Topic: Coinbase wallet stops support for XRP, ETC, XLM and BCH (Read 392 times)

Well, we all have our preference of what we think is a good and a bad coin. And on your end, it's XRP that's good on you and you're an investor on it. Anyway, it seems not a problematic thing to you and to the others that owns the delisted coins because they're listed in other more exchanges.

Looking at the overall volume of most of them, they're considerably good and doing well. But if Coinbase has its own basis, they can do what they think should be done for the good of their business. Likewise, many think that it's not that really true that these cryptos do have a low usage on their platform.

I do agree about ETC, after the transition of ETH, most miners went through ETC as it's still mineable. But can't do anything with that if they have to remove it just for the same reasons as the others.

Yeah, I've already corrected that on the original post. Thanks!

That's right we can import our wallet to any other wallet. By seed phrase or with private key.
There in other wallet we can see or handle our coins/tokens easily if this wallet support these coins/tokens.
And the Coinbase users should not panic in this situation.

There is a reason for all of them but not sure about ETC one. XRP is a company, it's called Ripple, and removing that makes sense because they are being investigated at all times, and XLM looks like it's not going to pick up, and BCH as well, those are two that has gone down too much and will not recover by the looks of it.

On the other hand ETC is still strong, and since ETH going the staking route, ETC has been a safe harbour for many miners as well, so it is a weird decision to lump these together there. I feel like there needs to be something that could change it all together, I wish that they were all very low ones, and not high level ones like ETC.

Yes, because of the citing low usage but it doesn't mean you can't use these 4 coins once delisted.
It's only on the Coinbase wallet but still you can purchase it on Coinbase pro.  Just only removing support, doesn't mean you can't access it.

Sometimes this really happens on exchange when there's low usage or has minimal trading volume on that coins.

Another reason could be these.

• XRP - SEC issue
• BCH, XLM and ETC --fork coin issue

this is obvious decision coming from big platform like coinbase these coins that gets delisted are quite literally just losing their volume slowly but sure, I think eventually the other platform like kucoin and binance gonna do the same if they listed the coin in the first place, it's certainly better that someone should ditch this coin and invest in newer coins that's basically guarantees more return instead of holding the coin that just losing its fame and popularity.

I don't think Ripple will bear good profit at this time. At the time of listing on Coinbase, I bought a huge number of Ripple but after some days, I almost lost my capital. There is no strong reason behind investment of Ripple. Only community support isn't enough to grow Ripple. Team should focus on the development of Ripple in different aspects.

Out of all these delisted tokens, its only Ripple which is worthwhile and incidentally I have a good amount of it stashed in my Atomic wallet. Though Ripple has started gaining some greens after the predictable red candles gotten after this announcement

Yes, the last few statement is true. It's their business. Changes in rules are their options and capabilities. You might find something is that not favorable to you, so much better to move as quick as you can to avoid it. In this case, finding your own wallet or looking for other place to store your assets is your best option not to find yourself being stuck and having difficulty.

If you can have your own safe wallet the better, keeping it inside exchange always has a risk, even how established the business/exchange we can't predict what the future will bring.

Well, it's not all about any fraudulent activities or anything close to that. The main reason of Coinbase is about the low usage of all of it thus, they've decided to cut their support and operation for these coins.

As per Coinbase's statement, even if the date passes by it is still possible for those that have missed the announcement to take and still gain access to their assets through the recovery phrases. And as our concern about exchanges, when we have no intention of trading the assets we've got there, it's better to keep it to our own wallets where we have the private keys.

Good for you that your assets are still there. I guess majority of the people in the community on the early years weren't aware of the risk of keeping assets in exchanges until we've learned the lessons through major hacks and exit scams of some other exchanges.
And it has given us a valuable lesson that even if they're considered safe and good, still, trust no one when it's come to your crypto assets.

Even before the FTX debacle, there's the Mt.GOX and other exchanges fiascos that has been marked and added in the history.

That's already bind to the idea that we should always remember that when it's about the exchanges, they've got the power to change any rules they have or terms of service. And this is the same as the support for the cryptos that they want to list or delist from their services.

