Introducing the Coinbase Smart Wallet

Introducing the Coinbase Smart Wallet

the coinbase smart wallet is here I’m going to show you how to use it in this video except well we have to just point out that the whole point of this new wallet is so incredibly easy to use and get set up with even your grand mamy can use it so we can run through that process pretty quickly but what I also want to do in this video is look at how the wallet can actually be used to do transactions and to manage a portfolio looking really deep into the wallet here as well we’re going to assess The Good The Bad and really what all this means for the future of bance for the future of crypto first let’s start off with the launch and find out what makes the coinbase smart wallet so different from the competition you see the new coinbase smart wallet has been massively hyped up for months as possibly being a gigantic boost for the entirety of the cryptocurrency ecosystem I’ve been hyping it up I’ve been thinking it’s a very big move okay and it actually just went live the other week and if we look at the tweet that was sent by the coinbase Wallet account to actually Mark the launch well then we can see the key messages are say goodbye to seed phrases and say hello to pasis while we’re also promised of course simplified transactions and simplified gas fees now if you have been in crypto for a while and I guess a lot of you probably have been you’ll have got used to the Scramble for a pen and a paper to note down that 12 or 24w seed phrase anytime time you create a new wallet and I every time I do it’s go ah not again man and I’m not knocking seed phrases they’re amazing they work but it’s true that for a noob used to Sig up to traditional web to Services by linking up their Google account or something like that seed phrases might seem a bit strange a bit cumbersome plus it’s all on you which can be problematic and intimidating for some people you have to make sure you have your seed phrase secure all the assets in your wallet they’re connected to if you screw it up if you lose it gone forever now you might say this is all part of the self- custody self-sovereignty decentralization awesomeness that is crypto and I agree and that’s kind of the point of crypto but still what coinbase is doing here with the smart wallet is finding ways to do crypto through a smoother experience that will on board more people and the point of that Simplicity will allow us to bring on well potentially billions of new users in a frictionless way and that’s good for everyone and yes that is good for your bags because more users equals a bigger more liquid Marketplace the possibility of your bags pumping of course is something we should all be excited for depending on your bags obviously disclaimer there and in general mainstream crypto adoption will benefit from ease of access and let me just mention that here that if you want the latest on everything happening in the cryptocurrency markets I got some good news for you as well because my team and I every single week we are publishing the best newsletter in the industry it’s called The Wealth Master newsletter report and it contains all the latest on bitcoin altcoins nfts defi we have charts we have analysis airdrops mean coins and much more you can join 125,000 plus weekly readers for free using the link Down Below in the description now let’s get up to setting up a new smart wallet so what do you do to get started here well it’s actually incredibly simple you just go to the wallet site make sure of course you’re going to the actual wallet. coinbase.com website Okay click to set up the wallet and you don’t actually need to install anything at all there’s no browser extension like with metamask or Phantom you just scroll down click on create smart wallet and again on create a smart wallet and then you can connect very quickly basically instantly via your phone using a fingerprint scan or a screen lock code or on another device by scanning a QR code and there are also people signing up using their Chrome profiles but you know that seems not to be available to everyone in all regions yet so long story short there’s a lot of ways to sign up okay you can also instantly create a wallet through other sites so for example here on the Trader Joe decentralized exchange shout out to my Trader Joe bags if I go to connect a coinbase wallet I get the same prompt to go create a new smart wallet and what’s really noticeable again is the lack of a seed phrase or really any requirement to install anything at all kind of feels weird but it’s what they do and it’s kind of cool you just set up a wall right there secured through your device and ready to go now having got your wallet set up you of course are going to need to fund that wallet you can’t do much if you don’t have any uh any money on your wallet right so you can do that of course by transferring assets over from your coinbase account or other exchange obviously if they support this the blockchains that are supported here on the coinbase smart wallet but your coinbase account will be connected up automatically if you’re using the same Associated device for your smart wallet which is pretty damn cool or you can on-ramp from Fiat by buying crypto using the bank account that you have connected uh to your coinbase account as well obviously as coinbase is wallet they have very deep integration of it with their exchange now to do that you click on buy select either buy new asset or transfer from coinbase the other thing that you can do is to link up other regular crypto wallets to your smart wallet so that you can actually keep track of all of your assets in just one place which again is pretty gosh darn cool and very handy feature of course for managing your portfolio which you know can beain in the ass in crypto sometimes so many chains so many chains crypto can get real messy when you’re working with multiple wallets multiple chains so many applications you know how it is you’ve been in the market for a while probably you understand this if you want to switch from one to another you can also do that again inside the wallet you’re just going to need to go up and click on Swap and take it from there but where else the smart wallets gets very interesting in my opinion is in the way that it can get newbies interacting on chain for the first time even even if they’ve never used a cryptocurrency wallet before so stick around and we’re going to look at how that actually works so if you go to the daps tab you can use the search bar or scroll through a list of daps bookmarking of course the ones you find interesting and then filtering them by Chain which kind of feels like a web to sort of user experience that should be comfortable for a lot of people although there is no option to just find