (we tried this on both iOS and Android devices, with the same result).
Fortunately, some dapps are realizing the promise of Web 3. Switching a particular BAT ETH to the Uniswap fixed-currency (DeFi) operating system, for example, is a matter of a few clicks and a Face ID scanner, and goes a long way in demonstrating power e DeFi is paired with an easy-to-use interface.
Coinbase Wallet: Decision
When it comes to sending and receiving cryptocurrency, Coinbase Wallet does its job very well; has a smart user, and the ability to send and receive crypto with a simple username makes the process much easier.
As a way to enter the world of dapps, however, it falls — though it is not Coinbase's fault at all. IOS users face additional obstacles due to Apple's confusing consistency. But even using an Android device has unnecessary problems about it having to be a simple transaction, like buying NFT.
As long as the dapp information stays the same, the wallet will be very frustrating to use. Once the dapp developers are able to do things together — and begin to understand the importance of UX — Coinbase Wallet will be a great place to go. But for now, it is too late.
Hope you guys have liked this Article and you must have got a lot of information about Coinbase wallet.
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