The coinable wallet, which is a Coinbase wallet, is a wallet that allows users to have total autonomy over their crypto. There are a lot of reasons to like Coinbase in general, and their wallet is definitely at the top of the list.
In this guide, you will learn more about what the Coinbase wallet does, where it stacks up among all the safe crypto wallets, and what it can offer to users.
What Does Coinbase Wallet Do?
The coinable wallet offers a lot. But there can be some confusion between the coinbase.com website and the Coinbase wallet. The former is a crypto brokerage that is used both to buy and sell crypto directly for cash. It also stores the user’s crypto after it has been purchased.
Coinbase wallet, however, is a self-custody wallet. One of the cool things about the Coinbase wallet is that users do not need to have an account through the website in order to use the wallet. Each of the private keys, which are representative of the ownership of that crypto, gets stored right on your device. This is in contrast to storing your wallet through a centralized exchange like the Coinbase website.
You can think of your web account as a brokerage that allows for the storing of crypto. Think of the wallet as a traditional wallet that lets you have total control over all of the assets that you own.
What is the Safest Crypto Wallet?
Safety is of the utmost importance when it comes to cryptocurrency wallets. Even if you aren’t familiar with cryptocurrency, in general, it is safe to say that you have heard of a crypto wallet in some sense. It is a space, one that can either be physical or virtual, that is used to store both public and private keys that are used for cryptocurrency transactions.
There are a few different factors involved in finding a quality crypto wallet. Safety is, without a doubt, the most important feature, which is why these wallets are some of the best out there.
Exodus is one of the most popular cryptocurrency wallets out there, and for good reason. It is available in more than 180 digital currencies, offering one of the most user-friendly interfaces out there. It is a great wallet for those who are more serious about crypto, offering safety features that are above the rest of the fray.
First and foremost, Exodus does not store sensitive user data. That data is stored locally instead, which means that Exodus can’t view or access a wallet no matter what. On top of that, Exodus does not require users to fill out any personal information. Moreover, the transactions that happen on the platform are completely anonymous, using the software to generate a new wallet for each of them.
Those who are looking for a privacy-focused Bitcoin wallet need look no further than Wasabi. This is partially because it uses the trustless CoinJoin, which is a foolproof anonymization strategy. It also allows total strangers to pool their coins together for a single transaction. That said, the joiners will ultimately wind up with the same number of coins when all is said and done, but the process is meant to obscure any potential identifying information.
Wasabi, by default, routes every transaction through the Tor network. It also generates a unique address for every single new transaction, which only serves to add another layer of privacy, ensuring near-total anonymity. If that weren’t enough, Wasabi is an open source option that is available through the Linux operating system.
Coinbase would not be among the biggest exchanges on the market without having a safe wallet option. Coinbase is the single largest exchange in the world out there right now, also offering its very own crypto wallet.
As mentioned above, the Coinbase Wallet is self-custody. This means that the owner has the sole power with all the keys being stored locally on that user’s own device. They do offer custodial wallets, but for those who put a premium on security, there is no way that you will be storing assets with the provider.
Like some of the others, users won’t be required to provide personal information, not even so much as an email address. And in the event of any kind of major security breach, the assets within the wallet will be totally safe.
Perhaps best of all, the Coinbase Wallet supports just about all of the major digital currencies out there. That includes not only Bitcoin, but Polygon, Ethereum, Dogecoin, and Litecoin.
Rounding out the list is Guarda, which is still somewhat of a new player when it comes to cryptocurrency wallets. That said, it has definitely put its best foot forward to stand apart by offering a focus on privacy and security to each of its users.
It is similar to the Coinbase Wallet in that it is non-custodial. It also does not store private keys on its company services or even the user’s device. Simply put, it ensures that only the user knows the data, which keeps the chances of de-anonymization at a minimum.
It also supports over 400,000 digital assets, making it an excellent choice, in particular, for serious traders and investors. If there is one downside to using Guarda, it is the transaction fee. At 5.5%, the transaction fee can definitely eat into any potential profits, particularly if you trade with frequency.
Coinbase is the largest cryptocurrency exchange out there today, which also means that there are a ton of different options out there for storing your cryptocurrency. The main two involve using the website directly or having a Coinbase wallet.
The latter allows for greater flexibility and total autonomy over your cryptocurrency assets. That flexibility and control can be important for some users of the Coinbase platform.