Crypto wallets are essential in today’s crypto world because they store data about cryptocurrencies. In addition, crypto wallets also allow you to send, receive and spend digital assets.
In addition, digital assets only exist in huge databases, which are known as ledgers. However, ledgers store all the records of crypto transactions that have been made. This ledger is popularly known as a blockchain.
Unlike a regular wallet, which contains real money, cryptocurrency wallets do not technically store cryptocurrencies; instead, they are stored on the blockchain, which can only be accessed with a private key, a sophisticated form of cryptography that allows the user to access their cryptocurrency.
Your keys prove that you have your digital money and allow you to trade. If you lose your private keys, you will lose access to your money. That’s why it’s vital to keep your hardware wallet safe or use reputable wallet providers such as Coinbase Wallet and Metamask.
This guide looks at how to transfer Coinbase funds to your Metamask wallet and vice versa.
About the Metamask wallet
Metamask is a crypto wallet that you can download on Firefox, Chrome, iOS, and Android devices. As a browser extension, Metamask can also act as a bridge between your regular browser and Ethereum Blockchain. Which makes it easy for you to send funds from your Coinbase wallet to Metamask wallet.
In addition, Ethereum Blockchain is a network that allows the creation of decentralized applications and other digital assets. This network enables developers to write transaction guidelines known as “smart contracts.” However, Metamask can only store private and public keys for Ethereum cryptocurrencies in the Ethereum blockchain.
What is Coinbase?
Coinbase is a crypto exchange platform that was founded in 2012. The platform offers users the opportunity to buy, sell and trade over 100 currently tradable digital assets, such as Ethereum, Bitcoin, BNB, etc. However, Coinbase is a large company with over 70 million users today and $255 billion in assets on the platform.
How to Create a Coinbase account
Before you can transfer your assets from Coinbase to a Metamask wallet, you must create an account on the Coinbase website or Coinbase application. These steps will guide you on how to do it.
Go to www.coinbase.com on your browser and click “Get Started” to create an account. Note: You will be required to provide your full name, email address, password, and status. Coinbase will ask for proof of all the information provided, so be prepared with your proof when you are asked to submit it.
In the email sent by Coinbase, check the email address. You will also need to log in again with your email and password.
Enter your phone number. Then enter the seven-digit code that was sent to your mobile phone to verify it. Then click “Submit.”
Add your details as shown on the valid photo ID issued by the government, as you will need to upload a photo of this document later. Some questions will be asked; Reply and click “Continue.”
Verify your identity by logging in to your Coinbase account. Then complete the identity verification process.
The next step is to connect your Coinbase account to a payment method. You can do this with your debit card. Also, sign in to your bank account before you can purchase/withdraw ETH.
After following these steps, it’s time to buy Ethereum. You can buy ETH on Coinbase (provided you have connected your debit card to it). You can also buy Ethereum if you have connected your bank account to Coinbase. But it will take 15 days for the funds to appear in your account.
Also, click “Buy / Sell” and select “Ethereum/ETH.” It is recommended that you buy a small amount of ETH to get started. You will also need some quantity of ETH to pay transaction fees. Again, tap ‘View purchase’ to confirm your order and select ‘Buy now’ to complete your ETH purchase. The amount of ETH you want to buy will appear in 2-15 business days.
How to configure your MetaMask wallet
Step 1: You need to download the MetaMask Wallet plugin. All you have to do is visit the Chrome Web Store. Click on “Add to Chome” to add the MetaMask to your browser.
Step 2: You need to activate the installed plugin by clicking on the MetaMask icon in the top right corner of the Chrome browser. Then accept the terms and conditions.
Step 3: Create an account. Enter your password to log in daily. If possible, the password should be a minimum of eight characters long. Please ensure your password is not easy to guess by anyone. Once you have entered your desired password, click ‘Create.’
Step 4: You will be taken to the opening phrase, which is a list of words. These words are known as “the secret phrase or seed phrase or recovery phrase.” These random words will be used to recover your wallet if you forget your password.
You should write the seed phrase on a piece of paper and keep it in a safe place where no one can access it. Never store emails, cloud storage, or photo library on your phone because your phone may be hacked. If you need to save them to email or cloud storage, make sure they’re properly encrypted with a strong password that you can’t forget.
Step 5: Once this is done and confirmed that your keywords are safe, you can now send ETH to Meta Mask.
Transferring ETH to a MetaMask Wallet
The following steps will focus on how to send Ethereum funds (ETH tokens) to your MetaMask wallet.
Step 1: Go to Coinbase.com on your browser and sign in with your email address and password.
Next Step: Log in to your MetaMask wallet and click on the three dots above “Buy” and “Send.”
Step 3: Click “Copy address to clipboard” – this is the public address of your MetaMask wallet.
Step 4: Paste the copied address into the Wallet Address field on Coinbase. In this field, tell Coinbase where you want to send Ethereum, so make sure you don’t send the wrong address.
Step 5: Enter the amount/quantity you want to send in your local currency or crypto. If you are sending a large amount, we strongly recommend that you send a small amount first to confirm that you are sending it to the correct address and not the wrong one. If you send it to an Ethereum address other than your own, you won’t be able to get your funds back. When you are through, click “Continue” to confirm the transaction.
Step 6: The transaction will indicate that it is “pending.” Please note that the transaction may take some time to complete, depending on your Ethereum demands. In times of congestion, this can take several hours. Once the transaction is complete, a confirmation message will appear on the screen.
Step 7: When you return to MetaMask, you will see that you have received Ethereum or any ERC-20 token you transferred.
How to protect your MetaMask Wallet
MetaMask will never request you to send funds to a random wallet. Please contact the MetaMask Support Team Complaint if you receive such a request.
Also, whenever you are not using your MetaMask wallet, check your account balance or exit the transaction. Again, beware of fake pop-ups on the screen asking you to unlock your wallet. These are most likely phishing attacks.
Do not enter your login information or initials on any other website. Only enter these details on the official website.
The Metamask is a very important part of the ETH blockchain. It lets users send funds through their Eth address. One of the effortless ways to use MetaMask is to store your cryptocurrencies.
However, now you can transfer funds or send funds to your Metamask wallet as well as use it to buy NFTs.
Haley Hayward is an experienced writer at gblogo.com, where she’s credited with more than 200 articles covering everything from entrepreneurial stories to mental health at work.
She also oversees the Comment&Questions, which poses important admission questions to experts in the field, and regularly hosts webinars on various aspects of the business school experience.
Prior to joining gblogo.com, Haley honed her skills as a freelance writer, tackling a wide array of topics from petcare to car maintenance.
Haley holds a Master’s degree in English Literature from the University of Edinburgh, Scotland.