Metamask vs Coinbase wallet, what's the difference in 2022
How can you secure yourself?
In the world of web3 in 2022, they are 2 main wallets that are competing in the Ethereum Browser Extention wallet segment. These types of wallets have grown in popularity since the onset of dApps in recent times.
On one hand, we have the age-old Metamask that has been crowned king due to its history, while on the other hand, we have the newer upcoming Coinbase wallet, that has stormed the space with its features.
In this article, we will do a side-by-side comparison, and discuss the cons, features, and differences, so you can be informed and secure!
Both Metamask and Coinbase Wallets are Ethereum-based wallets that meet all specifications provided in the Ethereum Docs. This means that both wallets are able to do all Ethereum-based actions, like, eth_SendTransaction or eth_SignTypedData. In layman's terms, both wallets are able to talk to the Ethereum blockchain and are able to complete all sorts of actions like-
- Mint NFTs and tokens
- Transfer NFTs and token
- Send Eth to other addresses
- Switch to other popular Networks like - Polygon
- Make infinite no. of addresses on the go
- And other actions like Authentication in dApps, and DAO voting.
Both of the wallets will allow you to access all these features
Both of These wallets allow you to store your sensitive information (Private Keys in the Cloud. Thus you are able to access your wallet from any computer, just by putting in your Secret Key.
With the Coinbase wallet, your wallet is tied in with your Coinbase.com account. Thus you are able to Sync funds and addresses directly from the console at Coinbase.com. Coinbase.com platform provides more features, like buying/Selling, Trading, and Staking which you can use.
While with the Metamask wallet, your account is a standalone account. You can only manage and access it through the browser extension, or Metamask-related apps.
Both of these wallets can be accessed with desktop browsers as well as mobile browsers, However, using with mobile browsers requires using Special browsers that can access the app like the Brave Browser.
When it comes to security, both of the wallets have an outstanding record. They far beat any other products in this segment. Metamask has proven for years its ability to innovate and keep users' data Secured. Coinbase has proved its proved the world with the resilience of its platform.
Both the Wallets have
- Wallet addresses are Hashed with the Security Key, so not even the company knows your details
- Very easy to export sensitive details from the wallet, if you choose to
- No transactions can automatically happen without the users' control
- 2FA login support
But be careful, even with all these security features, you can still get phished.
As the Coinbase wallet is integrated with your Coinbase account, You can easily manage the account if it gets compromised from the app, which is not possible with Metamask. So there is a slight advantage there.
When dealing with anything Crypto-Space, there is always real money involved, so caution is of utmost respect. Both Metamask and Coinbase wallets are very safe, but I wouldn't be so sure about wallet providers.
Do your Research
Here are a few tips to be secure -
- NEVER disclose your Secret phase to anyone
- NEVER disclose your Private-Key to anyone
- BE weary for Phishing attacks on the internet