- It integrates the versatility offered by its predecessor Toshi Wallet and the support offered by Coinbase.
- It stores ethers and tokens based on the Ethereum network and also interacts with dApps.
There is a new way to explore the world of dApps (decentralized applications) and its name is Coinbase Wallet. This wallet includes the versatility offered by its predecessor Toshi Wallet and the support offered by Coinbase. In this wallet, you can store your ethers and tokens based on the Ethereum network, and you can also interact with dApps from a single application. Future support for bitcoin (BTC), bitcoin cash (BCH) and litecoin (LTC) is expected.
The Coinbase wallet has a special section where you can see the collectible tokens you own. This way you can manage the CryptoKitties you have purchased and see them listed without having to enter the web portal. You also have the option to connect your Coinbase wallet to NFT (or Ethereum non-fungible token) markets like Rarible.
In addition, the wallet integrates a messaging section where you can chat with your friends via encrypted messages. You can also use bots to help you configure your Coinbase wallet or help you understand its usage.
The interesting part is that you can restore your wallet generated from MetaMask in the Coinbase Wallet, since both use a recovery scheme type that is compatible with each other. So you can buy your crypto kitties from CryptoKitties and from MetaMask in your Coinbase wallet.
Coinbase Wallet is a pretty complete wallet that allows you to use dApps and Ethereum tokens. In this guide, you’ll learn how to install it, configure it, and interact with some of its tools.
Download and set up a Coinbase wallet
To begin with, you should keep in mind that this wallet is only available for Android and iOS operating systems. The first step you need to take is to download a mobile wallet app. You can get it from the App Store or Play Store or directly from Web page de Coinbase wallet.
The home page of the official Coinbase site is in English and Spanish. Source: Coinbase.
On the official website you have links to download the application. Once it’s downloaded and installed, you can open it.
When you start, you will have 2 options. top, Create a new wallet This will allow you to create a wallet from scratch, i.e. starting from generating your 12 recovery words. On the other hand, you have an option I already have a wallet, which will allow you to restore the wallet you previously created. From here you can too return your wallet generated from Metamask. For the purposes of this tutorial, we’ll be creating a wallet from scratch, so we’ll choose the first option. Before generating your 12 words, you will encounter the message shown in the image above. There they inform you that Coinbase does not back up your funds or keys, so you are solely responsible for taking care of both the recovery phrase and the state. On the other hand, in case of any loss, it is impossible for the Coinbase Wallet team to recover your data. After you see this warning, select Back it up now.
In this step, you will see your recovery phrase on the screen. This should be kept in a safe place.and by safe place we mean write it on a piece of paper and guard it very jealously. This is to avoid backing up to hack-prone digital media such as clouds or hard drives. Select to continue Confirm the recovery phrase
This is what the window that displays your wallet’s security words looks like. Source: Coinbase Wallet.
On the other hand, with a written down phrase, you have to confirm it before you can continue.
With the passphrase generated, it’s time to provide security to the app itself. If your phone has a fingerprint sensor, you can enable this security method; Otherwise, you can set a numeric PIN. Note that whether it’s a PIN or a fingerprint, neither replaces your recovery phrase. This is simply application security.
This is a virtual assistant home chat. Source: Coinbase Wallet.
Create user in Coinbase wallet with App bot
At this point you will have a wallet. Since this is the first time, the first thing that will open is a chat with the Coinbase Wallet helper bot. This bot will allow you to not only interact with the wallet, but also help you give it some initial configurations. To start then you have to choose Continue in chat.
You can directly assign a username from the helper bot. Source: Coinbase Wallet.
In the previous image you can see that the bot asks if you want to add a username to your Coinbase wallet. This name cannot have spaces as it will be unique on the platform and will be used to receive payments: you will see this feature later.
The procedure for creating a username is done with the help of a bot. Source: Coinbase Wallet.
Later, when the name is added, the bot will ask you for confirmation and that’s it, you’re done with this step.
You confirm that the name you have chosen is correct and that’s it. Source: Coinbase Wallet.
On the other hand, the virtual assistant allows you to add a phone number to help provide a little more security to your account. In this step, the assistant offers you some money in exchange for adding your number. You just have to choose All right and add the number in the format shown. You add the verification code in the chat and that’s it. You will now have your Coinbase wallet configured to start using dApps and exchanging Ethereum tokens.
Set up a Coinbase wallet for dApps and Ethereum tokens
The main screen of the Coinbase wallet shows the main features of the cryptocurrency exchange. Source: Coinbase Wallet.
What you see in the picture is basically your Coinbase wallet, which will allow you to use dApps and manage Ethereum tokens. From here you can see your balance in Ether or any other cryptocurrency it supports. Additionally, you have the option to add custom tokens from the option Add a custom token.
Form to add custom smart contracts to COinbase wallet. Source: Coinbase Wallet.
In this form you can add the address of the smart contract where the token was created, the name, the symbol and finally the number of decimals it processes. Then the balance of said token will appear next to your wallet balance from the section Wallet.
On the other hand, you have an interesting section: certain dApps generate collectible tokens, as is the case with CryptoKitties, where each kitten exchanged on the platform is an indivisible Ethereum token, as each contains unique information. Every cryptoKittie you buy from your Coinbase Wallet address can be seen from the wallet itself. For that you will choose Collector’s items in the section Wallet.
List of collectible tokens. Source: Coinbase Wallet.
From here you can see a list of dApps where you have collectibles. The image above shows that you own 2 Cryptokitties; If you select it, you will see more details about these NFT tokens.
