Wed, February 21, 2024

Coinbase is not supporting some of the crypto currencies anymore?

Coinbase

Coinbase is not supporting some of the crypto currencies anymore?

A DApp browser and standalone program that you alone can use is called Coinbase Wallet. It makes sure that only your device, not a centralized server, is allowed to possess your private keys. A cryptocurrency wallet is Coinbase Wallet, whereas Coinbase is a cryptocurrency exchange. The amount of coins that Coinbase and Coinbase wallet support is substantial. Currently, It offers around 70 cryptocurrencies to its American clients for investment. The Coinbase Wallet, on the other hand, accepts all ERC20 tokens. This  in addition to Bitcoin, Ripple, Stellar, Dogecoin, and other well-known cryptocurrencies. Depending on the payment method, Coinbase has different costs in the US.

The biggest cryptocurrency exchange in the United States, Coinbase, recently declared that due to limited usage, XRP, BCH, XLM, and ETC will no longer be supported by its wallet. As a result, users have until January 23 to see and transfer their tokens to a third-party wallet provider. All Ethereum-compatible networks as well as specific networks like Arbitrum, Avalanche C-Chain, and BNB Chain are compatible with Coinbase Wallet.

Due to its legal dispute with the SEC, XRP, formerly among the top three cryptocurrencies, has witnessed a decline in market value and user base. This cryptocurrency was well-liked for processing payments swiftly—up to 50,000 transactions, regardless of size—in a single second. Even though XRP continues to have a sizable social media following, Ripple may be able to reclaim some of its old luster if it prevails in its legal battle with the SEC.

XRP, BCH, XLM, and ETC are no longer supported by Coinbase

One of Ripple’s co-founders developed Stellar Lumens (XLM) as an alternative open system with a different business model. It is presently ranked 25th on Coinmarketcap’s list.

After the New York Agreements failed and miners and developers struggled to agree on Segwit and the size of network blocks, Bitcoin Cash was born. The coin was actively promoted by Roger Ver, but it regrettably fell to 26th place among the most valuable cryptocurrencies in the world.

After the fork, Ethereum Classic was also created, however it was the first chain before Ethereum gained popularity. A hack on The DAO was the catalyst for everything. In the top 100 most valuable cryptocurrency coins, ETC is currently placed number 23.

Despite all the recent terrible news in this industry. Like as the bankruptcy of FTX or the crash of Terra Lun. Which had an impact on the entire cryptocurrency market. Research reveals that retail consumers are still investing in Bitcoin. According to a new report from Glassnode, wallets holding less than one Bitcoin have added 86.2K Bitcoin since FTX’s bankruptcy, marking the largest rise in balances ever. The overall number of Bitcoin now stands at 1.21 million, or 6.3% of the total supply of Bitcoin.

Because new and small investors are growing more cautious with their investments and want to avoid taking a chance on altcoins or meme coins, the poor utility of cryptocurrencies deleted from the Coinbase Wallet may be the cause.

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