Coinbase Wallet to Support Bitcoin (BTC) in Both iOS and Android Versions

On Tuesday (February 5th), Coinbase announced Bitcoin (BTC) support for its highly popular "user-custodied crypto wallet" app for iOS and Android. ("Coinbase Consumer") is "a digital currency brokerage." It "can also act as a custodian, storing your digital currency for you after you purchase it." In contrast, Coinbase Wallet is "a user-custodied digital currency wallet and DApp browser," which means that "with Wallet, the private keys (that represent ownership of the cryptocurrency) are stored directly on your device and not with a centralized exchange like Coinbase Consumer." A Coinbase Consumer account is not needed if you want to use Coinbase Wallet, and you can download it from anywhere.

Coinbase Wallet is a mobile app that initially only supported Ethereum (ETH) and Ethereum tokens (ERC20 and ERC721). On 26 November 2018, support for Ethereum Classic (ETC) was added. And starting today, it supports storing, sending, and receiving Bitcoin (BTC).

According to the blog post by Coinbase Wallet Product Lead Siddharth Coelho-Prabhu, this "new Wallet update with Bitcoin support will roll out to all users on iOS and Android over the next week." He also says that "Coinbase Wallet supports both newer SegWit addresses with lower transaction fees, as well as Legacy addresses for backwards compatibility in all applications."

Coinbase Wallet Example.png

Furthermore, Coinbase Wallet "also supports the Bitcoin Testnet to aid developers and power users." As for support for other coins such as Bitcoin Cash (BCH) and Litecoin (LTC), Coinbase wants you to know that the Coinbase Wallet team is currently working on adding support for additional cryptocurrencies. 

All Images Courtesy of Coinbase

Elon Musk Sees Crypto Becoming a Replacement for Cash

Michael LaVere
  • Tesla founder Elon Musk said on a recent podcast that crypto could become a replacement for cash.
  • Musk believes there are limitations for crypto as a "database" for transactions. 

Tesla and SpaceX founder Elon Musk says that crypto will “effectively” become a replacement for cash. 

Musk made his comments during a Third Row Tesla podcast, where he explained he was “neither here nor there on Bitcoin.” However, he did refer to Satoshi Nakamoto’s original white paper for bitcoin as “pretty clever,” before focusing on the utility of crypto. 

Musk prefaced his comments by saying he “gets the crypto people angry” when talking about bitcoin. Tesla’s founder then delved into how crypto would evolve into a replacement for cash, particularly in the context of illegal transactions. 

There are transactions that are not within the bounds of the law — there are obviously many laws in different countries — and normally cash is used for these transactions. But in order for illegal transactions to occur, the cash must also be used for legal transactions. You need an illegal-to-legal bridge. That's where crypto comes in.

He continued, 

You must have a legal to illegal bridge. So where I see crypto is effectively as a replacement for cash. I do not see crypto being the primary database [for transactions].

Musk reiterated that his association between bitcoin and illegal transactions was not to be “judgemental about crypto.” He also claimed that traditional banks “are in trouble,” with the rise of online payment processors such as Stripe.

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