We created detailed guides on generating your own recovery phrase.īy following the right directions, you can generate a recovery phrase that is more secure than the default method used by wallets. The more advanced method is to generate your own recovery phrase. When creating a new Coinbase Wallet, the default method is to create your wallet within the app. 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. It is important to highlight, your seed phrase only ensures you will have access to your cryptocurrency inside your wallet. Backing up the seed phrase ensures access to your wallet using any BIP-39 compliant wallet. It will unlock every single address created by your wallet. You can think of your recovery phrase as a master backup of all your cryptocurrency in this wallet. The recovery phrase can be used to restore your Coinbase wallet or can be imported into another wallet that supports BIP39. Under the hood, Coinbase generates your wallet with the use of a recovery phrase. This means that Coinbase wallet supports multiple different blockchains within one wallet instance. Benefits of using Coinbase Wallet include: - Integration with your 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 keysĬoinbase Wallet is a multi-blockchain, native BIP39, non-custodial wallet. If you plan to stay within the ecosystem, the self-hosted wallet offering from Coinbase is a good choice for you. There is a heavy focus in the wallet on ease of use - the user interface is beginner-friendly, and aims to allow an easy transition for new users of crypto into decentralized apps. The wallet provides standard wallet functionality plus a built-in dapp browser. On Coinbase Wallet, the user holds custody of the private key.Ĭoinbase Wallet was released in 2017 as Toshi Wallet, before rebranding to Coinbase Wallet in 2018. On, Coinbase holds custody of the private keys. The main difference is who has custody of the private keys. You will see both apps referred to as "Coinbase wallet" on the internet. Coinbase Wallet is different from the app. This guide is focused on Coinbase Wallet. Coinbase Wallet was also the first mobile-wallet to integrate non-fungible-tokens, better known as crypto collectibles. The wallet is actively developed, and was the first mobile-wallet to include a dapp browser - a feature now common among wallets. Coinbase Wallet, formerly known as Toshi Wallet, is a native BIP39, non-custodial, multi-cryptocurrency wallet.
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