Coinbase is a decentralized exchange platform through which investors can sell, buy, manage and trade crypto. Whereas Trezor is a crypto wallet that can securely store the crypto. But there is a difference between them Coinbase is the type of custodial wallet where we cannot hold our crypto for a long time as it is not secure, whereas Trezor is a type of cold wallet that stores crypto offline. But if we say which one is best, Trezor is always best to store the crypto for the long term but the thing is we can never achieve the security 100%. It has also various kinds of residual risks, hence, let’s come back to the discussion
What is Trezor
Trezor is a device used as a noncustodial wallet also called a cold wallet because it stores crypto and keeps itself offline, due to this approach it provides the ultimate security because there is no chance of cyber-attack. It has a built-in (Trezor Suite) app that is a bridge between an online wallet or exchanger and Trezor. We use this app when we transfer crypto from an online wallet or exchange to Trezor, it supports bitcoin, Bitcoin Cash, Zcash, Litecoin, and Ethereum.
Today's discussion is based on how to transfer bitcoin from Coinbase (online custodial wallet) to Trezor (offline noncustodial wallet). So here let’s get started!
How to Transfer Bitcoin from Coinbase to Trezor
Coinbase is a type of custodial wallet whereas Trezor is a type of cold wallet or noncustodial wallet here I'm going to show you step by step guide to transferring bitcoin from Coinbase to Trezor:
I: Find the Bitcoin Address on Trezor to Receive the Bitcoins
Step 1: Switch on the Trezer device and then connect to the laptop or desktop.
Step 2: Enter the wallet pin to open the Trezor.
Step 3: Open the Trezor suit on the laptop or desktop.
Step 4: Go to the standard wallet.
Step 5: Go to account and then click on bitcoin.
Step 6: There will be a screen opened with the option “Send”, “Receive”, and “Trade”. Hence, we want to transfer bitcoin from the coin base to Trezer, where we are receiving bitcoin. So, we must select the option “Receive”.
Step 7: After hitting on the receive there will be a button in the view “Show full address” you just must click on it to find the full address.
II: Sending the Bitcoin from Coinbase to Trezor
Step 1: Log in to the Coinbase.
Step 2: Click on the button “Send & Receive”.
Step 3: Enter the Bitcoin value you want to send and by default, it is PKR or USD, firstly convert these currencies to bitcoin by clicking the red marked button.
Step 4: Firstly, I performed a conversion from PKR to BTC as you can see in the blue highlighted area, and then I selected the Bitcoin marked in green by clicking on the red marked button having an icon “>”:
Step 5: Enter the address of bitcoin in the marked area that you get from Trezor and then hit the button “Continue”:
Trezor is a cold wallet device, we mostly use it to store cryptocurrency. Most investors transfer crypto from online resources to offline so that way, they can hold their assets safely and securely. They can transfer Crypto from an online platform to Trezor using the Trezer Suite App, as it works like a bridge between Trezor and an online exchanger.