Coinbase Pay is a new feature by the exchange that lets you add cryptocurrency to your wallet without having to copy and paste wallet address.
This is to make adding funds to your wallet simple.
Recall that before the feature, you would have to copy and paste your wallet address so that you can add funds to it.
You would log in to the Coinbase website and buy the type of crypto you wanted, be it Bitcoin, Ethereum, Litecoin, etc.
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After this, you would enter your wallet address to transfer the funds.
This is also what you get from many other exchanges.
Meanwhile, while copying and pasting such wallet addresses, one mistake could see you losing your funds.
However, Coinbase is introducing the Coinbase Pay to allow users add cryptocurrency funds to their wallets without having to copy and paste their wallet addresses.
How to access Coinbase Pay:
According to the exchange, you can access Coinbase Pay through the Coinbase Wallet extension for Google Chrome.
After that, you will connect your wallet to your Coinbase account if it’s your first time using the extension.
After connecting the first time, you won’t need to go that rigour of connecting again next time.
Next, you can begin to add the cryptocurrencies you just bought to your wallets.
To add your cryptocurrency to your wallet, select the “Add crypto with Coinbase Pay” button.
After that, select the currency type you want to add to your wallet.
Then enter the amount and finalize the transaction.
When you have done these, you would see your funds available in your wallet.
What you should know:
The Coinbase Pay eliminates the possibility of errors where you mistakenly send cryptocurrency to another person’s wallet address.
Meanwhile, in another development, Bitcoin Worth $1.2B Left Coinbase.
The recent highly volatile markets have sent bitcoin prices tumbling, with a total of 31,130 bitcoin leaving Coinbase last week.
This is the highest single-week outflow since 2017, data tracked by Glassnode reveal.
The Crypto markets have taken a bearish swipe in the past week following expectations of the executive order by the US president, Joe Biden.
Also, the ongoing war between Russia and Ukraine is a another factor as investors are scared of the market.
Meanwhile, the amount of bitcoins that all centralized exchanges are currently holding has decreased to 2,519,403 BTC.
This is the lowest number since November 2018.
Keep in mind that the huge withdrawals moved to inactive accounts.
Inactive accounts don’t usually spend just little if at all the accounts ever spend the coins.
Otherwise, no spending takes place with such kinds of accounts at all.
Meanwhile, what the huge withdrawals means is that fewer coins are available for liquidations on exchanges.
However, this large withdrawals could push prices of cryptocurrencies higher still.
– especially since those withdrawals have moved into largely inactive wallets.
Glassnode explains this thus:
“If we look at the Illiquid Supply Shock Ratio (ISSR), we can see a significant uptick this week.
“Suggesting that these withdrawn coins have been moved into a wallet with little-to-no history of spending.
Implications:
The new feature, Coinbase Pay is a seamless way of adding cryptocurrency to your wallet.
This makes it easy for users to buy and add cryptocurrencies to their wallets.
It also protects users from losing money if they type in wrong wallet address while sending cryptocurrencies.
Meanwhile, the large amount of cryptocurrency that left the exchange could be a way of helping to push prices up.
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