DeFi or decentralized finance, as well as NFTs, have actually made impactful strides in recent years. During this stretch, cryptocurrency wallets have also shown remarkable progress. Two wallets that are leading this charge have to be Coinbase and Metamask.
Recently, we saw MetaMask switching from an easy plug-and-play wallet that can also be added to the user’s browser as well as to the prominent applications located in the ETH or Ethereum ecosystem, thereby making dreams about Web 3.0 come true.
At the same time, Coinbase has evolved into a solid tool committed to privacy and safety with a dedicated user base. But in a Metamask vs Coinbase wallet equation, which one emerges as the best one? Stay tuned to find out more.
But Before That, What Distinguishes A Blockchain Wallet From A Conventional Wallet?
Owning crypto is primarily very different from owning traditional money. While crypto is seen as a detailed database full of codes rather than just having some sort of physical existence. The address of a user’s digital wallet happens to be a unique address utilized for strong crypto within the blockchain ecosystem.
With the help of using public keys, users can also help out other users by distributing different crypto assets. At the same time, users can also employ a private key for opening their waller’s digital assets and currencies, like NFTs.
You can think of a cryptocurrency wallet as a normal wallet that is needed for protecting a user’s assets. But having mentioned that, cryptocurrency wallets provide so much more security protection as compared to conventional wallets.
Honestly, cryptocurrency wallets actually never store any digital assets. Instead, they just guarantee the basic security of the private keys to the cryptographic assets. The data needed for linking users to their assets might be stored inside their crypto wallets for ensuring their safety.
Metamask Vs Coinbase Wallet: Overview
Before we get into a hot-headed Metamask vs Coinbase wallet debate, let’s talk about Metamask and Coinbase in some detail – yep, an overview accompanied by their individual pros and cons is absolutely necessary.
So without wasting time, scroll down to find out more about the same!
First discovered by ConsenSys in 2016, MetaMask is a crypto wallet designed especially for the ETH or Ethereum ecosystem. Launched initially as a simple desktop extension, the wallet has presently grown into an entire self-custody wallet that comes with a mobile app. And this app is available for iOS as well as Android devices.
In the case of desktop browsers, MetaMask is available for Chrome and Firefox browsers, but currently, it’s available on Brave and Microsoft Edge browsers as well.
MetaMask is characterized by several features that actually make dealing with crypto a convenient affair. One instance of this convenience is how the app has integrated the feature for token swapping instead of using just a specific decentralized exchange.
The token swapping feature combs throughout the whole DeFi space, finding the most valuable liquidity deals – and that too at low prices.
Keeping everything under consideration, MetaMask actually makes interaction on the whole Ethereum blockchain relatively easy. In spite of being a proper hot wallet, it can also be easily integrated with different cold wallets like Ledger Nano for reinforcing security.
Let’s check out the pros and cons of MetaMask:
|Open-source and Non-custodial.||Not secure (because it’s a hot wallet).|
|Supports Ethereum tokens.|
|It can be used easily.|
|Available on well-known browsers.|
Coinbase Wallet Overview:
Next, in our Coinbase vs MetaMask wallet comparison, it is time to look at the Coinbase wallet!
Coinbase Wallets are decentralized self-custody wallets that can be accessed from your mobile browser. You can easily store, receive or send Ether as well as other various ERC20 tokens on Coinbase.
Since Coinbase happens to be a kind of self-custody wallet, it technically doesn’t put the private keys of a user into use.
The thing is, with the help of client-side encryption, a user’s private key is basically encrypted into their computer. Now, Coinbase will not decrypt the user’s wallet unless and until you share your password with them.
Initially launched for storing ERC20 and ETH tokens in the constantly evolving DeFi space. Interestingly, Coinbase Wallet has mobile applications for both iOS and Android. Plus, it also supports cryptocurrencies like Ethereum, Litecoin, Bitcoin, Ethereum Classic, Bitcoin Cash, Dogecoin, Stellar Lumens, ERC20 tokens, and XRP.
Let’s check out the pros and cons of Coinbase:
|Self-custodial.||Not secure (because it’s a hot wallet).|
|Created by a really good exchange team at Coinbase.||It happens to be a centralized standalone wallet.|
|Mobile app for Apple and Android|
Metamask Versus Coinbase Wallet: A Comparison!
Now that you have a basic overview of both MetaMask and Coinbase let’s get started with the MetaMask vs Coinbase Wallet – stay tuned to find out more!
Coinbase or MetaMask wallets are very simple and typically can be used easily – this is precisely why these are extremely beginner-friendly. Since these wallets are self-custody, they appear to be appealing to new users.
You can even integrate your Coinbase Wallet into the app – this way, the users on the Coinbase platform can transition easily to the concept of self-custody. MetaMask, on the other hand, has the most active users simply due to its easy transaction process.
Plus, there is another factor that actually reduces the obstacle posed to entry – there is no need for a KYC process. You can just download the application and use it. All you have to do is set up your account on the app.
2. Trust And Security:
Every time crypto enthusiasts opt for using a platform or an application, and the first factors they check are security and trust. While both wallets happen to be hot wallets that are always online, Coinbase and MetaMask have features that ensure safety.
In fact, the MetaMask wallet can also integrate with different hardware wallets like Ledger Nano – and eventually can also add an additional security layer, keeping the seed phrases safe at the same time.
Users of Coinbase Wallets also use the primary exchange platform of Coinbase for storing a majority of funds as they are able to obtain insurance coverage.
3. Supported Cryptocurrencies:
Next, in MetaMask vs Coinbase wallet comparison comes the factor of supported cryptocurrencies – as in the number of them.
While MetaMask supports only ERC20 tokens and ETH, Coinbase supports a wide selection of cryptocurrencies like Ethereum, Bitcoin, Litecoin, Bitcoin Cash, Ethereum Classic, XRP, Stellar Lumens, ERC20 tokens, and Dogecoin.
Thus, Coinbase users will enjoy more freedom in interacting with various kinds of blockchains and digital assets. But in spite of that, MetaMask happens to be one of the most used wallets since it includes a whole range of dApps hosted on the ETH blockchain.
And It’s A Wrap!
And that’s a wrap on the Metamask vs Coinbase wallet debate. Both these wallets have some crazy features, but the primary decision entirely falls in the user’s hands and preferences. Both these wallets have functionalities that are very similar but have really subtle differences – this is why it ultimately boils down to the user’s specific preference.
While storing your digital assets securely, you will have to consider both convenience and accessibility. So, tell us, what are your thoughts on these wallets? And while sharing your thoughts, don’t forget to mention your stories, experiences, and the like in the comments below.
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