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How to Set up a Coinbase Wallet
Learn how to setup a Coinbase Wallet with this step by step guide. Setup a wallet and start receiving tokens in no time.
5 min read
Everyone needs a crypto wallet to trade, send, and receive cryptocurrency. To join the world of digital currency, the first thing you need to do is to create a wallet.
If you are new and don’t know what to do, this short guide will explain how you can create your Coinbase Wallet - Simple and easy.
First off, what is Coinbase?
Coinbase, an American company founded in 2012, is an exchange platform for bitcoins, bitcoin cash, Ethereum, and many other cryptocurrencies and digital assets. In short, Coinbase is a digital asset broker.
Follow the following steps to create a Coinbase wallet and trade your assets securely.
How Do You Setup a Coinbase Wallet?
Step One: Download the wallet
The Coinbase Wallet is a user-friendly wallet that is available as a mobile app. The first step to setting it up is to download the app on your phone. Coinbase has apps available to both Android and iOS users.
Coinbase has a wallet app and an exchange app. The Coinbase Wallet icon is a blue square on a white circle on a larger blue square. The exchange has two concentric circles on a blue square instead.
Step Two: Configuration
After completing the installation process, simply open the app to begin the registration process.
The home screen interphase has two options at the bottom of the screen for users to log in.
Of course, you are a new user therefore choose the “Create a new wallet” option. The next page is a prompt that presents you with the Coinbase wallet’s privacy policy and terms of service. Click on Accept after reading the policies. (Well, many tend not to read policies haha).
The next screen takes you to where you will set up a personal account.
First off, create a username for your wallet. Do not panic if your preferred username is unavailable or taken. Simply try another username till you have one that is available.
After setting up your username, Coinbase wallet allows you to set up how it will be used. You can set your wallet's privacy to either public or private. Here is what this means:
If your account is set to “public,” other Coinbase wallet users can send you cryptocurrency through your username. This allows them to search for your name in their wallet search bar. On the flip side, making your account private conversely means that other users cannot search for your account with your username.
To go to the next step, choose the “next” icon.
Step Three: Secure your wallet
The last step is to secure your account.
The next page after setting your username privacy prompts you to Protect Your Wallet. You can pick either of the two options provided, which are passcode or a security option from your phones, such as fingerprintor face ID. However, you can use the two options provided for more security.
After completing this step, another security prompt will automatically pop up with information to back up your wallet. Tick the box that says, “I understand that if I lose my recovery phase, I will not be able to access my account.” Then click on backup now.
You will be shown a recovery passphrase that is unique to your wallet. The passphrase gives you easy access to your wallet in case of theft, damage, or change of phone. Your recovery phrase works like a key to your money vault, and anyone that gets it can easily access your money. Therefore, you should write this out and keep it somewhere safe, or store the passphrase somewhere you know only you will have access to it.
Coinbase wallet also offers the option to back up your phrase directly to your Google drive.
It is important you safe-keep your recovery phrase as, without it, you wouldn’t be able to access your Coinbase wallet should you lose your device or uninstall it.
Once you’ve completed these steps, you will be redirected to the home screen, where you will find the button to send, receive, and trade cryptocurrency.
Conclusion
A cryptocurrency wallet helps you connect to the blockchain easily so you can send, receive, or save your crypto.
Follow the steps outlined in this article to set up your Coinbase wallet easily.
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