People who work in the digital currency market are always concerned about finding the right wallet. On the other hand, the number of wallets is relatively large and each of them has its own characteristics. Coinbase exchange is one of the famous exchanges in the current digital currency market, which has its own wallet. Base Wallet Coin Wallet is a digital wallet created by Coin Exchange and is one of the most popular digital wallets. In the continuation of the article on how to work with Coinbase wallet, we intend to introduce you to how to work with this wallet.
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What is Coinbase Wallet?
Coinbase exchange is one of the most famous exchanges in the world today, which has its own wallet. Currently, the currencies available in Coinbase are nearly 60 digital currencies, all of which can be stored in the Coinbase wallet. This wallet insures all its customers against cyber-attacks, and if their assets are lost, they can claim a large amount from the exchange. The debate that most people are discussing these days is that you should not store your digital currencies in the exchange and keep them in your wallet. Coinbase wallet, since it is under the control of Coinbase exchange, gives more discounts to its customers when buying and saving. Blank wallet is one of the wallets that is somewhat similar to this wallet.
In general, Coinbase Wallet is a digital wallet implemented on the Ethereum network. Therefore, it is possible to store digital currencies on the Ethereum network, which are almost the majority of digital currencies on this network. Digital currencies are not the only digital assets that people can store on this wallet, NFTs are among the assets that can be stored. If you are not familiar with the concept of NFT, you can read the NFT tutorial article and learn about this profitable technology. In the following sections, we are going to introduce you to the training of working with the Coinbase wallet and explain the advantages of this wallet.
What are the advantages of Coinbase Wallet?
- high security
- Easy user interface
- Support for most digital currencies
- Two-step authentication
- People who are interested in making NFTs can store their NFTs on this wallet.
Read more: The best digital currency wallets for mobile
Download Coinbase Wallet
Up to this part of the article on working with Coinbase wallet, I have explained this money floor. Now, in the continuation of this article, we are going to tell you how to download CoinBase Wallet. Like most other exchanges, Coinbase cannot be used by Iranian users. In this exchange, there is a need for two-step identity verification and authentication, which cannot be completed using Iranian identity. But Coinbase Wallet is free to use for everyone and Iranian users can use it. But still, it is better to use IP change programs after opening this wallet. This wallet is available in 3 versions: Android, IOS and desktop, which you can easily add to your browser in the desktop version.
- Google Chrome browser extension
- Download Coinbase Wallet for Android
- Download CoinBase Wallet for iPhone
Read more: Metamask wallet
Registration procedures in Coinbase wallet
Enter the link in the download section of CoinBase Wallet for desktop version and click on it. After entering the link, click on Download Wallet and add it to your Chrome browser. After completing these steps, you will see the image that if you already have a wallet, you can click on Import A Wallet option and otherwise click on Create A Wallet option. Despite the fact that you do not have a wallet, we continue the installation process.
After clicking on the option, choose a name for your wallet and go to the next step. In the next step, write down the recovery words on a paper or a notebook that you will need in the recovery position and the next step. Note that you must observe the order in writing the recovery words, after finishing this work, select the first word and the last word of the recovery words and enter the next step.
In this step, choose a password for your wallet, preferably your password has more than 8 English letters and an uppercase English letter and a number. After completing this section, your registration in Coinbase wallet desktop version will be completed.
Read more: Getting to know Trust Wallet
Learning how to work with the Coinbase wallet
Having information about how to work with the wallet is an important part to consider. Because installing the wallet is not that much of a problem, that’s why we have put the training on how to work with the Coinbase wallet. In the following, we are going to introduce you to the training of working with the Coinbase wallet so that you will not have any problems in making transactions. Downloading and installing the Coinbase wallet is easy by going to its link and clicking on the install option, but the steps of creating a wallet may be difficult for some, so in the following, we will explain how to install and create a wallet in Chrome and Android browsers. We explain.
Send cryptocurrency with Coinbase wallet
Coinbase wallet has the feature that people can transfer digital currencies between their other wallets. To send digital currencies to other wallets, just follow the steps below. For this, enter the CoinBase Wallet application on your Android phone or iPhone and then follow the steps below step by step.
- Enter the Tokens tab and select the currency you want to transfer.
- Click the Send button.
- Choose the token amount you want to transfer.
- Enter the destination wallet address.
- In the last step, click on Continue.
Receive cryptocurrency with Coinbase wallet
Receiving digital currency has the same steps as sending it, except that instead of the Send button, you will see the Receive button. The steps to receive digital currency with Coinbase wallet are as follows, so follow them.
- Enter the Tokens tab and select the currency you want to transfer.
- Click the Receive button.
- Send your wallet address to the sender.
- For convenience, send the same default address.
- Wait for the digital currency to be sent to you.
Coinbase wallet recovery and backup
In the Coinbase wallet registration section, we said that you should keep the recovery words in a place where you will need them during the backup. If you lose or lose these words, you will not be able to recover your wallet, so be careful in keeping them.
How to back up the Coinbase wallet
If you have read in the previous articles, we have emphasized many times that you must make a backup of your wallet. Because if your wallet is lost for any reason, if you don’t have a backup, you won’t be able to recover it, and it can be said that your capital will be lost. To do this, just follow the steps below correctly and carefully to complete the backup.
- Open the Coinbase wallet app.
- Enter the Settings section.
- Enter your password.
- After this step, SeedPhrase will be shown to you.
- After this step, by selecting Back Up On Google Drive, your files will be saved on Google Drive.
- By choosing Back Up Manually, this information will be saved by yourself.
- Copy them by clicking Copy to ClipBoard.
- After this, save them on your phone’s NotePad.
- The backup is finished at this point.
Learning how to work with Coinbase wallet was the topic that we tried to explain in today’s article. By knowing the different steps of this wallet, you can more easily transfer your digital currencies between your other wallets. On the other hand, Coinbase wallet has three desktop, Android and IOS versions, which are easy to access on any platform. On the other hand, if you face problems in your transactions in the digital currency market and earn little profit. Famurian’s digital currency training course will help you in this field to increase your income in a short period of time.