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Coinbase Wallet for Beginners: The Complete Guide

                                                            Coinbase Wallet wurde von der führenden US-Cryptowährungsbörse entwickelt und entwickelt sich schnell zu einer bevorzugten Selbstverwahrungs-Wallet unter den Benutzern.

It offers a very familiar user experience for existing solutions, making the whole transition seamless for those who have already worked with a self-custody wallet. Additionally, it carries the reputation and trust of the Coinbase brand.

Launched in 2018, Coinbase Wallet has managed to grow into one of the best self-custody solutions currently available on the market.

Some of its features include but are not limited to:

  • Fully developed mobile application
  • Support for important non-EVM compatible cryptocurrencies (Bitcoin, DogecoinRipple etc)
  • Option to transfer assets from the Coinbase CEX quickly and easily
  • Fiat driveway in all 86 countries where Coinbase operates

In this guide, we’ll go into more detail on how to set up Coinbase Wallet as a browser extension and on smartphones.

This is what awaits you in this article

Coinbase Wallet as a browser extension

For those of you who prefer to interact with the wide world of Web3 via PC, installing the Coinbase wallet as a browser extension is the most logical choice.

To do this, you should install the Coinbase Wallet extension from the Chrome Web Store. Be extra careful and always triple check the links you download the extension from.Coinbase Wallet for Beginners: The Complete Guide, Crypto Trading News

The only official Chrome Web Store link for the Coinbase wallet extension is here.

Just click the Add to Chrome button on the landing page and confirm the installation.

From here you have two options:

  • Create a new wallet
  • Import an existing wallet
  • How do I create a new wallet?

    First, let’s see how to create a new wallet. Once you click the blue button, you will be prompted to create a username. This allows other users to find you and send you cryptocurrency.

    Please note that you cannot change your username afterwards!

    When you are happy with your choice, click Submit. Now you get a 12-word seed phrase. Be sure to write these in the exact order they appear, double-check each letter, and keep them safe. Losing this seed phrase means you no longer have access to your cryptocurrencies and there is nothing Coinbase or anyone can do to recover them.

    Coinbase Wallet for Beginners: The Complete Guide, Crypto Trading News

    Once you’ve done that, you can proceed. The next step is an extra layer of security, that of Coinbase Wallet added to make sure you wrote down the seed phrase correctly.

    You will see a series of scrambled words and you need to click on the first and last word of your seed phrase.

    After that, you need to enter a strong and secure password. It is recommended to use lowercase and uppercase letters, numbers and special characters for extra protection. When everything is ready, the extension will look like this:

    Coinbase Wallet for Beginners: The Complete Guide, Crypto Trading News

    To verify your address, just hover over your name in the top left corner and you’ll see both Ethereum and Solana-Addresses.

    Coinbase Wallet for Beginners: The Complete Guide, Crypto Trading News

    You can send tokens from any other wallet to these addresses to fund your Coinbase wallet. Additionally, you can also add funds via Coinbase Pay for a seamless fiat ramp-up, as we mentioned at the beginning.

    How can I import from existing wallets?

    For those of you who already have a self-custody wallet, but it’s different than Coinbase wallet, it’s easy to import and access your funds.

    All you have to do is access your secret recovery phrase (seed phrase) for that other wallet. For example, if you have a MetaMask wallet that you want to import into Coinbase Wallet, you need to enter the 12-word seed phrase for that MetaMask wallet.

    Coinbase Wallet for Beginners: The Complete Guide, Crypto Trading News

    Once that’s done, you’ll need to choose a username and create a password to access the wallet.

    You can also import from other wallets, such as:

    • Phantom wallet
    • Solflare wallet
    • trust wallet
    • Ledger hardware wallet

    The Coinbase Wallet mobile app

    Using the mobile app is just as easy. You need to download it first: use either Apple’s App Store or Google’s Playstore, depending on whether you’re using an iPhone or an Android device.

    From there, the steps are pretty similar to those outlined above.

    Coinbase Wallet for Beginners: The Complete Guide, Crypto Trading News

    If you want to create a new wallet, you must first set a PIN or enable biometrics. Once that’s done, you’ll need to write down your seed phrase in order to access your wallet.

    If you want to import an existing wallet, you can just follow the steps above as they are similar.

    You can easily send and receive cryptocurrencies through the Coinbase Wallet mobile app. You can also connect your Coinbase account to transfer assets quickly and securely.

    The mobile app also allows you to trade different cryptocurrencies through an integrated DEX application, giving you easy and quick access to different assets.

    There is also a NFT-Tab that allows you to navigate through your collections of various non-fungible tokens.

    This is pretty much everything you need to know about setting up your Coinbase wallet. Once you have completed all the above steps, you can start interacting with various Web3 applications that require some sort of self-custody wallet connectivity.

    Source: Crypto News Deutsch

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