Recently, Coinbase publicized that its wallet will stop supporting XRP, XLM, BCH, and ETC because of low usage. Coinbase thinks that users lose interest in some cryptocurrencies as negative news about them lies in specialized and mainstream media.
According to a post from the exchange, January 23 will be the deadline for users to view and transfer their tokens to a different wallet provider. They will then have to import their recovery phrases to the new wallet to operate their assets.
The Coinbase Wallet is preconfigured to work with these networks: Arbitrum, Avalanche C-Chain, BNB Chain, Gnosis Chain, Fantom Opera, Optimism, Polygon, Solana, and xDai. Further, it backs all Ethereum-compatible networks and the Ethereum Virtual Machine (PVM). The mobile app even supports Bitcoin, Litecoin, and Dogecoin.
XRP came to have a massive group of fans looming all over Twitter. Regardless, Ripple’s legal battle against the SEC is the reason why most of its community abandoned their previous engagement. There is still a group of XRP fans interacting on social media. If Ripple manages to win the case against the SEC, XRP might retrieve both the market capitalization it lost and its thousands of users and die-hard fans.
XLM (Stellar Lumens) was made by one of Ripple’s cofounders as a more open alternative with a diverse business model.
Bitcoin Cash is a fork of Bitcoin made after the failure of the New York Agreements, where miners and developers attempted to reach peace regarding the implementation of Segwit and the size of the blocks. The coin, specifically boosted by Roger Ver, failed to acquire momentum and has slipped to the 26th spot on the list of most useful cryptocurrencies.
Ethereum Classic was also born after a split. Nevertheless, this chain was original and the forked and most widespread chain was the one we presently know as Ethereum. It was made after the chain was divided in two to deal with the impacts of the well-known hack on The DAO. It is crypto #23 on the Top 100 of the most worthwhile cryptocurrencies.
The low usability of cryptocurrencies released from the Coinbase Wallet is because of the fact that new and small investors are becoming mindful when investing their funds and prefer to avoid jeopardizing their money on altcoins or meme coins. The crypto exchange also revealed that presently only BNB Chain, Ethereum, Avalanche C-Chain, and Polygon-based assets are open for crypto-to-crypto conversions.
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