The largest US-based cryptocurrency exchange Coinbase has added support for Bitcoin (BTC) on its Coinbase Wallet app. Users are now able to store their cryptocurrencies while retaining full ownership over their private keys.
Coinbase Wallet Supports Bitcoin
San Francisco-based cryptocurrency exchange Coinbase has announced that its Coinbase Wallet app now supports Bitcoin (BTC) in an official blog post.
The app currently supports over 100,000 different ERC20-based tokens, as well as ERC721 collectibles based on the Ethereum network, as well as Ethereum (ETH), and Ethereum Classic (ETC).
According to the publication, the company will roll out BTC support for both iOS and Android users within the incoming week.
Additionally, the release says that Coinbase Wallet will support both SegWith addresses which are known for their lower transaction fees, as well as Legacy addresses in order to ensure ‘backward’ compatibility.
What’s the Difference With the Main App?
Coinbase.com – the main application of the company, is a cryptocurrency exchange. It allows users to store cryptocurrencies, but in reality, the exchange is storing it for them, as long with their private keys. In other words, with Coinbase.com, users don’t actually have control over their own private keys.
This has proven to be risky, to say the least. Just last month a New Zealand exchange Cryptopia was hacked, with the attacker acquiring full control over the exchange’s private keys, resulting in significant losses.
With the Coinbase Wallet application, users will be able to store their Bitcoin, while also retaining full control over their private keys.
The latter will be encrypted on the user’s smartphones using Secure Enclave technology which, according to the post, is considered the most secure way to protect private information on mobile devices.
Additionally, the announcement also revealed that the team is working on support for Litecoin (LTC), and Bitcoin Cash (BCH).
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