Coinbase Wallet is an example of a self-custody wallet (which means you have complete ownership and control over your crypto assets). This also means that the private keys of your wallet are stored in your mobile rather than any center owned by Coinbase.
Coinbase allows you to store and buy ERC-20 tokens, be a part of airdrops, purchase and sell NFTs, access DApps, do shopping, and transfer cryptocurrency around the world. To the Coinbase Wallet, you can also add Bitcoin, which makes it a form of Bitcoin wallet as well.
How To Add Bitcoin To Coinbase Wallet?
Steps To Add Bitcoin To Coinbase Wallet:
Step 1: Log in to your Coinbase Wallet account
Step 2: Tap on ‘Receive’
Step 3: Search for Bitcoin and Tap on ‘Bitcoin’
Step 4: Copy the Public Address and transfer Bitcoin to this address from any cryptocurrency exchange.
That’s it, you’ve bought Bitcoin. It must reflect in the wallet instantly.
Can You Store Bitcoin On Coinbase Wallet?
Yes, you can store Bitcoin on your Coinbase wallet. If you want to buy/ sell Bitcoin then it’s better to store it in Coinbase otherwise in Coinbase Wallet. But you will need to transfer to your wallet’s public address from another cryptocurrency exchange.
Note that the Coinbase Exchange and Coinbase Wallet are different although the Wallet allows easy interoperability between the two (to connect to Coinbase.com), which allows easy transfer of Bitcoins.
Also Read: Coinbase Wallet Vs Trust Wallet
Coinbase Wallet Supported Coins
Hundreds of thousands of tokens are supported by Coinbase Wallet, including all ERC-20 and tokens on EVM-compatible chains like Avalanche C-Chain and Polygon. On all of Coinbase Wallet’s supported networks, this includes stable coins (such as USDC and DAI).
The following networks are pre-configured in Coinbase Wallet; however, you can manually add more EVM-compatible networks. The mobile software also supports Bitcoin, Dogecoin, Litecoin, Stellar Lumens, and Ripple, in addition to Ethereum and any EVM-compatible networks.
Does Coinbase Wallet Support ERC20?
Yes, Coinbase Wallet supports ERC-20 tokens and tokens on EVM-compatible chains like Avalanche C-Chain and Polygon. To sell all supported ERC-20 tokens you can send or receive in Coinbase Wallet App:
Step 1: Log in to your Coinbase Wallet account
Step 2: Tap on ‘Receive’
Step 3: Search Specific ERC-20 token you want to buy/ sell
Step 4: Tap on any ERC-20 token such as ChainLink, Tether, etc.
Step 5: Copy the Public Address and transfer Bitcoin to this address from any cryptocurrency exchange.
Also Read: Can Crypto Wallets be Hacked?
Conclusion
This is all you need to know about putting Bitcoin in your Coinbase wallet. While dealing with cryptocurrency, be mindful of the risks and do not invest more than what you can afford. Keep your credentials safe.
