Creating and Using a Wallet with Coinbase Wallet

Coinbase Wallet is a self-custody wallet offered by Coinbase, designed to give users control over their private keys while providing access to a variety of digital assets and decentralized applications (dApps). This guide will walk you through creating a Coinbase Wallet, adding popular networks, receiving and sending cryptocurrencies, and using Coinbase Wallet on mobile devices.

Creating a Coinbase Wallet

Step 1: Install Coinbase Wallet

• Mobile App:

  • Download the Coinbase Wallet app from the Apple App Store or Google Play Store.

Step 2: Set Up Your Wallet

• Create a New Wallet:

  • Open the Coinbase Wallet app and tap on “Create a New Wallet.”

  • Follow the on-screen instructions to set up a new wallet. You will need to create a strong password for your wallet.

• Backup Your Recovery Phrase:

  • Coinbase Wallet will generate a 12-word recovery phrase. This phrase is crucial for recovering your wallet if you lose access or need to restore it on a different device.

  • Write down the recovery phrase on paper and store it securely. Avoid storing it digitally or sharing it with anyone.

Step 3: Confirm Recovery Phrase

• Confirm your recovery phrase by selecting the words in the correct order as prompted by the app. This step ensures that you have correctly recorded your recovery phrase.

Step 4: Complete Setup

• Once confirmed, your Coinbase Wallet is set up and ready to use. You can now manage your digital assets and interact with dApps.

Adding the Most Commonly Used Networks

Coinbase Wallet supports multiple blockchain networks, and you can add or switch between them as needed.

Step 1: Open Coinbase Wallet

• Open the Coinbase Wallet app on your mobile device.

Step 2: Access Network Settings

• Add New Network:

  • Navigate to the wallet settings by tapping on the “Settings” icon.

  • Go to “Networks” and select “Add Custom Network” if the network you wish to use is not listed by default.

Step 3: Add Network Information

For adding new networks, you need to enter the following details:

• Network Name

• RPC URL

• Chain ID

• Currency Symbol (optional)

• Block Explorer URL (optional)

Here are details for three popular networks:

• Binance Smart Chain (BSC)

  • Network Name: Binance Smart Chain

  • RPC URL: https://bsc-dataseed.binance.org/

  • Chain ID: 56

  • Currency Symbol: BNB

  • Block Explorer URL: https://bscscan.com
• Polygon (MATIC)

  • Network Name: Polygon

  • RPC URL: https://rpc-mainnet.maticvigil.com/

  • Chain ID: 137

  • Currency Symbol: MATIC

  • Block Explorer URL: https://polygonscan.com
• Avalanche C-Chain

  • Network Name: Avalanche Network

  • RPC URL: https://api.avax.network/ext/bc/C/rpc

  • Chain ID: 43114

  • Currency Symbol: AVAX

  • Block Explorer URL: https://snowtrace.io

Step 4: Save Network

• Tap "Save" or "Add" to finalize the addition. The new network will now be available in your Coinbase Wallet.

Receiving and Sending Cryptocurrencies

Receiving Cryptocurrencies

• Find Your Wallet Address:

  • Open Coinbase Wallet and select the cryptocurrency you want to receive.

  • Tap on “Receive” to view your wallet address. You can copy the address or use the QR code for receiving funds.

• Share Your Address:

  • Share the address with the sender to receive cryptocurrency. Ensure you provide the address for the correct network to avoid loss of funds.

Sending Cryptocurrencies

• Initiate a Transaction:

  • Tap on “Send” for the cryptocurrency you wish to send.

  • Enter the recipient’s address and the amount of cryptocurrency to send.

  • Verify the transaction details, including the network fees.

• Confirm and Submit:

  • Review the transaction details and tap “Confirm” to submit the transaction.

  • You may need to authorize the transaction by entering your password or using biometric authentication (fingerprint or face recognition).

Using Coinbase Wallet on Mobile

Navigating the App:

• Wallet Interface:

  • Use the main wallet interface to view your assets, transaction history, and interact with dApps.

  • Access different sections via the bottom navigation bar, including the wallet, dApp browser, and settings.

• dApps Integration:

  • Coinbase Wallet includes a dApp browser, allowing you to interact with decentralized applications directly from the app.

  • Browse and use dApps such as decentralized exchanges, NFT marketplaces, and DeFi platforms.

• Security:

  • Enable biometric login (fingerprint or face recognition) for added security.

  • Regularly back up your recovery phrase and keep your app updated to ensure security.

Conclusion

Coinbase Wallet provides a secure and versatile way to manage your cryptocurrencies and interact with blockchain networks. By following this guide, you can create a Coinbase Wallet, add popular networks, manage transactions, and use the app effectively on mobile devices. Always prioritize security best practices and keep your recovery phrase safe to protect your digital assets.