Steemit Crypto Academy - Topic 5 - Homework Post for @yohan2on by @janemorane

WHAT IS DeFi WALLET ?

COINBASE WALLET

Coinbase wallet is one of the DeFi wallet i have selected as my this week's homework task. Coinbase wallet is really great wallet which allow its users to save their own private keys and transfer or receive coins through this wallet you can share and save all your decentralized currency.

Source

HOW TO INSTALL?

Firstly you will have to visit Appstore if you are apple user and you will have to visit play store if you are android user. You will search for coinbase wallet and here you will get this you will have to click on the GET button and your app downloading will started.

If this circle start moving around it means that your download is on your way.

You will get this page open to you and in this you will have to click create account if you are new and if you are and old user than you will just click on the already have a wallet and continue.

After you click on create account you will get this page which says that you must accept all the legal and private policy to continue create your account. Remember to carefully read all the instructions are legal policies carefully so you will not face any problem later. When you read and understand all the policies click on the accept button to continue.

Now when you accept all the terms and policy you will get this page which says that if you want to make your account public or private you have to select one here. Here private or public means that if you set your account as public all the other wallet users will be able to reach to you by searching you and can find you easily. But if you keep your account private nobody else will be able to find you.

Now this next step is very important as you have to secure your account by setting a tough passcode for your account or you can simply make it more tough by touch ID, here i recommend to you the touch id because it is more safe than the passcode.

After setting a passcode you will continue to your Coinbase wallet.

This last but not the least and important step is to backup your wallet it simply means that recovery phase is really important for your account it means if in any case you lost or forget your passcode or wallet you will only able to recover it back by doing recovery phase.

You have got your own coinbase wallet to transfer and receive or store your DeFi coins.

HOW TO TRANSFER/RECIEVE ?

We have learned that how will we download our coinbase wallet successfully now here I will show you how you will transfer and receive coins through coinbase.

If you want to send some coins you will simply click on the send button on the screen and after that you will get the sharing address you will share that address and simply send your coins on your wallet.

Now if you want to receive some coins back from your friends or some one you will click on the receive button on the main screen and and than you will have to select the type of currency or coin you want to receive and than you will get this sort of sharing address through which your friends will be able to send you coins.

WHY IT IS IMPORTANT TO HAVE THIS WALLET?

Coinbase wallet provides the users to transfer/receive and save tokens that DeFi provides and these tokens can not be stored in any ordinary wallet so you will have to register yourself to any one of the DeFi wallets for the transactions and for the tokens you received.