Homework Task 5: Understanding Decentralized Finance Part 2 - Coinbase Wallet | lecture by @yohan2on

Hello, everyone. It’s another week to fill ourselves with cryptocurrency knowledge through the learning from various Steemit crypto professors. This time, I learnt from the crypto professor @yohan2on where he continued with Decentralized finance. I learned a lot from the lecture and it’s time to test it through the task given. I will like to give a brief recap from what Decentralized Finance is all about.

Introduction

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Decentralized finance is a new innovation in the Crypto ecosystem with the aim of getting rid of third parties in transactions. With DeFi, crypto transactions become so easy as it eliminates the occurrence of scam from other people. DeFi make use of Decentralized Applications, users interacts with the DApps to get their transactions done without involving third parties. The benefits of DeFi are numerous, some are; Elimination of centralized finance as users have control over their asset at any time of the day, Enhance quick transactions without the
interruption of third parties, Eliminated the occurrence of fishy transactions and many more.Before one can enjoy the DeFi, there is a need for a Web3.0 wallet and this led us to the next phase of this task where I will be talking about the Coinbase wallet.

Coinbase Wallet

Coinbase wallet is a cryptocurrency wallet that has DApp (Decentralized Application) built on it to interact with other DApps and works in a way that you have total control over your assets which can be termed, Self-custodian. Self-custodian means you are in total control of the asset as you have the keys to access and alter anything available in your wallet. Some benefits of the Coinbase wallet are listed below;

• It’s easy to save or invest your asset in the Coinbase wallet.
• It offers quick send and receive of cryptocurrency.
• You can easily manage your assets as you have full control of the wallet.
• It gives access to participate in airdrops.

These are a few benefits of the Coinbase wallet and I will like to talk about how it works.

How to Use Coinbase Wallet

• The first step to using the Coinbase wallet is by downloading the App from the App Store or
  Google Play store and install it.

• The interface below shows the first page after a successful installation of the App.

How to Register for a Coinbase wallet

• Select Create a new wallet to create one.
• Accept Terms of Service and Privacy Policy.

• Select a username and select next.
• Select Privacy preference and choose public so that others can search for your username to sent crypto to you and click next.

• Choose a pin for your wallet. Input your preferred (a strong pin) and confirm it to proceed. And to account is setup.
• Backup your funds. Click on settings on the App homepage, click recovery phrase to backup.

• Backup successfully. Note: It is important to backup the phrase so that you can access the funds when there is case of lost phone or other occurrence.

How to Send or Receive crypto assets

• Select Receive from the homepage to receive crypto assets from other users, select the one you are trying to receive, for instance, select BTC and copy the wallet address (Segwit or Legacy). You can also receive through your username.

• To send assets, Click Send and select the assets you are sending. Input the receiver address.

How to use Coinbase DApp to interact with other DApps

• Select the middle icon from the App homepage.
• Type in the DApp you want to interact with in the address bar. Example, app.uniswap.org.
• Then, you are there to do quick exchange of assets.

How to use Coinbase wallet to collect collectibles

• Switch to collectibles and from the screenshot below, none is available at the moment.

I believed I’ve been able to deal well with this task. Thanks to professor @yohan2on for the great lecture and I look forward to learn better in the coming editions. Thank you all for reading.

Regards; Cc: @steemcurator01 , @steemcurator02 , @steemitblog , @yohan2on