Better Late Than Never: Coinbase Wallet Finally Adds Support for ₿itcoin

Better Late Than Never: Coinbase Wallet Finally Adds Support for ₿itcoin

Coinbase has officially announced support for ₿itcoin (BTC) on its Coinbase Wallet app.

Previously known as Toshi, the newly-rebranded Coinbase Wallet has long supported Ethereum (ETH), Ethereum Classic (ETC), more than 100,000 ERC20 tokens and ERC721 collectibles. Now, users can finally use the wallet app for ₿itcoin storage and transactions. (Why it took so long for the first and foremost cryptocurrency to be added to the Wallet is over our head — but it probably has ‘something to do with SegWit.’)

Speaking of Segregated Witness, Coinbase Wallet supports both the soft-forked wallet formats (which you should probably use) and old-school ₿itcoin wallets — meaning everything is backward compatible. As an added bonus, Coinbase Wallet also supports the ₿itcoin Testnet.

Multi-coin support for Coinbase Wallet, now with ₿itcoin! Store your own private keys. Let’s keep growing the #CryptoEconomy https://t.co/1qzkO6CuT2

— Brian Armstrong (@brian_armstrong) February 6, 2019

Not Your Keys, Not Your ₿itcoin

Unlike the standard Coinbase web-based platform or mobile app, storing ₿itcoin (BTC) in Coinbase Wallet is private — meaning the San Francisco-based company doesn’t have access to your private keys. In fact, users private keys are encrypted using Secure Enclave technology.

The move from Coinbase positions its Wallet as a direct competitor to the likes of BRD, a popular and user-friendly iOS and Android app that allows users to privately store their digital assets without submitting know-your-customer (KYC) requirements. Furthermore, the move is almost certainly a move to provide Coinbase users with something they have been lacking for years — a proper wallet that actually puts users in control of their cryptocurrencies and cryptoassets.

For those still interested in ₿itcoin Cash (BCH) and Litecoin (LTC), Coinbase is looking to add support for both of the altcoins in the near future.

In other news, Coinbase also just added support for PayPal in European Union (EU) and European Free Trade Association (EFTA) countries.

What do you think about Coinbase Wallet and the better-late-than-never addition of ₿itcoin (BTC)? Do you plan on using it? Let us know your thoughts in the comments below!

Images courtesy of Shutterstock.

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Published at Thu, 07 Feb 2019 05:00:42 +0000