What is Coinbase Wallet? Instructions from A-Z how to create a Coinbase wallet
- 1.What is Coinbase Wallet?
- 2.Coinbase Wallet Review
- 2.1 Advantages
- 2.2 Cons The
- 3.Cryptocurrencies supported by Coinbase
- 4.Instructions on how to create a wallet on Coinbase
- 4.1 How to register an account on Coinbase
- 4.2 How to login to Coinbase wallet
- 4.3 How to create a wallet address on Coinbase
- 4.4 How to create a secondary wallet address on Coinbase
- 5.Detailed instructions on how to use the Coinbase wallet
- 5.1 Important features of Coinbase wallet
- 5.2 How to set up security for Coinbase wallet
- 6.Instructions for trading using Coinbase wallet
- 6.1 How to top up Coinbase wallet
- 6.2 How to withdraw money to Coinbase wallet
What is Coinbase Wallet? Wallet owned by the Coinbase exchange is the leading electronic money trading platform in the US. So what are the outstanding features of Coinbase Wallet? How to register an account on the system? Let's learn from AZ with BHO Network through the helpful article below!
1.What is Coinbase Wallet?
Coinbase Wallet is a digital currency wallet that allows merchants and consumers to transact with virtual currencies such as Bitcoin, Ethereum and Litecoin, with BTC making up the majority. Coinbase was co-founded by Brian Armstrong and Fred Ehrsam in 2012 and is headquartered in San Francisco, California, USA.
Previously, trading on the exchange was completely free, but Coinbase has officially charged fees. However, the price is not too high compared to the common ground of other e-wallets. The Coinbase exchange does not support transactions for a few countries, including Vietnam. As for the hosted wallet service, users in any country can use Coinbase.
Coinbase supports a variety of virtual currencies
2.Coinbase Wallet Review
Strengths and Weaknesses of “What is Coinbase Wallet?” Below BHO Network will evaluate the Wallet for everyone to understand this e-wallet better.
With outstanding features that make Coinbase Wallet different from other e-wallets on the market:
- High security
If users wonder if the Coinbase wallet is reliable enough, players can rest assured because Coinbase The wallet is generally considered one of the most secure hot wallets in the industry. Coinbase allows the use of various security measures - two-factor authentication, multiple signatures, confirmation requests,...
If a player looks at these reviews and doesn't find out, he may miss out on all the key points. As the User can see, most of the "hacks" happen because of weak passwords or similar problems. For the question "is Coinbase wallet safe to use?" Rest assured that the company has put a lot of effort into creating a powerful and flexible digital currency security technology.
Coinbase Wallet is highly secure
- User Friendly Interface
There are F0 investors who are new to the Crypto market to invest most will get lost in all the jargon and techniques. However, in fact creating a Coinbase wallet is very simple.
How does this relate to the product? Process Coinbase account creation quickly and simply players only need to download the application on their Android or iOS mobile devices and enter the User's information when asked.
Coinbase Support on Android and iOS
- Wallets and exchanges with high interaction
Through the information provided above, users must have understood what is Coinbase wallet ? Users should not confuse Coinbase Wallet with the exchange of the same name, although the two tools interact pretty well.
Installing Coinbase will make using the exchange's services much more manageable and smoother. Users get access to a pool of Coins and the exchange processes are pretty seamless. Multiple reports mention that Coinbase is actively trying to “attract users” to the trading platform.
High wallet interactivity
2.2 Cons The
Above players already know the advantages of the Coinbase e-wallet. Besides, users should consider a few weaknesses of this tool. First, Coinbase only supports a small number of cryptocurrencies with 8 (including ERC-20 tokens).
However, this is not a big deal as most F0 investors are starting to use more popular coins, such as Bitcoin or Ether.
Over time, users may want to expand their portfolio and add a few smaller, lesser-known Coins. That may not be possible with Coinbase Wallet as the User needs to find another wallet or alternate between the two.
