Metamask vs Coinbase Wallet | Which One Is Better?
Metamask vs Coinbase Wallet?: Many people use coinbase but maybe they are not aware that coinbase has their own wallet. This is called coinbase wallet and you can use it exclusively aside from the coinbase platform. We also have Metamask which is also a crypto wallet and a gateway to blockchain apps. we will compare these wallets Metamask and coinbase to see which one is better and What the pros and cons are for each one.
You know coinbase is more widely recognized than Metamask but Metamask is basically an open-source multi-cryptocurrency wallet and a gateway to Ethereum based decentralized applications. The wallet is made for work with the Ethereum blockchain, it’s understood that it supports only erc20 tokens. This wallet is designed to let users control their data and assets and doesn’t store any data or assets of its users. So everything that’s stored is stored on your machine and nothing is on their servers. Metamask has also a mobile application but those who need it on a desktop version can use it with a chrome extension. It’s available not only for chrome but you can use it on the brave web browser as well as firefox and including the Microsoft Edge browser. As the Metamask only supports the erc20 tokens. There are a lot of altcoins, so Metamask would not be able to store them.
coinbase wallet is launched by coinbase obviously and coinbase is basically an exchange for secure operations with coins and tokens. To use the coinbase wallet you don’t need to have an account with a coinbase exchange. So once again you can use this wallet exclusively and without the account of an actual coinbase account.
Metamask vs Coinbase Wallet Comparison
Metamask vs Coinbase Wallet Comparison for similarities and differences is provided below.
1. Private Keys
They’re both hot wallets and the private keys are available to you in both of them. So you know that’s probably one of the major things people want to know whether the private key is accessible by you or the company holds the private key. In both cases, you are the owner of private keys. For example, when you buy any cryptocurrency on Robinhood, you are not the owner of their private keys and you can’t really do anything with it. Both allow you to keep your private key which is definitely a huge plus on both of them.
The next thing is anonymity. For Metamask it’s pretty high in anonymity. Since you don’t really need to sign up or do anything, you don’t need to give any personal information for identification. With coinbase, the anonymity is really low because to sign up for coinbase wallet you have to give your personal information and that includes ID verification where you live and so they pretty much know everything about you and you can’t really hide anything. Overall Metamask is not fully private right but it definitely is more private than coinbase and if you’re really concerned about anonymity then coinbase probably would not be the way you want to go.
3. Trading Abilities
You cannot really trade on Metamask, there is buy, send, and transferring but you can’t really trade whereas on coinbase wallet you could trade using the coinbase platform.
4. Supported Cryptocurrencies
Metamask does not support a wider range of tokens or cryptocurrencies. It doesn’t support all the big names like Bitcoin, Litecoin, bitcoin cash but does support anything on the ether erc20 network. Whereas coinbase is also limited in the sense that there’s only a fixed amount of coins or tokens that you’re able to save. There are some erc20 tokens that you could store but there are also some tokens that it does not support. Coinbase Wallet supports the Ethereum, Polygon, Bitcoin, Dogecoin, Litecoin, Stellar Lumens, and Ripple networks. Coinbase Wallet also supports the following ETH Layer-2 solutions: Arbitrum, Fantom Opera, Binance Smart Chain, Avalanche C-Chain, Optimism, Polygon, xDa. Coinbase Wallet supports all ERC-20 tokens (including USDC and DAI), BTC, XRP, XLM, BCH, LTC, and DOGE.
5. Wallet Using Method
Coinbase has its own app and also has a web viewer. There are a lot of different ways to access it. Metamask uses a chrome extension for it rather than having an actual application.
Overall both have their ups and downs. If anonymity and privacy is your major concern then probably stick with the Metamask. If you don’t really mind that much for anonymity or privacy, you can then definitely go for coinbase because it does support much more cryptocurrencies.