Crypto Academy Week 5 Homework Post for @yohan2on on Understanding Decentralized Finance Part -2 by @hadassah26 The Coinbase Defi Wallet and How to Use It..
Good day steemians, This is my first post on the steemcrypto Academy, and an assignment to the WEEK 5 course by professor @yohan2on on the topic:
The Coinbase wallet and how to use it.
First I shall be defining, What is a Defi Wallet:
A Defi wallet is a digital currency brokerage that acts as a custodian, and stores your cryptocurrencies for you.
Defi wallet can be non-custodial, which means that you have full control of your private keys. You can send crypto to anyone at your preferred confirmation speed and network fee.
The Coinbase Defi Wallet:
From coinbase.com, the coinbase Defi wallet is defined as a separate, standalone app that allows users to store, or custody, their own crypto, and explore the decentralized web with a dapp browser.
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Coin base explains further that you will not be needing to have a coinbase acccount to have a coinbase wallet as the coinbase wallet app helps users store and manage their keys private keys and crypto assets directly to their devices without involving in a centralized brokage or exchange source
Using the Coin base Wallet:
To transfer from your Coinbase wallet:
Open Coinbase Wallet on your mobile device
Tap Send
Enter the amount you’d like to transfer
Select the supported coin and tap Next
When prompted to enter the address you would like to send to, enter amount.
Follow remaining steps to complete your transfer
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To deposit to your Coinbase wallet:
On the Coinbase Wallet Balance, select the Deposit button
In the Currency Type field, select the cryptocurrency you wish to deposit.
Copy the account address shown. This address will be permanently associated with your account
Open the external wallet you would like to send from, enter the unique address associated with the exact cryptocurrency you intend to send, and select the send button. (Warning: Currency sent to wrong cryptocurrency wallet may be unrecoverable (only send ETH to the ETH address, BTC to the BTC address, etc).
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The coin base wallet like every other wallet should have addresses which are usually hexadecimal addresses containing numerous funny characters and letters, coin base has made their address system easy so one can read and understand what the address means.
Compared to funny hexadecimal addresses like:
0x89474j474383943nf4939494f5dc
Coinbase has made addresses such as:
@hadassah26
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Now there is the main questions:
Why have a Defi wallet?
The main purpose of a DeFi wallet is to allow users to store their own funds with no reliance on a third party to hold their assets. Essentially, it leaves you in charge of your funds with the full freedom to do as you please. source
Which unlike centralized wallets, DeFi users do not have to verify their identity or provide any background information.
Why should I use the Coinbase Wallet:
Coinbase Wallet app gives you the leverage of all decentralized activities involving a wallet, which include:
Buy and store ERC-20 tokens,
participate in airdrops and ICOs,
Browse decentralized apps (DApps),
Shop at stores that accept cryptocurrency, and
Send crypto to anyone around the world.
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