Yes, lack of adoption or usage. I guess that the team knows what they're doing and it's just hard to accept those that owns those coins sees a news like this that it's been delisted from one of the known exchanges worldwide. But whether we like it or not, there's nothing we can do about it but just to go somewhere else where these coins are listed if ever you've got them.

Well, every beginning of these projects were good because they're like free money to those that have received them like an airdrop on its early days. So, most likely the demand was quite high and that's not seem to be a problem of them because usage is high. But as the years passess by, we've seen that there's some projects that turned into shit and hated by the community, I know you know what I'm saying, still they've given free money but change is constant and this is part of it.

Yeah, they're not the other exchanges that have been adding almost everything that they can see in the market. I think that they're back on track and we're going to see more from them to delist those that have low usage based on their stats from their users.

I don't see any connection of the delisting to the fall of the market. The market is quite stable lately and even with this news came out, still, it's good as it was. Well, these delistings doesn't have to do with bitcoin or ETH so it doesn't make sense whether they get a price up or down.

There's the recovery phrase and that's based on their blog, it's the wallet itself and not the exchange account.

Possible, I'm not fond of technicalities but I understand your explanation. It's true and very likely that there's the other reasons that they don't want to disclose but I'll leave that to those that are good technicality and maybe they'll open about it soon.

You're right, as vv has explained. It's very possible but as long as they're not disclosing it, we'll just have to get into their words about the certain reason about having low usage unless they'll be vulgar with it and admits that there's something else besides that reason.

I also see a lot of supporters for XRP and usage on it but if they've got basis on it and they're only relying on their own records, we can't do much with that as it's been decided by them and they'll be leaning towards to their own metrics which ended up saying of having low usage even it seems unlikely.

I'm worried that the team from the coin is manipulating and deceiving, as we know that Coinbase is an exchange that has a high and strong reputation, it is very difficult to get registered on Coinbase, when they find indications of fraud then immediately stop the deposit process, hopefully this is due to maintenance reasons .

It's better that they say this early because if they don't, people will rush to withdraw their coins and others might find their XRPs stuck there. Now they really need to consider finding or looking for something to keep their coins easily and withdraw conveniently. Right now everyone is obliged to have a hard wallet to keep their coins because these exchanges keep updating their features and rules because of what happened on FTX. We need to know that they're exchanges, their rules, and not our wallet, it's not our coins at all.

Coinbase is an exchanges that I have used since 2014 together with Bittrex, I always keep assets in Coinbase because everything is safe, even when I stopped since 2018 then login again at the end of 2021 all assets are still safe, and if the coinbase is currently stopping a few Coins for deposits of course this is a negative sign that makes us have to be aware of the coin.

After the FTX case, it is better to store assets in the own wallet, too risky storing assets in Exchanges, they provide convenience for deposits but when we want to withdraw, we are like a thief who has to take a few steps to be able to take our own money.

Yes. Exchanges are businesses, and they are selling a service. You never know when any centralized entity will decide to change the rules. Just because something is a certain way today, that doesn't mean it will be tomorrow. People should be aware of their own risk when dealing with third party services and take whatever measures they deem appropriate to protect themselves.

That is the risk people accept to take when they put their trust in centralized projects, it is clear to me that for coinbase and any other exchange  making money is the number one reason they do anything, if they think that some coins they are supporting in their wallet are not giving to them the volume and the profits they are looking for then they are going to stop the support of those coins, even if the community does not agree with this move at all.

The reason behind the delist of these coins is because of lack of adoption from coinbase wallet users, thats what I read online, I think the coinbase team don't understand that doing this is like trying to be in control of what coinbase wallet users should be buying.

This is another reason why centralized projects sucks, because still buy lots of XRP, ETC and BCH but just because people are not storing these coins using coinbase wallet they decide to delist. This is lame.

All of them are old coins but not common to this day, I find the reason they give is reasonable. These altcoins don't seem to be much used or invested anymore, they are barely mentioned in the altcoin market anymore.

Although all of them are very cheap as we are still in a bear market but I don't think investing in these altcoins is a wise choice. We have more potential altcoins than these 4 older coins.

