Most people familiar with cryptocurrency are familiar with the digital wallet use to store crypto coins. Among them, Coinbase Wallet has arisen as one of the most famous digital money wallets on the planet. A reason behind the popularity of Coinbase Wallet is the widespread use of Coinbase Consumer. Coinbase is becoming the largest cryptocurrency exchange in the world. And, most traders invest in Bitcoin through the Coinbase Consumer Exchange.
To get start, one must understand the difference between Coinbase and Coinbase Wallet. Users can buy, sell and trade cryptocurrencies on this platform. On the other hand, this wallet is a cryptocurrency wallet. The primary function of a Coinbase wallet is to securely secure users’ crypto assets.
Coinbase Wallet is considere one of the most secure cryptocurrency wallets in the world. Because of, its reconciliation with the Coinbase Exchange Platform. So, financial backers and crypto-devotees have a solid sense of safety in putting away their computerized resources in this wallet. This wallet is an advance wallet that uses hot capacity for cryptocurrency.
Secure Enclave is the biggest reason to believe this hot wallet. Protected by Coinbase Secure Enclave technology. This technology securely protects the user’s personal key. It uses authentication options like 2FA to control access. An SMS authentication wallet can help you access your verified phone number. The wallet also uses Google Authenticator in exceptional cases. Additionally, there is a wallet app that allows access only through a four-digit security PIN. This PIN can unlock the wallet in the mobile app and also help in approving transactions.
Coinbase’s hacking history is fascinating. Considering every measure of security adopted by the wallet. The hackers not able to take any large part of the crypto loot from this wallet. They are safe and keep a zero hacking record.
The fundamental concern ought to be “Is Coinbase Wallet Safe?” Indeed, the wallet follows the prescribed procedures for endlessly getting digital money. Despite being a hot wallet, Coinbase is a pioneer in securing payment services in the crypto industry. This ensures that the security features are applied at multiple levels
For example, Wallet processes all of its traffic via web-based https-encrypted multi-layered SSL. So, users can safely store their sensitive user data and should not worry about splitting unnecessarily. Wallet encrypts data with AES-256. This creates a backup on the FIPS-140 USB drive. After that, the drives are safely stored in physical deposit boxes and safety vaults at various locations around the world.