The world of cryptocurrency has had its ups and downs, with many proclaiming the doom of crypto at various points. Yet, with an overall market cap of over $1 trillion, crypto probably isn’t going away any time soon.
A couple of the most recognizable terms in crypto — Coinbase and Coinbase Wallet — aren’t cryptocurrencies at all. If you’ve seen these terms tossed around but couldn’t make sense of what they were or their relationship, keep reading.
We’ll provide a brief overview of Coinbase vs. Coinbase Wallet.
What Is Coinbase?
Coinbase is what they call a cryptocurrency exchange. While the exact details can get a little technical, here is the critical information you need.
A crypto exchange functions as a kind of brokerage service that lets people buy, sell, and trade their crypto assets. You can’t, however, use the Coinbase cryptocurrency brokerage for all of the cryptocurrencies out there. While it does support dozens of cryptocurrencies, you should visit coinbase.com to see the exact list.
What Is Coinbase Wallet?
Cryptocurrencies only exist as digital assets, so they are a little harder to track and manage than physical assets. People who own or trade crypto need a secure method of dealing with that problem. Enter the crypto wallet.
A crypto wallet is typically a piece of software, such as an app, that securely stores information about your assets. These wallets also let you trade your assets, such as selling them on an exchange.
The Coinbase Wallet is a crypto wallet application developed by the Coinbase exchange. Its primary use is tracking your crypto assets and using the Coinbase exchange. It’s one of the more popular wallets due to the exchange’s popularity.
Exchanges, Wallets, and Trades
So, the exchanges are, in essence, the platform where your crypto purchases, sales, or trades happen. The wallets are where you store the info about your crypto assets. If you are near your home computer, you can use that to carry out trades.
If you want to conduct crypto transactions away from home securely, you need a crypto ATM. Assuming the ATM works with your preferred exchange, they offer the technology to carry out your transactions securely. You use your wallet to generate QR codes that help you buy or sell cryptocurrency.
If you want to find a crypto ATM near you, go to Byte Federal.
Coinbase vs. Coinbase Wallet
When discussing Coinbase vs. Coinbase Wallet, you deal with two distinct parts of the cryptocurrency world. Coinbase is a crypto exchange. It helps people conduct their cryptocurrency transactions.
Coinbase Wallet is an app that lets people store critical information about their crypto assets. The wallet can also help you conduct transactions securely at a crypto ATM. The vital connection is that the Coinbase company also created and supports the Coinbase Wallet.
Are you looking for more information about cryptocurrency or crypto-related technologies? Then, read out other posts on this subject now!