Keynotes to manage Coinbase wallet
When you step into the crypto industry and start investing, you’ll need a crypto wallet to safeguard your purchased assets. You’ll need it because of the raising bar of malicious activities on digital platforms such as cyber hacks, online theft, frauds and scams.
Considering this fact, Coinbase introduced a wallet to hold your assets securely, named Coinbase wallet. They offer high-end security and support to a wide range of cryptocurrencies and other digital assets such as NFTs.
Well! This read is specifically for you if you want to enhance your experience with Coinbase wallets as I’m going to present the approach to managing your Coinbase wallet. So, follow the pathway I’m going to present further without any further ado.
How can you manage your Coinbase wallet?
A 12-word recovery phrase which is also known as a seed phrase, generated by Coinbase Wallet ensures the security of your wallet and is only accessible to you. And, it indicates that you can’t access your Coinbase Wallet if you lose your secret recovery phrase.
Remember that Coinbase will never be in possession of this recovery phrase, so this wallet is neither able to move assets on our behalf nor assist in gaining access to your digital assets.
So, in order to provide an extra layer of security to your wallet, you can keep the backup of your secret recovery phrase in an in-built encrypted feature Google Drive or iCloud.
Are you familiar with the process to keep the backup of your wallet’s secret recovery phrase? Well! Don’t worry if you are not, because we will explore it further step-by-step.
Here are the steps to back up your Coinbase wallet
- Launch the mobile app for Coinbase Wallet.
- Thereafter, navigate to the “Settings” “Recovery Phrase” option.
- Pick up the option either “Manual Backup” or “Backup to iCloud” (if you’re an iOS user) / “Google Drive” (if you’re an Android user).
- If you decide to create a manual backup, your recovery phrase will be presented for you to either jot down or copy and paste into a safe document. Keep the recovery phrase written down precisely as it was given, without changing the spelling or the arrangement.
- You will also need to generate a unique password for this if you decide to use the cloud backup option (iCloud or Google Drive). The backup will be completely encrypted as a result and only accessible to you.
Read More: Cash app is a stockbroker and payment app whereas Coinbase is used as a crypto exchange and both of the platforms have custodial wallets. If you’re looking for an alternative to the Coinbase wallet, you can use the wallet of the Cash App login platform which supports Bitcoin to send, receive or hold.
In all, the Coinbase wallet is a quite safe, easy-to-use crypto wallet and equipped with high-end security facets such as 2-factor authentication and encryption with a 12-word seed phrase. But, as we know, the secret recovery phrase plays a significant role in safeguarding your wallet account and data so one thing that you should keep in mind is logging out of your Coinbase Wallet without backing up your recovery phrase may result in irreversible loss of access.