Cryptocurrency storage spaces have been playing a significant part when it comes to crypto management. And when it comes to Coin base, we get to know that it is by far one of the best hot wallets available today. A hot wallet stores your private keys in an encrypted online system and makes sure that only you have access to this space. In case you are also interested to know about this wallet, then the detailed guidelines given below would surely help you.
What is a Coin base?
Coinbase Inc., as we all know, is one of the oldest and most trusted crypto exchanges available in the cryptocurrency market. And this fact is enough to make us acknowledge the fact that the Coinbase wallet would also come with the same security features. With a Coinbase wallet by your side, you can make sure that your crypto wealth is in safe hands. Although it is not as safe as a cold or offline wallet, in terms of the safest hot wallets available today, this wallet tops the list.
Coin base supported coins
The Coin base that is supported in more than 100 countries of the world allows users to store a wide range of cryptos including the following:Bitcoin (BTC)Ethereum (ETH)Bitcoin Cash (BCH)Litecoin (LTC)Ethereum Classic (ETC)Ethereum 0x Protocol token (ZRX)US-dollar Ethereum (USDC)Basic Attention Token (BAT)Chainlink (LINK)Zcash (ZEC)Augur (REP)Ripple (XRP)Lumen (XLM)Electro-Optical System token (EOS)Dai (DAI)And a lot more
Is the Coin base safe to use?
As we all know that this wallet is a non-custodial wallet, therefore it would be you who is responsible for how you deal with the funds available in your wallet. You can make your wallet as secure as you want by following some easy security protocols. However, one thing that you need to be concerned about this wallet is that this is a decentralized wallet and may have some security flaws. But, in my opinion, you should connect or sync it with a hardware wallet so that you can enhance the security of your funds.
How to use Coin base?
Coming to this, we shall be having a list of steps involved in setting up a new Coin base so that new users can easily get started with its usage:For Coinbase wallet setup, you first need to download the Coinbase wallet appThis shall be followed by creating your accountFor this, you just need to provide the requested information in the given formPost this, the user will be presented with the secret keys that you need to securely note downWhen done, you can simply start buying and storing crypto funds in it
Conclusion:
To conclude, it would not be wrong to say that the Coin base is one of the most secure options to store your crypto funds. Considering the fact that it is a non-custodial wallet, you need to ensure that you take strict security measures to keep your wallet and the private keys stored on it away from the reach of hackers. However, to make it more secure, you can definitely connect it with one of the supported hardware wallets. By doing this, you will be able to use the features of the Coinbase wallet and at the same time make sure that you are getting enough security from the hardware wallet.