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How to secure Coinbase wallet on Android – Vault12

Welcome to this guide on safely setting up Coinbase wallet. Coinbase is one of the most recognizable names in the crypto industry, offering a guarantee decree on-ramp to the crypto markets since 2012. This steer is about the stand-alone, self-hosted wallet offered by Coinbase, not the Coinbase-hosted wallet that is their flagship merchandise.
In this guide you will learn all about Coinbase wallet, how to securely configure the wallet, and how you can get started using cryptocurrency in just a few minutes.This lead is focused on how to securely setup Coinbase Wallet on Android. If you are using io, checkout our io Coinbase wallet guide .

1. Introduction

Coinbase Wallet, once known as Toshi Wallet, is a native BIP39, non-custodial, multi-cryptocurrency wallet. The wallet is actively developed, and was the first base mobile-wallet to include a dapp browser – a feature now common among wallets. Coinbase Wallet was besides the first base mobile-wallet to integrate non-fungible-tokens, better known as crypto collectibles .

This guide is focused on Coinbase Wallet. Coinbase Wallet is different from the Coinbase.com app. You will see both apps referred to as “Coinbase wallet” on the internet. The main difference is who has custody of the private keys. On Coinbase.com, Coinbase holds custody of the private keys. On Coinbase Wallet, the user holds custody of the private key.

Coinbase Wallet was released in 2017 as Toshi Wallet, before rebranding to Coinbase Wallet in 2018. The wallet provides standard wallet functionality plus a built-in dapp browser. There is a heavy focus in the wallet on ease of practice – the user interface is beginner-friendly, and aims to allow an easy transition for raw users of crypto into decentralized apps. If you plan to stay within the Coinbase.com ecosystem, the self-hosted wallet offer from Coinbase is a good choice for you. Benefits of using Coinbase Wallet include :

Integration with your Coinbase.com account, including the ability to transfer funds and buy Crypto
Multi-coin support for Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Stellar Lumens, Ripple, Litecoin, and all Ethereum based tokens
Built-in dapp browser giving you access to all available dapps
Maintain control over your private keys

    • Trust, but verify. When using any cryptocurrency wallet, it is important to make sure you are downloading the correct version. Check the store listing for the following info:

version : 23.3.357 as of February 5, 2021 Offered by : Coinbase Wallet

    • The `Version` number will change as the app is updated over time. The important part to verify is the `Offered by` field.

    Remember the phrase trust, but verify. Taking the extra step to verify can prevent loss of funds. Trust, but verify is an important concept in having a security mindset.

3. Create and setup

Coinbase Wallet is a multi-blockchain, native BIP39, non-custodial wallet. This means that Coinbase wallet supports multiple different blockchains within one wallet exemplify. Under the hood, Coinbase generates your wallet with the use of a convalescence phrase. The recovery phrase can be used to restore your Coinbase wallet or can be imported into another wallet that supports BIP39.

You can think of your recovery phrase as a master backup of all your cryptocurrency in this wallet. It will unlock every single address created by your wallet. Backing up the seed phrase ensures access to your wallet using any BIP-39 compliant wallet. It is important to highlight, your seed phrase only ensures you will have access to your cryptocurrency inside your wallet. If someone steals your phrase, you will still be able to access the wallet, but the funds may be gone – since whoever knows your seed phrase can spend all of that cryptocurrency.

When creating a fresh Coinbase Wallet, the default option method is to create your wallet within the app. The more advanced method is to generate your own convalescence give voice. We created detail guides on generating your own convalescence give voice. By following the justly directions, you can generate a convalescence phrase that is more secure than the default option method acting used by wallets. In this section, you are going to create a new Coinbase wallet using the wallet ‘s default option method acting. Let ‘s get started .

If you already have a pre-generated recovery phrase, proceed to Section 6. Initialize or import recovery phrase.