Coinbase Wallet supports few cryptocurrencies
3.Cryptocurrencies supported by Coinbase
Currently, only a few cryptocurrencies are supported on Coinbase. Players please refer to the illustration below:
Coinbase Supported Cryptocurrencies
4.Instructions on how to create a wallet on Coinbase
Here, users will be guided to create a Coinbase wallet so that all operations on the exchange are done faster.
4.1 How to register an account on Coinbase
Step 1: First, users must register an account by clicking on the link below https://goo.gl/V24aEr and entering the registration information.
- First Name: Username.
- Last Name: Username.
- Email: User email.
- Choose A Password: User password.
- Check the box "I'm not a robot."
- Check the box “I certify that I am 18 years…”.
- Select “Create Account.”
Enter registration information as required
Step 2: The system will send the user an Email address to activate the account; user enters the email and clicks "Verify Email Address."
Activate email registration
Step 3: Coinbase will ask for verification, then you need to enter your phone number and press “Send Code."
Enter the phone number and press “Send Code”
Step 4: Players will receive a 7-digit code via SMS, then enter this code and press “Submit."
Enter the 7-digit code via SMS and then enter this code and press "Submit"
So the Coinbase account creation step was successful, below is Wallet's interface.
Coinbase's New Interface
4.2 How to login to Coinbase wallet
If you already have an account on the platform, you can proceed to log in immediately without registration. The operations are as follows:
Step 1: User login to Coinbase, select “Log in”.
Login to Coinbase, select “Log in”.
Step 2: Enter Email and Password and press “SE CONNECTOR. “
Enter Email and Password and then press “SE CONNECTER“.
Step 3: Coinbase will ask users to confirm login, then go to Email and click on “I Authorize This Computer."
Confirm and click on “I Authorize This Computer“.
4.3 How to create a wallet address on Coinbase
First, each electronic money such as Bitcoin, Ethereum, and Litecoin in the account will have primary and secondary wallets. The Wallet will automatically change the wallet address for the main wallet after each user receives money. The player should double-check the new wallet address before sending it to the money transmitter.
Note: After each money, the main wallet address is automatically listed in the sublist. So what if the user forgot to update the new wallet address but still gave the old wallet to the money transmitter? Fine, the money still goes to the regular User's account.
First, BHO Network will guide the user on how to get the main Coinbase wallet address first. Then, select the “Accounts” >> “Get Bitcoin Address” tab to create a wallet for Coin BTC, ETH and LTC.
How to create a wallet address on Coinbase
4.4 How to create a secondary wallet address on Coinbase
With a Coinbase account, users can create countless Bitcoin, Ethereum and Litecoin wallet addresses to receive money. When someone sends money to that address, it goes to their Coinbase wallet account. As for the secondary wallet, this is a fixed address even after each user receives money.
So in case of small amount transaction users can use a secondary wallet address. Note that the primary wallet addresses after each money are automatically listed in the secondary wallet list.
Users go to the "Tools" tab, then select the "Addresses" tab, select the Coin you want to create a secondary wallet, and then select "Create New Address." Players will see the sub-wallet address appear below and can use that fixed sub-wallet address to receive money from others.
Click Create New Address to create a secondary wallet
5.Detailed instructions on how to use the Coinbase wallet
Next to the Coinbase user guide that BHO Network has learned, users can refer to the following:
5.1 Important features of Coinbase wallet
The following are the Important features of the Coinbase e-wallet that investors should pay attention to:
- Dashboard: User's Coinbase wallet dashboard.
- Buy/Sell: The function only supports users in the US or Europe, which Vietnam is not yet supported.
- Send/Request: Function used to send BTC or ETH to another place.
- Account: For statistics on cold storage BTC, ETH and BTC accounts.
- Setting: Function to change personal information, avatar, enable 2FA 2-layer security,...
