Coinbase, the leading US-based cryptocurrency exchange, has expanded its wallet services by integrating Bitcoin Cash (BCH) support into its Coinbase Wallet app. This update empowers users to securely store BCH while maintaining full control over their private keys.
Bitcoin Cash Integration: Key Features
- Self-Custody: Users retain ownership of their private keys, aligning with decentralized principles.
- Address Compatibility: Supports both modern CashAddr and traditional Legacy formats.
- Enhanced Security: Leverages Secure Enclave technology to encrypt private keys on mobile devices.
Why This Matters
Bitcoin Cash joins Bitcoin (BTC), Ethereum (ETH), and Ethereum Classic (ETC) as supported assets on Coinbase Wallet. The app also accommodates over 100,000 ERC20 tokens and ERC721 collectibles, offering versatility for crypto enthusiasts.
Security Advancements
Coinbase emphasizes robust security measures:
- Trusted Execution Environment (TEE): Protects private keys via hardware encryption.
- Future Upgrades: Plans to integrate JSON Payment Protocol and Bitcoin Cash Testnet for developer tools.
A controversial February 2019 update allowed private key backups via Google Drive and iCloud, sparking mixed reactions within the community.
FAQ Section
Q: Can I store Bitcoin Cash on Coinbase’s main platform?
A: This announcement specifically covers the Coinbase Wallet app, a non-custodial solution. The main exchange may have separate policies.
Q: Is the Coinbase Wallet app free to use?
A: Yes, the app is free, though network fees apply for transactions.
Q: How does Secure Enclave technology work?
A: It isolates cryptographic operations in a hardware-protected zone, preventing unauthorized access.
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