Coinbase Chrome Extension

Coinbase Chrome Extension: Your go-to solution for smart crypto management. From market insights to trade execution, enhance your digital currency experience with ease and efficiency.

How to set up a Coinbase wallet

I set up a new wallet using the Coinbase Wallet Chrome extension. Here’s a step-by-step guide.

Step 1: Download and install the Coinbase Wallet extension.

Visit Coinbase for the official download link. The link takes you to the Chrome extension installation page. Add the extension to your Chrome or Chromium-based browser.

Step 2: Create a new wallet.

Click on create new wallet. You can use the second option to install your wallet on additional devices later if needed.

Step 3: Write down your recovery phrase.

Your wallet will generate a 12-word recovery phrase as well as a hidden private key. Write down the recovery phrase and store it safely. Although Coinbase Wallet offers the option to copy the seed phrase to your clipboard, for security reasons, this isn’t recommended.

Step 4: Verify your recovery phrase and choose a password.

Choose the first and last word from your recovery phrase. On the next screen, you’ll also choose a password to protect your wallet while away from your computer.

Step 5: Claim your username.

Coinbase Wallet offers a free Ethereum Name Service (ENS) username using this format: yourname.cb.id. Others can send supported crypto tokens directly to your username, which maps to your wallet address. You can also import a .eth name if you have one.

Privacy and Anonymity

Because the Coinbase Wallet is entirely self-custodial, the user is in charge of ensuring the security of their assets. As no personal information, including an email address or phone number, is required to utilize the Coinbase Wallet, the wallet also has a high level of anonymity. You can choose whether or not you want your username and profile to be searchable in terms of usernames.

Conclusion

This pocket wallet is ideal for those who are new to e-wallets with its simple interface or anyone who prioritizes security and enjoys exploring the Web3. Traders who prefer to switch between simple and pro mode will also find Coinbase useful.

Coinbase Wallet offers several advantages over its main competitor, MetaMask, by providing support for Bitcoin, Litecoin, and several other cryptocurrencies. However, these additional cryptocurrencies are only accessible through mobile wallets, which feels a bit clunky at times. Another minus point is that its transaction fees are a bit high compared to other wallets on the market.

Coinbase’s seed phrase system ensures maximum security. However, this seed phrase must be kept safe. Coinbase allows you to automatically backup your seed phrase to Google Drive, which is very useful for users who may forget about it.

For basic sending and receiving as well as trouble-free swaps, Coinbase’s mobile wallet is a solid choice, while the Chrome extension provides a reliable way to discover web3 on the desktop.