- Tool: Create BTC or ETH address, receiving address. For easy management, investors can create multiple addresses in the same account (Coinbase allows about 200 different addresses from one account).
Coinbase Wallet has many features
5.2 How to set up security for Coinbase wallet
To maximize the effectiveness of security settings, users should install 2FA 2-step verification:
Step 1: Visit the link https://www.coinbase.com/settings /security_settings.
Step 2: Click Enable Authenticator, the interface will appear as follows:
Verify phone number requires entering a phone number
After entering the phone number, the screen will display a QR code for users to scan and enter the code to activate.
Enter the verification code into the system
6.Instructions for trading using Coinbase wallet
Next, to use Wallet, players must know how to deposit and withdraw Coins into Coinbase wallet. Let's follow the content below.
6.1 How to top up Coinbase wallet
If a user wants to transfer BTC, ETH, LTC, BCH, ETC to Coinbase Wallet or anyone wants to send a Coin to User, get that wallet address and then send it. Here is a guide to getting Bitcoin Wallet and how to do the same with other cryptocurrencies. To get the Coinbase wallet address, the player does the following:
Step 1: Select “Accounts, “here is where the Coin wallets are located, the user can see the BTC, ETH, LTC, BCH and ETC wallets below then go to “ Receive,” where “BTC Wallet."
Click on the type of Coin you want to receive
Step 2: Coinbase warns the User only to send BTC to the wallet. If you send another Coin, it will be lost because each electronic money will have a different wallet address. Next, click on “Show Address“.
Confirm the address to receive Coin
Below will be the User's BTC wallet address on Coinbase. Above there is a QR-code if the user uses a scannable mobile wallet. Players do the same for Ethereum, Bitcoin Cash, Litecoin and Ethereum Classic to get a wallet address.
Scan QR code on mobile platform
Coinbase allows users to create as many wallet addresses as they want. All old and new wallets will be added under “Tools” => “Addresses“. Here investors can see previous wallets and can create new wallet addresses. How to make as follows: Click “+ Create New Address. “ Users can leave the default for Coinbase to change and do not need to create a new one.
Instructions for creating a new wallet address
6.2 How to withdraw money to Coinbase wallet
Here is a guide to withdrawing Bitcoin from Coinbase wallet to transfer to Remitano to sell VND. Sending BTC or any Coin is just sending from one address to another. Users can start from Coinbase to their Wallet or exchange's storage. To withdraw money from Coinbase, the steps are as follows:
Step 1: In the “Accounts” section, the user selects “BTC Wallet” and then clicks “Send”.
Step 2: Enter the withdrawal information below:
- Recipient: The address of the wallet the user wants to withdraw to.
- Amount: The amount of BTC you want to withdraw next to it will be the equivalent amount of VND. The user wants to remove all, then click and select “Send Max. “
- Note: The content of the transfer is optional or can be omitted.
- Finally, you click “Continue."
Enter the required information and click confirm
Step 3: The user can see the "Miner fee" section is the transaction fee paid to the opener to confirm the transaction. The cost is only 0.00001721 BTC equivalent to 2,542 VND. Next, the user checks the information, enters the 2FA code and clicks "Confirm."
Check information before clicking confirm
Once completed, the user can click on “View Details” to view the details of the deposit transaction. The user can see that the BTC transfer is in the "Pending" status. Depending on the time, the transaction confirmation process will take about 10-15 minutes.
To view the entire sending/receiving transaction, select the account” >> “Transactions” is the whole transaction history. It takes less than 5 minutes for players to withdraw BTC to Remitano and Bitcoin to the Remitano wallet.
The above article, hopefully players have a better understanding of "What is Coinbase wallet?" investors can choose whether the Wallet is suitable for their needs. If users have any questions about cryptocurrencies, please contact BHO Network! and answer everyone's questions. For more helpful information about the financial market, please visit the company's website: https://bho.network/.
Published on March 14, 2022
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