This is something I thought was going to happen long ago because of XRP issues with the SEC.  I only HODL not too many XRP and they are safe on my Trust Wallet.

I have sold all of my ETC which I got for free from the fork and also my BCH from the fork.  Coinbase did give me some XLM for answering questions on the site so I find it strange they are not going to support XLM no more.

I feel like adding more and more coins doesn't matter, because even though it would be great to have one big exchange with ALL coins and tokens, like coinmarketcap but exchange, that would actually hurt the market more than it helps it.

Reality is that we shouldn't really have a centralized exchange with all of the coins and tokens in. Coinbase did the right thing and took it slow, because they wanted to make sure that they perfect the thing they had on their hands before they move towards adding more. Now they have idiotic things like apecoin involved, just because they know they could have made some profit from the trading fee's, and of course when those shitcoins go down in volume, they will delist them all.

The coin is the top ranking coins, and if a bad case is found, it is certain to make the market fall even more, maybe the price of the ETH will drop below $ 100 and the price of Bitcoin drops below $ 1000, many will panic and feel that cryptocurrencies store bombs that can explode any time.

Coinbase wallet doesn't provide recovery seed if I am not wrong so there is no way to recover the assets if you didn't move to another wallet on or before time. Coinbase exchange and wallet are different things so don't get confused but you never get the recovery seeds on any of these so if you have any assets there then just withdraw it as soon as possible.

Actually all those coins listed are quite popular. You are right that there might be other reasons for the delisting that will happen and not about usage issues. It's not a loss for us because I believe that a lot of us here don't like using coinbase wallet because they are too centralized but this might affect the price of those coins.

It was still great if we look on the bright side because we can buy more of them and besides are still in the bear market so it isn't really that unfortunate. Those who use coinbase will definitely receive an email about this so there is no need for you to warn them about this. They will surely withdraw because who likes their coins to get confiscated anyway?

But all the user needs is to install an old version of the application and he will be able to deposit, the problem that may occur is the lack of synchronization, but it is a strange behavior where if they can, they can do more.

I will download the wallet to test it myself and then evaluate what happens.

I believe there is another factor besides low usage within the application. Truth be told, we don't know any percentage of the wallet active users and the coin usage itself, so I can only speculate.

One thing for sure specifically for XLM is this specific wallet is not designed to fully support the XLM ecosystem, as in result, XLM userbase preferably choosing other wallet who has more better integration with the ecosystem. I can not mention for other coin since I did not know deeply how the ecosystem develop, but, I believe there will be a similarity.

Another logical factor is the bear to maintain those specific coins codes. If any particular coin that is not EVM-compatible, are having few user bases, the cost to maintain it exceeds the benefit of the wallet itself.

Yes, they removed and other exchanges as well with the SEC vs XRP case and up to know there are still no decision.

I think the most interesting coin here is BCH, but I guess in this bear market, this one hype coins is dying or at least there are no volumes in Coinbase and so they will have to delist it as well.

We haven't hear any uproar regarding the delisting, so I guess there's no issue from the project developer, and there are still exchanges that support it so I they are still good to go.

I think they are just referring to low usage on their exchange, not saying that all altcoins are currently low usage in the market but it can be said that these 4 altcoins have almost become obscured in the market and are not mentioned much. Other than XRP is still considered the top coin, the rest are ETC, BCH, XML, I don't see anyone mentioning or investing in it, to me these are altcoins that have died because they are no longer profitable.

  -  What coinbase wants to convey is simple, they are reminding all coinbase users that if you have the coins they mentioned, starting from Dec. 5, 2022, they no longer support it due to low usage. these these.

In this regard, I am a bit doubtful and disagree, I think they have other reasons. Why did I say? For example XRP, they announced that it is one of the low usages, how will that happen if XRP is still included in the top 10 altcoins in this industry?

So for those who still have the coins mentioned in coinbase, it is better that they can withdraw them before December 5, I just advise its users.

