Coinbase Wallet shall soon allow the users to store your private keys on Google Drive and iCloud. The prevalent cryptocurrency storage app will backup an encrypted version of your Coinbase Wallet’s private keys to its personal cloud storage accounts, letting them to securely recover cryptocurrency funds at any point.
The announcement says:
“The private keys generated and stored on your mobile device are the only way to access your funds on the blockchain. Owners of ‘user-controlled wallets’ like Coinbase Wallet sometimes lose their devices or fail to back up their 12-word recovery phrase in a safe place, thus losing their funds forever.”
Because of the new cloud storage support with Coinbase Wallet, there is no more distress. Users can recover their cryptocurrency funds at any point from Google Drive or iCloud. Coinbase’s cloud service supports many wallets, letting users to easily switch between wallets and accounts.
Coinbase Wallet will keep an encoded copy of the user’s recovery phrase on the personal cloud account. All the users have to do is to know and recognize their password. Users can select their own password. Then, if you ever need to recover funds, they can just type that password in to unlock the encryption and recover access. But obvious the files are especially endangered as they sit in your iCloud or Google Drive account behind a password and other protections. Numerous Google Drive and iCloud accounts have location-based verification as well as two-factor authentication features to offer an additional layer of protection. On the other hand, to start cloud backup, users will have to appraise their Coinbase Wallet app to the newest version. When you open the modern version of the app, users must see a pop-up amplification Google Drive backup and iCloud. Tap, “Back up now” to back up your secluded keys now.
The news of this newly launched feature was met with a lot of skepticism for putting your keys on a centralized server. Google Drive and iCloud have both been the subjects of hacks and phishing in the past.
“Since we launched Coinbase Wallet (formerly Toshi), our users have experienced the full power of an open financial system – storing their own funds and accessing them anywhere in the world,”
“But with that power comes great responsibility. The private keys generated and stored on your mobile device are the only way to access your funds on the blockchain. Owners of ‘user-controlled wallets’ like Coinbase Wallet sometimes lose their devices or fail to back up their 12 word recovery phrase in a safe place, thus losing their funds forever.”
In the month of January, Coinbase had even put many resources for clients in the United States to claim cryptocurrency trades on their taxes. The cryptocurrency exchange and wallet service further made an educational attendant on cryptocurrency and taxes, in addition to mixing with general tax software TurboTax.
Based in San Francisco, California Coinbase is a digital currency wallet and platform established in June of 2012, where customers and merchants can manage with new digital currencies like bitcoin, ethereum, and litecoin.