Coinbase has several different products. One product is Coinbase, a hybrid of exchanges and wallets that can be used to send, buy, sell and store Bitcoin, Litecoin, Ethereum, Ethereum Classic and Bitcoin Cash, etc. cryptocurrencies.
Another product is Coinbase Pro, which is an exchange for all these cryptocurrencies. The third product is Coinbase Wallet, which is a place to send and store ERC-20 Tokens and access DApps. This article mainly introduces Coinbase Wallet teaching.
Specifically, Coinbase Wallet allows you to:
- Manage Ethereum (ETH) and all your ERC-20 Tokens (BTC, BCH and LTC will be supported).
- Receive Airdrop and ICO tokens.
- Buy and store encrypted collectibles (unique non-fungible tokens) and use them in games or trade them on the market.
- Send payments to anyone anywhere without paying geographic boundaries or fees.
- Access to “decentralized exchanges” and “repeaters” to buy and sell tokens.
- Explore the areas of third-party DApps that range from loans or lending to others on the blockchain to earning cryptocurrency by answering questions, performing services, or completing tasks.
Therefore, Coinbase Wallet can be regarded as the center of Ethereum-based tokens and applications.
What is Coinbase Wallet?
Coinbase Wallet is a multi-currency wallet, Ethereum wallet and Ethereum browser application, which allows you to store cryptocurrency and manage Ethereum. Please note that “Coinbase Wallet” and Coinbase’s main platform “Coinbase Consumer” are not the same product.
In other words, Coinbase Wallet is an Android and IOS mobile application of Coinbase, which can be paired with other products so that you can store, send and receive Bitcoin and Bitcoin Cash, Ethereum, most Ethereum cryptocurrencies And tokens such as ETC… and let us access DApps on the Ethereum network!
- Like a wallet on Coinbase.com (Coinbase Consumer), you can store cryptocurrencies such as Bitcoin in the wallet.
- Like MyEtherWallet, Coinbase Wallet is where Ethereum is stored.
- Like MetaMask and web browsers, Coinbase Wallet is an interface for Ethereum-based applications (for example, decentralized exchanges or DEX).
- Moreover, this is a wallet that makes you eligible for airdrops and other collecting rewards.
You can store some non-Ethereum related assets in this wallet, which is very simple, but currently its main function is an Ethereum-based wallet and an Ethereum DApp browser.
What is the difference between Coinbase.com and Coinbase Wallet?
Coinbase.com is a cryptocurrency brokerage company where you can buy and sell cryptocurrencies in exchange for fiat currencies. After purchase, Coinbase.com can also store your cryptocurrency for you. You do not need a Coinbase.com account to use Coinbase e-wallet.
With Coinbase Wallet, private keys (representing the ownership of cryptocurrencies) are stored directly on your device instead of in a centralized exchange such as Coinbase.com. Think of your Coinbase.com account as a broker that can store cryptocurrency for you, and Wallet is like a traditional cash wallet that allows you to directly and completely control your crypto assets.
How to start using Coinbase wallet
Coinbase Wallet is very simple to use. Here is how to use Coinbase Wallet:
1. Download the Coinbase Wallet app (make sure you are downloading the official app). For example, this is a link to the official IOS Coinbase Wallet application.
2. A Coinbase wallet address is automatically generated, and all Ethereum-based assets can live in this address.
3. By copying the address in the Coinbase wallet and sending ETH from Coinbase to this address, send some ETH to your Coinbase wallet through Coinbase.
4. Now that your Coinbase e-wallet address contains ETH, you can use the DApp. Go to the “DApp” tab and browse for the application you want to use. For example, select “Bancor.network” (a decentralized currency exchange program that exists as a DApp on the Ethereum network).
5. Go to Bancor and select the tokens you want to buy.
6. Click the buy button, tell it you want to use Coinbase Wallet, and then fill in the order form.
7. Confirm the transaction and you will send the Token to your address.
8. You can now view the token in Coinbase Wallet.
Using the above method, you can use the Coinbase wallet to trade and store any Ethereum-based assets that can be accessed through DApp!
How to access a specific DApp in the Coinbase Wallet: You can browse the suggested DApp in Coinbase Wallet to check out the suggested DApp, or you can simply copy and paste the URL of the website with the DApp into the Coinbase Wallet browser.
In both cases, you need to click the small DApp button at the bottom of Coinbase Wallet to display the DApp section.
Coinbase Earn: Watch videos and earn free cryptocurrency
The mission of Coinbase Cryptocurrency Exchange is to create an open financial system where anyone in the world can equally participate in cryptocurrency trading transactions from their computers or smartphones.
To achieve this vision, we need to make blockchain technology more accessible, both to make cryptocurrency more accessible and easier to understand. That’s why I entered Coinbase Earn teaching.
Coinbase Earn introduces cryptocurrencies in a simple and fun way, allowing users to learn them, watch video tutorials, and earn cryptocurrencies for free. The idea is to allow users to learn more about the use of assets and the underlying technology while trying to exchange some digital assets.
In order to manage demand, Coinbase Earn was launched by invitation, which contains an asset: Stellar Lumens (XLM). Over time, they plan to add more educational content and the ability to earn other cryptocurrencies.
This is the website link of Coinbase Earn. You can go to the Coinbase Earn XLM page to earn a small amount of cryptocurrency by completing some educational tasks such as short video courses and quizzes.
Learning: Simple and fascinating cryptocurrency education
In a survey of Coinbase customers and non-customers, they found that one of the biggest obstacles preventing people from exploring new digital assets is insufficient understanding of the asset.Many of the people surveyed expressed a strong desire to start learning new and different crypto assets in addition to Bitcoin, but did not know where to start.
This is why they want to start Coinbase Earn and perform tasks related to asset education. Anyone who is curious can publicly obtain educational content, even if they have not yet received an invitation to start making money, they can also learn more about the asset.
Making money: a new way to understand cryptocurrency
Traditionally, two ways for people to obtain cryptocurrency are through mining or purchase. Mining cryptocurrency usually requires the technical knowledge & high upfront costs, while purchasing cryptocurrency may require disposable income to exchange cryptocurrency.
Earning cryptocurrency is the third option. It has the potential to expand the blockchain user base from tens of millions of people who have mining or purchase cryptocurrency resources to the billions of people who now own smartphones.
This is because in theory, people can earn cryptocurrency by simply clicking a button on their phone or laptop.
Coinbase Earn solves many practical problems needed to put this theory into practice. For verified and invited users, a series of useful tasks are provided, which can be completed anytime, anywhere to earn cryptocurrency.
For the first set of tasks, funds come from the 0x external development pool, and 100% of the funds flow directly to users. In the future, we may try to use other tasks from different types of senders, which may not always be created by the asset developers themselves. For example, Satoshi Nakamoto may not send a task to pay in Bitcoin!
We think that Coinbase Earn can help open blockchain access to new user groups: people who are curious about digital assets, but they want to try them for free like normal websites or mobile apps. By satisfying this need, it is hoped that the blockchain will be more accessible in the process.
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