Cryptocurrencies like bitcoin offer a safe, secure, direct way to transfer money. But without access to your crypto wallet private keys, these same security features make it virtually impossible to get access to your money. The same applies to those using wallet apps on their smartphones or tablet devices. When these devices fail or are lost, users can often find themselves facing problems with recovering their money. But Coinbase Wallet is here to save the day.
Now, Coinbase Wallet has come up with a new backup feature for users of their service. One of the leading cryptocurrency exchange and wallet services, Coinbase reaches millions of users worldwide. And now, for the first time, those users will be able to backup their private key data to personal storage in the cloud.
Furthermore, the feature will be compatible with Google Drive and Apple iCloud. This will allow handset users to backup private keys to their storage of choice.
News of the development broke after an announcement posted on the Coinbase Blog on Medium. The firm said the new feature introduces multiple new ways to ensure users don’t accidentally lose their funds.
“This new feature provides a safeguard for users, helping them avoid losing their funds if they lose their device or misplace their private keys.”
“Now, with cloud backup, we give you the ability to store an encrypted copy of your recovery phrase on your personal cloud account. You will only have to remember a password, that you decide, in order to recover your funds. If you lose your device or get signed out of the app, you can easily regain access to your funds with the combination of your personal cloud account (iCloud or Google Drive) and your password.”
The new feature makes it easier for users to recover funds. This is very good news for most casual crypto users.
Private keys are the cryptocurrency equivalent of your ATM PIN number. Meanwhile, some users have expressed concern about the vulnerability of storing private keys in the cloud.
However, encryption technology offers an extra layer of security. Coinbase subsequently insists that the feature is perfectly secure.
The innovation makes it easier for users to manage their crypto wallets. In so doing, Coinbase is taking another step towards making cryptocurrency services as convenient as possible.