protocol s that are compatible with the smart wallet however as examples of compatibility in addition to Trader Joe which we just mentioned a minute ago and also we have stuff like the aerodrome decks on base there are some nft projects giving you the option to Mint artwork through the smart wallet directly so we’re already seeing a lot of Integrations come out so for example we’ve got a release a new nft release here from artist Emily shei and if you go to the platform she’s using to Mint which is highlight. XYZ and click to sign in with your smart wallet you can actually then mint the nft but what is special is that if you don’t have a wallet then again again it’s worth repeating because it’s so cool you can instantly create one with no seed phrase if you find around en Crypt you understand how powerful it is it’s simply just another part of your transaction flow create wallet get nft boom done another artist named Petra Voice is using a similar method for her new babes collection which is part of the coinbase onchain summer initiative event if you will that’s happening right now and even if you’re not in nfts I know nfts Guys nfts these still the point of these mints is that they’re showcasing how the technology is working and that is working as it’s intended to work but is this wallet really the game changer we’ve all been waiting for stick around let’s wrap let’s wrap up here with the good and the bad okay starting with the positives I think a lot of great positives I think it’s a cool wallet compared to other crypto wallets the smart wallet is super smooth super intuitive obviously wildly quick to set up having no seed phrases can be a massive bonus no downloads massive bonus and a genuinely efficient user experience that can efficiently bring millions of people on board thumbs up that’s a win and as we saw in the nft projects and integrate right into a transaction process it get makes it stupidly easy to get a crypto allowing new users to go and create a wallet as they go along and it’s this point a kind of instant in the- flow onboarding that really sets the smart wallet apart the wallet’s also good for keeping track of your crypto portfolio which again fantastic I love that and something I didn’t mention yet is of course the gas fees or rather the lack of gas fees as the smart wallet actually offers the capacity for the different decentralized applications themselves to be able to cover the costs of transactions for you which is pretty damn important when it comes to you know onboarding all those casual users in the market and stuff like that but on the other hand we do have to talk about a few of the negatives some of the criticisms of the smart wallet see the wallet is compatible with ethereum base optimism arbitrum polygon Avalanche BNB and Zora so a good list but far from wildly comprehensive the smart contract blockchain of course that’s been at the center of the cycle is Solana and that’s not covered and why would they want to cover it immediately because salana is massive competition for base which is coinbase’s baby so if you want to do anything on salana you’re going to need another wallet Phantom wallet we have a tutorial on that you can go watch it on the channel by the way a salon of smart wallet called fuse has actually launched in test mode so you may even have soon multiple smart wallet options so there’s that out there that’s the thing that’s happening also even on networks that are supported at the moment only a limited number of Protocols are actually working with the smart wallet it’s going to take a while for wide integration and it will get widely integrated you watch but it’s going to take a while so for now you’re still going to need regular wallets and that raised another point which is that if you’re proficient at wallet hygiene you might not actually want to have uh security abstracted away in the name of convenience okay think about that and in that case regular wallets and Seed phrases might actually suit you just fine you might be happy to have that higher level of security especially if you’re dealing with like large amounts hundreds of thousands of dollars and millions of dollars in crypto that said there are room for multiple different ways of operating in crypto depending on your priorities and your skill level in the market so if your focus is on you know huddling your Bitcoin and Cold Storage until the end of time that’s one thing go get a ledger this is not the wallet for you but if you’re a smart contract developer looking for ways to integrate with mainstream applications then the smart wallet could be a big step along that path for you or if you are just I don’t know a new begin in the market great wallet for you great way to get your feet wet in the water let’s go and all this course could have major implications when it comes to adding crypto features into stuff like gaming and commerce rewards schemes or really anything where it might be useful to let users just instantly spin up a wallet to be able to claim assets and receive whatever it is the token the nft whatever they’re giving away also don’t forget that this is a coinbase product so we’ve got a huge crypto exchange one of the world’s biggest crypto exchanges bringing out a super userfriendly new wallet that’s going to bring people into the base Network and pump up our mean coin bags on base let’s go very important stuff it’s working in sync together base coinbase the smart wallet it’s the Trinity man when it comes down to it you need to make up your own mind whether or not this is going to be the wallet for you that you’re going to want to use but it’s a great wallet that’s bringing in a lot of great features for the market so look I’d recommend go check it out set up a smart wallet check out the experience see what you think about it as we’ve seen it only takes matter seconds and you can test out how it compares to regular crypto walls for you maybe it’s what you’ve been waiting for maybe you want to keep doing it the oldfashioned way for now though as always thanks for watching

How to use Coinbase Smart Wallet and why it matters.
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00:00 Introduction
00:31 Smart Wallet Launch
03:21 Setting Up a New Smart Wallet
06:18 Funding Your Wallet
08:28 Smart Wallet Positives
09:39 Smart Wallet Criticisms

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Disclaimer
Everything expressed here is my opinion and not official investment advice – please do your own research before risking your own money. Lark Davis (The Crypto Lark and affiliated brand Wealth Mastery) is not providing you individually tailored investment advice. Nor is Lark Davis registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. Lark Davis is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.