To create a new wallet with a fresh convalescence phrase in Coinbase Wallet :

  • Open the Coinbase Wallet app
    • The default screen will show 2 options: “Create a new wallet” and “I already have a wallet”
    • Select the option “Create a new wallet”
  • Before proceeding, you have to cover the legal stuff. Check the box to agree to the Privacy Policies and the Terms and Conditions.
  • Coinbase wallet uses an ID system to make it easier for users of the wallet to send funds to each other. Instead of sending crypto to an alpha-numeric address, users of Coinbase wallet can send crypto to your @username. In this step, input the user ID you want to use
  • Next, you will be asked if you want your user ID to be public or private
    • Public user ID means users of Coinbase wallet can use your user ID to send funds to you. If you choose public user ID, be advised that your transaction history and address balances can be found through your user ID.
    • Private user ID means users cannot look up your user ID to send funds to you
    • Coinbase Wallet also supports ENS, so if you want to use this feature, but prefer to use an open standard, you can get a “yourname.eth” name using Ethereum Name Service. Keep in mind, the same privacy concerns regarding blockchain analysis still apply
  • It is always a good idea to put the maximum amount of security as possible on your wallet. Coinbase Wallet supports passcodes and biometric authentication. Configure this now.

future, you will be shown your recovery idiom. In order to see your recovery idiom, you will need to check a box acknowledging that if you lose your recovery phrase, you will not be able to gain access to your score if you get locked out. This is why it is so significant to backup your convalescence give voice. Coinbase Wallet gives you two options to back up the convalescence give voice :

  • Backup to the cloud – Google Drive

This stand-in solution encrypts your 12-word recovery phrase using AES-256-GCM encoding, and the encoding key is a password that you set while setting it up. It is important to highlight that Coinbase calm recommends performing a manual backup in summation to backing up in the cloud. This is because you should not rely on a cloud stand-in as the merely backup. For better backup methods, see backing up your convalescence idiom .

  • Manual backup

manually backing up your recovery phrase provides you the option to choose an approach path that is right for you, and gives you more security compared to a cloud backing. Coinbase, along with many early wallets, recommends writing down your seed phrase. This is the beginning gradation, and writing it down allows you to transfer it to a procure culture medium for backup. once you have transferred your seed phrase to paper, or another fasten medium, it is time to verify your seed phrase. Remember, newspaper backing is for irregular use – only acceptable while in theodolite to the concluding backing finish.

4. Verify your recovery phrase

Backing up your convalescence give voice for most wallets, including Coinbase wallet, is a 4 footstep march :

  1. The wallet will display your recovery phrase on the screen, and ask you to create a backup.
  2. Next, you will write down your seed phrase using paper and pencil, this is to prepare it to be transferred to a more secure medium*
  3. Returning to your wallet, the wallet will ask you to input your recovery phrase. This step is done to verify that you have copied your recovery phrase accurately.
  4. After completing the setup of your wallet, and before adding any funds to your wallet, backup your recovery phrase.

At this point, you are at mistreat 3 in the above process. In the following part of this lead, you will learn how to create a secure accompaniment of your convalescence phrase .

*WARNING: When you follow the steps to find your recovery phrase, you will be writing the recovery phrase on a piece of paper. It is very important that you backup the recovery phrase on a more reliable medium, and then destroy that piece of paper. Paper is vulnerable to accidental loss, theft, and damage. It is not the safest method of backing up your recovery phrase.

  • Coinbase Wallet will now be displaying the words of your recovery phrase on the screen in a scrambled order. To verify your recovery phrase, tap on each word in the proper order. Selecting the wrong word in the wrong order will invalidate the process.

Congrats, you have fair generated a recovery phrase using Coinbase Wallet and your wallet is activated. however, before you deposit any funds into this wallet you will want to back up your recovery phrase. Proceed to the adjacent section to learn about all the different options available to you .

5. Securely back up your recovery phrase

If you used Vault12 to generate your recovery phrase, your recovery phrase is already securely backed up in your digital vault.