BCH had its issues. I think more crypto enthusiasts will like this move.
XLM had not been heard for a long time so yes, the trade volume might be getting lower as time passes by.
With XRP though I have doubts. It almost sounds like an attack because I can still see many supporters of the said coin despite their problem with SEC which had been going on for a long time.
And because of this, they might be pushed down harder to make investors pull their investments, those who are still expecting good news when everything clears out.

Yep, it's all about the fees and profitability and if Coinbase is no longer getting that much from these coins fees then it makes sense why they have to remove it and have to move on.

They've given a date when people expect it to be removed. As for XRP, it's known that there's a SEC issue and aside from having low usage, that could be another reason for them to remove it. There's still a massive community these coins even majority of us dislike BCH, it's still breathing though.

They might have the metrics of its usage and analytics on their end but for sure they're not going to disclose it. As for notifications, I think that they've done that and it's also on their blog site to make everyone aware of it. Usually with delisting's, they're sending a notification to all of their users.

That's the fate of a project that has thought they're better than bitcoin. Well, it's just one of them and there are more in the market. The impact of this could go as little to these coins to nothing. As long as they're still listed in other high volume exchanges, they'll just keep going and this is a personal decision of Coinbase.

I still remember them when Coinbase doesn't have that much, and many have been waiting and requesting for them to add more. Now, it's time for them to delist many that they've listed so, we're really going back to the time when there's lesser. We may see them add and have the replacement for these removed coins.

It seems to me that we are going to go back to the days in which if you had 10 different coins then you had 10 different wallets as well, these days having several coins has gotten way easier as wallets which support a great deal of coins have become the new normal, however since you are exposed to developments like this in which the wallet you use may drop support for your coins then I suppose it is still a good idea to have a wallet which supports exclusively our coins as a backup.

I also don't care about BCH. They're destined to fail not only because they're a fake Bitcoin but also because they insist they are the real Bitcoin. That's a perfect strategy to fail. They know very well that they are just a fork of Bitcoin, an altcoin in other words, but they defraud people to think that they are the original Bitcoin.

But all this is like telling the altcoins to do something about their activities. This is like an order to increase them whatever way they can, whether organic or fake, or else they would be kicked out.

It makes sense though to delist something that is not really in heavy usage.

Just can't imagine how "low" the usage is especially for XRP which I think still has good volatility these days and trading volume is good.

Regardless, I think Coinbase should also do some email notifications to notify their users. I said this because as a Coinbase email subscriber, I received no email about that. I'm sure not all users are used to reading announcements on their websites.

They can drop support for those coins from the user interface of new versions of the wallet, which would surprise users who don't know that they can import the backup seed into another wallet.

Wondering as well with XRP for a reason of low usage, probably there are bigger reason behind this.
Coinbase wallet should give more time for the user to transact with their funds, they should still allow the withdrawal and just stop the depositing option for those specific coins. Whatever their reason is, better to move your crypto now while you still can, the good thing here is that a lot of options to choose from aside from coinbase wallet, so there is nothing to worry about here.

It’s seems harsh but I guess business is business. If those coins aren’t bringing in enough trades & obviously fees (which is what it’s all about for exchanges) then it makes sense to delist. I’m not sad to see BCH chosen as one to delist, it’s about time really that scam was unravelled.

With regards to XRP it could just be ass covering by Coinbase because of the impending battle with the SEC.

I had high hopes for XLM years ago but it seems to have failed to gain enough adoption.

That's why reading the whole thing in the article is what I'm putting on the thread so that it will be more clear and precise. I think this act by Coinbase is just the start and we will see them do something more by 2023.

My bad, I've forgotten to include that phrase that everyone who still has the seed phrase can still access it. I'll edit it right away. As for Coinbase exchange, there's no announcement about the delisting. It's probably just on the Coinbase wallet.

They're popular IMO and never thought that it will be delisted except for BCH. I think the main reason is about the demand on their wallet itself and not the entire usage that's also counting outside usage. So, to be wise on their end, they have to cut everything that's not profitable on their platform anymore and these 4 coins are the ones.

It might be surprising but if it's not beneficial to their company and wallet itself, that's the decision that they see. It means that their users aren't really using these coins thus, the low usage.

