Blockchain, tokens, coins, bear market, crypto wallets, all these terms describe things that crypto investors need to know when they start their journey in the cryptocurrency industry. But recalling some terms will not help a user learn how to act when it comes to crypto.
Instead, they should know the meaning of each one in order to have enough knowledge not to lose on the investment.
Crypto wallets are a must for anyone actively investing in digital assets. And two of them “fight” for the top of the list: Coinbase and MetaMask. Each of them has its advantages and disadvantages and may suit specific crypto-related activities, which we will discuss in the following article. Therefore, let the “MetaMask vs. Coinbase wallet fight” begin!
What is MetaMask?
MetaMask is an Ethereum wallet built as a browser plugin launched in 2016. It allows users to store ERC–20 tokens and transact them with any Ethereum address.
Founded by ConsenSys, MetaMask is an easy–to–use platform that provides a mobile application available on both IOS and Android.
Besides being a beginner-friendly app, MetaMask offers other great opportunities for its users. For instance, it lets crypto enthusiasts enter the DeFi (Decentralized Finance) world, giving access to apps such as Compound or PoolTogether.
When it comes to customer privacy, MetaMask rocks. Most of the time, users interested in the crypto industry are intrigued by the idea of receiving or sending tokens anonymously yet safely.
MetaMask does not require more than downloading the plugin or app and creating a new wallet. It doesn’t request any personal information from the user, such as name, address, or Social Security number.
Another thing MetaMask users can benefit from is that the crypto wallet supports more than 400,000 coins leveraging the Ethereum ERC–20 protocol. Furthermore, users can store NFTs (non–fungible tokens) and connect them with specialized marketplaces. MetaMask also supports other blockchains, such as Avalanche, BNB, or Fantom.
On the other hand, MetaMask does have some downsides, too, and one of the most significant is that it does not support the world’s most popular cryptocurrency, Bitcoin.
Moreover, MetaMask is quite exposed to hacks, as it is an online wallet, as opposed to other crypto wallet options. And even if the wallet doesn’t access personal information, the browser can still do that; thus, sensitive information may get stolen by malicious platforms.
Another MetaMask con is that sometimes the transactions are slow, resulting in higher transaction fees. But the issue is not directly MetaMask’s fault.
The unpleasant experience occurs mainly due to network overload, generally manifesting as more extended transaction time completion and increased fees.
What is Coinbase Wallet?
Coinbase Wallet is a non–custodial cryptocurrency wallet connected to the internet. Launched in 2018, the wallet is powered by the Coinbase crypto exchange and has borrowed one of the exchange’s most important advantages, safety, being considered one of the safest crypto wallets in the world.
Users can keep their digital assets on Coinbase Wallet and interact with dApps on both Bitcoin and Ethereum ecosystems. Moreso, the digital wallet has more than 500 available cryptocurrencies; thus, anyone can find a suitable option on the platform.
One of the most exciting facts about Coinbase Wallet is that it can communicate with other hardware crypto wallets. Thus, users can one more time ensure that their assets are safe and sound. Furthermore, a user’s crypto coins and private keys are stored directly on their devices; thus, the only way Coinbase can access somebody’s information is by giving them the password.
Coinbase Wallet Pro’s
Coinbase Wallet proved itself to be an extraordinarily user–friendly platform, thanks to its interface and the simple process of creating a crypto wallet. Furthermore, the platform is free to use, regardless of whether you are using the Coinbase exchange or not.
The wallet created by Coinbase is easily connectable to their crypto exchange, thus allowing users to transfer digital assets quickly. And besides supporting several cryptocurrencies, Coinbase Wallet also allows the storage of NFTs.
Another significant advantage of Coinbase Wallet is that it has a built-in browser for dApps, allowing users to explore various dApps, such as crypto exchanges, games, or crypto lending platforms.
Coinbase Wallet Con’s
As aforementioned, Coinbase Wallet is a hot crypto wallet. This means that the crypto storage used is connected to the internet. This is not the safest option for crypto wallets, as it exposes users’ wallets to malicious activity. One better option would be to use a hardware wallet, thus making sure the digital assets are not easily reachable by unknown sources.
Furthermore, Coinbase Wallet is not available on any channel possible. It is available as an Android and IOS app and a Google Chrome browser extension. Thus, crypto users utilizing browsers such as Opera or Microsoft Edge will not be able to access Coinbase Wallet.
MetaMask vs Coinbase Wallet
When discussing whether MetaMask or Coinbase Wallet is the best for a specific user or cryptocurrency, things must be taken one at a time. It is fair to say that the MetaMask vs. Coinbase Wallet story is one full of significant pros and cons.
For example, regarding user-friendliness, both cryptocurrency wallets are designed to be easily used by crypto newcomers and expert investors. Thus, depending on what a user wants to achieve through a crypto wallet, they may choose one or the other. Another aspect worth mentioning is that Coinbase Wallet is easily integrated with the main Coinbase app, giving users a single platform for more actions.
Moving to the security and privacy aspects, it is essential to say that both cryptocurrency wallets aim to offer high safety for users and their stored assets. And while MetaMask and Coinbase Wallet are using hot storage, they are currently developing new and safer options for storing cryptocurrencies. For instance, a MetaMask wallet can be linked to hardware wallets, and Coinbase Wallet users can store their assets in the Coinbase Exchange.
Even if both MetaMask and Coinbase Wallet users have a variety of cryptocurrencies they can choose from, the latter indeed supports more cryptocurrencies than the former. While MetaMask is working with ERC – 20 coins only, Coinbase Wallet also accepts cryptocurrencies such as Bitcoin, Bitcoin Cash, Litecoin, or Stellar Lumens.
When it comes to the remarkable features the two cryptocurrency wallets have, it is worth mentioning that Coinbase Wallet can integrate with decentralized applications, thus allowing users to interact with dApps without being required to authorize every transaction.
On the other hand, MetaMask has evolved over the years, nowadays being one of the most used crypto wallets in the world. It comes with a built-in swapping mechanism that helps those using the wallet to exchange ERC – 20 tokens across the DeFi ecosystem without accessing a DEx (decentralized exchange).
Cryptocurrency wallets are a must for those who enter the crypto world. And while there are tens of digital crypto wallets out there, some are better than others.
MetaMask and Coinbase Wallet are two of the most used cryptocurrency wallets in the world, and they come with many advantages for their users. However, they have some downsides, too, and it is essential to know as much as possible about them before deciding to use one or another.
If you are trying to decide whether MetaMask or Coinbase Wallet is the best option for you, take into consideration your goals in the crypto industry: are you here to buy several different cryptocurrencies? Do you want to store NFTs? Or maybe you want to find out more about decentralized apps? Whichever is your choice, we hope that we helped you create your opinion about the MetaMask vs. Coinbase Wallet fight.