Your convalescence idiom is the master key to all of your cryptocurrency funds. Coinbase Wallet uses BIP39, which is the current industry best practice for generating convalescence phrases. The majority of modern wallets today use BIP39. This means your Coinbase convalescence phrase can be used to access your funds across many unlike wallets .

Securely backing up your recovery phrase is the most important step in creating a new wallet. To emphasize how important this is, consider how someone with your recovery phrase could access your funds without you knowing.

Imagine a bad actor has your recovery phrase, and you have your Coinbase Wallet locked down with biometric authentication on an encrypted device The attacker could simply open any wallet application, and import your recovery phrase. The attacker now has access to all of your funds.

We want you to have a secure backup, so this never happens to you.
Nine out of ten wallet providers only mention one way to backup your recovery phrase – by writing the recovery phrase on paper. Wallet providers only mention this paper backup method because it is easy for beginners to do. Paper backups are simply not that secure.

We did extensive research and compiled the best ways to back up your recovery phrase. We cover all the most well-known options, including next-generation options like How to back up your recovery give voice inVault12. once you have safely backed up your convalescence idiom, you can initialize your wallet using any BIP39 compatible wallet. In the adjacent department, you will learn how you can initialize your wallet using your recovery phrase .

6. Initialize or import recovery phrase

If you are following this guide from the beginning, and you created your wallet using the default approach, using the app to `Create a Wallet`, then congratulations! You are ready to start using your wallet.

However, be careful about storing large amounts of funds secured only by a wallet-generated recovery phrase.

If you followed one of our guides for pre-generating a more impregnable seed give voice, for case using Vault12, and you want to use that seed idiom with your wallet – this section is for you ! In this incision, you will learn how to initialize your wallet using entirely your convalescence idiom. There are 3 independent reasons to generate your wallet using this method acting :

  • You lost access to your wallet, and you need to regain access to your wallet and your funds.
  • You want to access your wallet and funds using a different wallet app.
  • You want the best security, and you generated a recovery phrase using an advanced method.

To initialize a wallet with your recovery give voice in Coinbase Wallet :

  • Open the Coinbase Wallet app
    • The default screen will show 2 options: “Create a new wallet” and “I already have a wallet”
    • Select the option “I already have a wallet”
  • Next, you will be at the “Restore Wallet” screen
    • You will see 2 options: “Restore with iCloud” and “Restore with Recovery Phrase”
    • Select the option “Restore with Recovery Phrase”
  • Coinbase Wallet will now ask you to sign in with a recovery phrase.
  • In the text box, carefully input your recovery phrase. If anything is misspelled or entered incorrectly, you will have to start over.
  • When you finish, tap on “next”
  • Before proceeding, you have to cover the legal stuff. Check the box to agree to the Privacy Policies and the Terms and Conditions.
  • Coinbase wallet uses an ID system to make it easier for users of the wallet to send funds to each other. Instead of sending crypto to an alpha-numeric address, users of Coinbase wallet can send crypto to your @username. In this step, input the user ID you want to use
  • Next, you will be asked if you want your user ID to be public or private
    • Public user ID means users of Coinbase wallet can use your user ID to send funds to you. If you choose public user ID, be advised that your transaction history and address balances can be found through your user ID.
    • Private user ID means users cannot look up your user ID to send funds to you
    • Coinbase Wallet also supports ENS, so if you want to use this feature, but prefer to use an open standard, you can get a “yourname.eth” name using Ethereum Name Service. Keep in mind, the same privacy concerns regarding blockchain analysis still apply
  • It is always a good idea to put the maximum amount of security as possible on your wallet. Coinbase Wallet supports passcodes and biometric authentication. Configure this now.

Congratulations, you have equitable initialized a wallet by importing your recovery idiom. Your Coinbase wallet is apparatus and ready to use. If you do n’t already have a secure backup, or if you want to learn more about backing up your convalescence phrase, check out the previous incision of this guide, section 5.

In the following section, we cover utilitarian links for users of Coinbase Wallet .

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source : https://leowiki.com
Category : Economy

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