List of cats on Cryptokitties. Source: Coinbase Wallet.
Then, after you’ve already explored your wallet, you can detail the DApps section. To do this, select the appropriate option in the menu below.
List of DA apps available for use with your wallet. Source: Coinbase Wallet.
As you can see, in the following list you will find some of the DA applications where you can use your wallet, but not only these. At the top you will see a box where you can put the link of the application you want to use; It will depend on the app whether it will allow you to use the wallet or not. Later you will learn how to use this Coinbase wallet feature.
On the other hand, you have messaging section. Here you can chat with your friends or with the platform’s own bots.
Message box. Source: Coinbase Wallet.
Chat windows will be organized in this section. It should be added that, in addition to inviting friends, you can search public profiles of people, groups or bots from the option above Find people, groups and bots
A section where you can search for other users, bots or groups. Source: Coinbase Wallet.
In the same way, when you enter the chat window with your friends or bots, you will see interesting options.
Although it looks like a regular chat window, where you can share photos or documents, at the top you have options to request or send payment. It should be noted that every message you send is an encrypted message using your private key.
Finally, you have a configuration section, from where you can customize your account.
Remember when the initial bot allowed you to give your account a username? Well, this username can be changed, as well as some additional information.
What you see in the image above are the different configurations of your wallet. But for now, you’re going to focus on the part My profile
Here you have to choose Edit profile
You can edit your profile details from this form. Consider that it is Display name is the name users will see and User name This will be your identifier. If you return a new wallet, it will give you a generic name, which is why you can edit it from here. This username, as mentioned above, will allow you to receive payments without having to share your public address.
Receive cryptocurrencies and tokens in your Coinbase wallet
As we mentioned in the previous paragraphs, in order to receive payments from your wallet, it is not necessary to share your public address, but you can do it from your username that is associated with your address. However, you can still share the address.
Remember that This is used to send Ether as well as any tokens in your account.
To begin, you need to go to the section Wallet.
We return to the main screen of the wallet. Source: Coinbase Wallet.
You will see your address at the top. You choose an option Copy and ready. In case you want to see a summary of the QR code, you just need to click on the address.
On the other hand, in case of sharing your username, you can see it directly from the configuration section.
You can also request a payout with a specific amount. To do this, you will open a chat window with a friend and at the top you will choose Request.
You write the amount in decimals and, voila, you can calculate it in US dollars. Source: Coinbase Wallet.
Here you will enter the specific amount you want to claim from the person.
Make sure the cryptocurrency amount and address are correct. Source: Coinbase Wallet.
Once the amount is paid, all you have to do is wait for the person to accept the said payment.
Send cryptocurrencies and tokens from your Coinbase wallet
As with receiving funds, in addition to the typical way of copying and pasting a public address, you have different ways of sending.
For starters, you need to know how to send the traditional way. Go to the section wallet and you choose the cryptocurrency you want to send, in this case it’s ETH.
By pressing send you can start sending cryptocurrencies. Source: Coinbase wallet.
Here you choose Send
You write the amount you want to send and the address. Source: Coinbase wallet.
At the top, you write the amount. You just need to select the arrows on the right side to change the amounts between fiat currency or cryptocurrency; Their equivalence will be shown at the bottom.
In the final part, you need to paste or scan the delivery address. You select the button below and, voila, you will make the shipment.
On the other side, You can send from the chat window. You just need to enter the chat and select an option pay; Enter the amount and it will be sent to the specified person immediately. Of course, you have to wait for network confirmation.
Finally, you have the option send to a specific user from their username. To get started, you need to go to the chat section and select the option to search for people. Once there, select the search (magnifying glass) icon in the upper right corner.
Here you must write the user’s name at the top. At the bottom, as you can see, it shows you the names that match your search. To continue, you must select the user you want to send to.
User data. Source: Coinbase wallet.
You have two options here, either send a message and we can send the payment that way or choose Pay to pay immediately. You just choose, enter the amount and that’s it, the shipment will be made.
Use dApps from Coinbase wallet
As I mentioned at the beginning, you can use decentralized applications from this wallet without any problems. The only thing you would have to consider is that the said app supports this wallet.
Here you need to go to the DApps section.
App Explorer allows you to find a decentralized application or dApp. Source: Coinbase wallet.
There are a few things to keep in mind before proceeding. Most decentralized applications run using a web browser. This makes its use in the application necessary. For that, Coinbase Wallet implements its own explorer to find dApps without relying on third-party apps that could compromise your Ethereum tokens.
Let’s move on, you will choose an application. In this case we choose Cryptokitties.
Cryptokitties is just one of the many dApps you can use with Coinbase WalletSource: Coinbase Wallet.
Just choose Open it to open the application from the browser.
Access the dApp site of your choice from your wallet. Source: Coinbase Wallet.
Once the app is open, you can now use your account to use the app.
Coinbase Wallet Opinions
Coinbase wallet is a great alternative to store your Ethereum tokens and manage your dApps. The first thing is that it has seed generation to backup your assets and also allows you to protect the app from using the fingerprint reader. Overall, it’s a very simple app, easy to use and with a lot of tools. Additionally, this wallet is supported by Coinbase.
On the other hand, the application can present certain inconveniences. When opening a dApp, the browser may crash and you may need to close the app and reopen it to be able to launch that particular app. Otherwise, no flaws. Don’t forget that this wallet is born from a well-known wallet like Toshi Wallet.
If you want to see a video tutorial made by CriptoNoticias, you can go to our YouTube channel: