With hundreds of new cryptocurrencies entering the market every month, there has been a growing need for secure storage of these digital currencies. Several crypto wallets have already been developed to meet the demand. Among them is Coinbase Wallet. Would you like to store your cryptocurrencies in this multichain wallet? Well, keep reading to learn how to set up a Coinbase Wallet.
Coinbase Wallet Explained
Coinbase Wallet is a non-custodial multi-asset cryptocurrency wallet that allows users to store over 40,000 digital assets built on various blockchains. It is a product of well-known crypto exchange Coinbase. Within the wallet, you can trade crypto assets, explore several decentralized apps, and buy NFTs.
As a non-custodial app, Coinbase Wallet gives users complete control over their cryptocurrencies. Moreover, its intuitive user interface makes it easy for beginners to navigate.
Some of the popular blockchains compatible with Coinbase Wallet include Ethereum, Base, Polygon, Binance Smart Chain, and Avalanche. The wallet comes as a mobile app and a browser extension.
What Makes Coinbase Wallet Special?
Media outlets Money.com, CNET, and Mashable have recognized Coinbase Wallet as the “Best Cryptocurrency Wallet for Beginners.” The wallet’s ability to support both layer-1 and layer-2 blockchain gives it an edge over most of its competitors. Moreover, it allows users to cancel crypto transactions. They can also choose to replace their wallet addresses with readable names, thanks to Coinbase Wallet’s compatibility with the Ethereum Name Service.
A Step-by-Step Guide to Setting Up the Coinbase Wallet Extension
Step 1: This stage involves downloading and installing the Coinbase wallet extension. Simply go to coinbase.com/wallet to download it. Alternatively, you can get the wallet from Google Chrome’s web store.
Step 2: After installation, open the extension and enter your preferred username. As mentioned, the username will replace the long, unreadable wallet addresses that are common in the crypto industry. That means other Coinbase Wallet users can search your username and send crypto to you without the need to share the unreadable address. It is worth mentioning that you cannot change your username after confirming it, so ensure you choose wisely.
Step 3: After confirming your username, it is time to back up the recovery phrase that Coinbase Wallet generates. This phrase is essential since it gives you access to your crypto wallet when you forget your wallet’s password. Coinbase doesn’t have the ability to help you regain access to your wallet if you lose the recovery phase. So, make sure you keep it somewhere safe.
Step 4: Once you back up the phrase, tick the checkbox to confirm that you have read and understood the terms and conditions, then click “Continue.” The next page will ask you to confirm the recovery phrase. After doing so, press “Submit.”
Step 5: Next, create a unique password to finish creating a Coinbase Wallet.
How to Import Another Wallet to Your Coinbase Wallet
If you have an existing crypto wallet, you can import it to your newly created Coinbase Wallet. Some of the wallets compatible with Coinbase Wallet include Ledger, Phantom, Trust Wallet, MetaMask, and Solflare. To import any of them, click the “Import Existing Wallet” button and enter the recovery phase of the wallet you wish to import.
A Step-by-Step Guide to Setting Up Coinbase Wallet Mobile App
Step 1: Download the Coinbase Wallet mobile app from Google’s Play Store or Apple’s App Store.
Step 2: Open the mobile app and click “Create New Wallet.”
Step 3: Coinbase Wallet will then ask you how you wish to restore the recovery phrase of your wallet. If you are an Android user, we recommend you select Google Drive. As an iPhone user, opt for iCloud.
Step 3: Pick a username. As mentioned, you can’t change it after clicking the “Confirm” button.
Step 4: At this stage, you will need to create a strong password and employ other additional security measures to safeguard your funds.
Step 5: Access your new Coinbase Wallet and start importing tokens.
Conclusion
You now know how to set up a Coinbase Wallet. Do not just use it for storing cryptocurrencies. Instead, explore other features within the wallet to get the best out of it.
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