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Article: The Coinbase Wallet and other Crypto Wallets

The Coinbase Wallet is a crypto wallet that makes it easy for you to securely store, send and receive Bitcoin and many other cryptocurrencies.


coinbase wallet
Author: Mensah Alkebu-Lan

Table of Contents #

Understanding ERC-20 Tokens #

Ethereum tokens are smart contracts that make use of the Ethereum blockchain. ERC-20 is known as one of Etherium’s most significant tokens and has emerged as a technical standard. Instead of running on their own blockchain, they are tokens issued on the Ethereum network. Basic Attention Token(BAT) is one of many digital currencies that use the ERC-20 standard.

ERC-20 defines six implementation coding functions. They are:

  • Total supply
  • Balance of
  • Allowance
  • Transfer from
  • Approve
  • Transfer

At this point, it’s enough to know they exist. Going into each one in detail is beyond the scope of this article.

When purchasing digital currencies issued as ERC-20 tokens, you must also have a compatible crypto wallet. The Coinbase Wallet is one of the more popular wallets, so I figured that would be a good place to start.

Cryptocurrency Wallets #

The most popular types of crypto wallets are hosted wallets, non-custodial wallets, and hardware wallets. If you just want to buy and sell crypto, hosted wallets are probably the easiest solution. Many of them will even let you buy crypto with a bank account or credit card.

Non-custodial wallets give you full control of your crypto. What that means is it is your responsibility to keep track of your password or “seed phrase” and make sure it doesn’t get into the wrong hands. Also, you won’t have to share your email address or any other personal information to create an account. They take more work to maintain, but you get far more advanced features than with a hosted wallet.

As you may have already guessed, a hardware wallet is a physical device. Once you buy the hardware, you’ll have to install its software before you are able to transfer crypto to it. A popular example of a hardware wallet is the Ledger Nano X. This product gives you a good balance between accessibility and security.

The Coinbase Wallet #

In the world of crypto, I can’t think of a brand name more well-known than Coinbase. The Coinbase Wallet is a crypto wallet that makes it easy for you to securely store, send and receive Bitcoin and many other cryptocurrencies. Including Ethereum-based ERC-20 tokens.

One of the features users take advantage of is the ability to backup private keys to the cloud. This will help users avoid losing their funds if they lose their device or misplace their recovery phrase.

The Coinbase Wallet can be downloaded as a user-friendly app from the App Store for iPhone or the Google Play store for Android devices.

Install the Coinbase Wallet App #

  • Ledger
  • Exodus
  • Trust
  • Blockchain Wallet
  • Multis
  • Brave Wallet
  • ZenGo

References #

  1. What Is ERC-20 and What Does It Mean for Ethereum?
  2. How to set up a crypto wallet | Coinbase.
  3. Best bitcoin and crypto wallets for January 2022 - CNET.