Crypto wallets are essential in the crypto world today because they store data about cryptocurrencies. Additionally, crypto wallets also allow you to send, receive, and spend digital assets.
Furthermore, digital currencies only exist on massive databases known as ledgers. However, ledgers store all records of crypto transactions that have been made. This ledger is popularly referred to as a “blockchain.”
Unlike a normal wallet, which holds actual cash, crypto wallets technically do not store cryptocurrencies; rather, they are stored on the blockchain, which can only be accessed using a private key, a sophisticated form of cryptography that allows a user to access their cryptocurrency. The chief operating officer as of now at Coinbase is Emilie Choi.
Your keys prove that you own your digital money, and they allow you to make transactions. If you lose your private keys, you lose access to your money. That is why it is crucial to keep your hardware wallet safe or use trusted wallet providers like Coinbase and Metamask wallet.
This guide takes a detailed look at how to transfer funds from Coinbase to Metamask wallet.
About Metamask wallet
Metamask is a cryptocurrency wallet that you can download on Chrome, Firefox, iOS, and Android. As a browser extension, Metamask can also work as a bridge between your regular browser and the Ethereum Blockchain.
Furthermore, the Ethereum Blockchain is a network that allows the creation of decentralized apps and other digital assets. This network allows developers to write transaction guidelines known as “smart contracts.” Nevertheless, Metamask can store private and public keys of the token wallet for Ethereum cryptocurrencies alone on the Ethereum blockchain network.
What is Coinbase?
Coinbase Global is a crypto-trading platform founded in 2012. The platform offers users the ability to buy, sell, and exchange more than 100 tradable digital assets today, such as Ethereum, Bitcoin, BNB, etc. However, Coinbase is a big company with more than 70 million users today and $255 billion in assets on the platform.
Creating an account on Coinbase
Before you can transfer from Coinbase to a Metamask wallet, you need to create an account on the Coinbase website or the Coinbase app. These steps will show you how to do it.
Step 1: Go to www.coinbase.com and click “Get Started” to create an account. Note: You will be asked for your full legal name, email address, password, and state. Coinbase will ask for proof of every piece of information you provide to them, so be ready with your proofs when you are asked to submit them.
Step 2: In the email sent to you by Coinbase Global, verify your email address. Also, you will need to sign in again using your email and password.
Step 3: Enter your phone number. Then enter the seven-digit code sent to you on your mobile phone to verify it. Then click on “submit.”
Step 4: Add your data as shown on your valid government-issued photo ID because you will need to upload a photo of this ID later. You will also be asked a few questions on the browser page; answer them, and click “Continue.”
Step 5: Verify your identity by logging into your Coinbase account browser page. Then complete the ID verification process.
Step 6: Connect your Coinbase account to a payment method. You can do this using your debit card. Also, connect your bank account so that you can purchase ETH.
Once you have accomplished these steps, it is time to purchase Ethereum. You can buy ETH on Coinbase (since you have connected your debit card with it). You can also buy ETH if you have connected your bank account to Coinbase. But it will take you 15 days for the funds to appear on your account.
Furthermore, click “Buy/Sell” and select “Ethereum.” We recommend that you buy a small amount of ETH to start with. You will also need a small amount of ETH to pay for transaction fees. Again, tap on “Preview Buy” to confirm your order and select “Buy Now” to complete the purchase of ETH. The ETH amount you want to buy would appear within 2 to 15 business days.
Setting up your MetaMask Wallet
Step 1: You need to download the plugin for MetaMask Wallet. All you need to do is to visit this site on the Chrome web. Tap “Add to Chome” to add the MetaMask extension to your browser.
Step 2: You need to activate the plugin by clicking on the MetaMask icon at the top right corner of your Chrome browser. Then accept the terms and conditions.
Step 3: Set up an account. Input your password to log in daily. Preferably, the password should be at least eight characters long. Ensure your password is not easy to guess. Once you have entered your password, click “Create.”
Step 4: You will be directed to the seed phrase, which is a list of words. These words are referred to as the “secret recovery phrase.” These random words would be used to recover your wallet if you forgot your password.
You need to write down your seed phrase on paper and keep it in a safe place where no one can access it. Never store it in your email, cloud storage, or your phone’s photo library because your phone can be hacked. If you must keep them in your email or cloud storage, ensure that they are correctly encrypted with a complex password that you can’t forget.
Step 5: Once that is done and you have confirmed your seed words are in a safe place, you can now send ETH to Meta Mask.
Transferring ETH to a MetaMask Wallet (Excluding Chrome Web Store )
The following steps will teach you how to send funds (ETH tokens) to a MetaMask wallet.
Step 1: Go to Coinbase.com and sign in with your email address and password.
Step 2: Log into your MetaMask Wallet and click on the three dots above “Buy” and “Send.”
Source: The Medium
Source: The Medium
Step 3: Click “Copy Address to Clipboard”—this is the public wallet address of your MetaMask Wallet.
Step 4: Paste the address into the Wallet Address field on Coinbase. In this field, you are instructing Coinbase where you want to send your Ethereum; hence, ensure you aren’t sending the wrong address.
Step 5: Enter the amount you want to send in your local currency or cryptocurrency. If you are sending a large amount, it is highly recommended that you send a small amount first to confirm that you are sending it to the correct hardware wallet address and not the wrong one. If you send it to another Ethereum address that is not yours, you will not be able to recover your funds. Once you are done, click “Continue” to confirm the transaction.
Chrome Web Store Source: Medium
Step 6: Your transaction will show that your crypto assets “pending.” Note that it may take some time before your transaction can be completed depending on demands on the Ethereum network. During congested periods, it may take a couple of hours. When your transaction has been completed, you will see a confirmation message on your screen.
Professional traders Source: Medium
Step 7: When you go back to MetaMask, you will see that you have received your Ethereum or any ERC -20 tokens that you have transferred.
Securing your MetaMask wallet with private keys
MetaMask will never ask you to send funds to a random wallet if you receive such a request, forward your complaint to MetaMask’s support team.
Furthermore, anytime you are not using your MetaMask wallet, make sure you check your account balance or make a transaction log out. Again, be cautious of fake pop-ups on the screen that ask you to unlock your wallet. These are likely phishing attacks.
Do not enter your log-in details or seed words on any other website. You should only input these details on the official site.
Metamask is a very crucial part of the ETH blockchain. It allows users to send funds through their Ethereum address. One of the best ways to use MetaMask is to store your cryptocurrencies.
Nonetheless, now that you can transfer funds or send funds to your Metamask wallet. I hope you will give it a try.