San Francisco-based cryptocurrency exchange Coinbase has officially added support for Bitcoin (BTC) to its Coinbase Wallet application
Coinbase Wallet Now Supports BTC
In an official blog post, the leading US-based cryptocurrency exchange Coinbase, announced that it now supports Bitcoin (BTC).
The Coinbase Wallet already supports Ethereum Classic (ETC), Ethereum (ETH), and more than 100,000 different tokens based on the ERC20 standard and ERC721 collectibles which are set up on Ethereum’s main network.
The wallet supports SegWit addresses which boast lower transaction fees. It also supports legacy address in order to allow Legacy address compatibility.
The support for Bitcoin will be introduced to both Android and iOS users throughout the next week and it will be activated by default.
The publication also details that the Coinbase Wallet is rather different than the main application itself (Coinbase.com). While the first one stores both user’s cryptocurrencies and private keys for them, Coinbase Wallet allows the user to store their very own crypto and their very own private keys.
Your Keys, Your Bitcoin
Keeping Bitcoin on exchanges, be it as popular and supposedly safe as Coinbase, hides risks. Popular Bitcoin proponent Matt Odell recently tweeted:
Not your keys, not your bitcoin.
The post came after New Zealand-based cryptocurrency exchange Cryptopia got hacked, reporting serious losses.
Weeks after the exchange formally announced the breach, My Bitcoin News reported that the attack on Cryptopia is still ongoing and that the exchange is no longer in control of the private keys of users, while the hacker was.
A recent report by blockchain research company Elementus revealed that an estimated $3.2 million worth of cryptocurrencies stolen during the attack have already been liquidated.
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