Just use another non-custodial wallet if you're for storing it for a long time so that you won't have any problem about delisting or being removed or better use a hardware wallet.

Exactly, not a problem to those that have huge funds on this wallet because you're free to move it and if you've got the seed phrase which mostly you should really have, you can access it again but with such announcements. Better move it to another one.

I think that having that in their wallet support cost them money to add these coins included on the operation of their wallet. And by having that step, it'll save them more money.

Yeah and we're starting to see this fork going lower not just in ranks but in terms of usage and demand. During the ATH, it was one of the coins that didn't went up much.

This partial news is strange, but if Coinbase can ban coin in the wallet? What can also do? I thought the news is related to coinbase excchange, not the wallet.

Based on this quote, then:

So as long as you have your keys, what is the benefit of removing these coins? Or how will they do it? Do they control the servers and therefore your node will not connect or what?

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Otherwise, the Bitcoin Cash argument was that the fees in the Bitcoin network are high, today the fees are stable for a while and therefore there is no use in that currency.

The four coins are in the top 25 rankings on coinmarketcap, but coinbase wallet chooses not to support them anymore, isn't it that a coin with a high enough ranking makes network transactions busy and profitable for coinbase? But many wallets are available so this won't be a problem, just move it to another non-custodial wallet that is safe and reliable.

I don't know about wallet support for these coins, but I do know that Coinbase removed the XRP trading pair back when XRP had a court case with the SEC. But I'm surprised that the wallet stops supporting these coins as well. It makes you wonder how to store cryptocurrency, because it turns out that any wallet can stop supporting various cryptocurrencies.

Pretty weird because those 4 projects that they are delisting all seem to be pretty big crypto projets in my opinion. I mean especially XRP has a huge following and it is still rank 7 in terms of marketcap so i am not really sure if the reason for the delisting is really low usage. Also i don't really see why an other reason why Coinbase should delist those tokens. I mean they are not from direct competitors like Binance, Kucoin or Huobi. There were quite a few delistings in the last few months like the stop of support of USDC as a stablecoin from Binance. I wonder why this is happening. In the case of Binance not supporting USDC anymore it is pretty obvious though that Binance just wanted to harm Coinbase.

This came as a surprise to me. They're not really the most popular altcoins but they're still within the top 30 altcoins in the market. And we have many thousands of altcoins.

It is very possible of course that a lot of people have already ceased trading during this crypto winter. With the prices of majority of coins slowly falling down, it is expected that activities would also decrease. But low usage of XRP? It's the top 7 altcoin right now. ETC, XLM, and BCH are also ranked 20 plus. I'm not one of these coins' supporters, but where have they gone?

@OP you shouldn't confuse the readers!

Coinbase wallet and Coinbase exchange are different, Coinbase wallet is a non custodial wallet which mean you can get the seed phrase and then import it to other non custodial wallet. This mean anyone that use Coinbase wallet must not panic since you wouldn't loss your coins.

I don't know if Coinbase exchange still support those token or not, but this article only mention about Coinbase wallet only.

I think that if it's better if you are still adding a note about it can still be recovered through recovering your phrase to the non custodial wallet. It seems like that if these days coinbase didn't even wanna try to keep the coins with low usage. that's a good decision by coinbase but this exchange site must also think to remove bunch of shit tokens that is still trading at coinbase. Coinbase has been losing its big name due to the listed bunch of shit scam tokens on its exchange site like braintrust. 

The users from those coins that were removed by coinbase have been leaving it and they were moving to the non custodial wallet.

Those that still have their mentioned assets on Coinbase, you better withdraw it immediately they'll be stopping the support for these by January 2023 as per Coinbase's article but on Coindesk, it says December 5. Although from their website says that it won't be lost because as long as you still have the recovery phrase, you'll still be able to access it but it's better to have it on your own posession before anything else.


And the main reason why they're going to stop supporting these coins because of;


Sources:
https://help.coinbase.com/en/wallet/getting-started/what-types-of-crypto-does-wallet-support
Coinbase Wallet to End Support for Bitcoin Cash, Ethereum Classic, Ripple's XRP and Stellar's XLM