Why won't Coinbase Wallet support BCH?
Coinbase's announcement that has crept in lately might worry more than one within the Bitcoin Cash (BCH) community.
Coinbase is one of the world's largest centralized exchanges headquartered in the United States.
So the recent news that it will withdraw support in its wallet (Coinbase Wallet) for BCH, ETC, XTL, and XRP; does not take me by surprise.
I do haven't a crystal ball; I'm not a fortune teller. It's just enough to follow the movements on the money chessboard (to at least) try to understand what's going on.
Also, you need to know that the news is designed and aimed at the general public. The one who does not distinguish between an exchange platform and a wallet.
In that sense, ask yourself, based on the denoted message, if you can infer the connoted purpose.
Someone clueless could understand that Bitcoin Cash is used by few people. But if you look around you, the commercial adoption of BCH is slow but steady.
Now, I'll be honest! One thing that puzzles me is the inclusion of Stellar and Ripple. What do they have up their sleeves?
From Ethereum Classic, I think the strategy is clear: Make way for the new Ethereum Merge.
So don't be surprised by the wave of rumors to come after December 5.
Undoubtedly, 2023 looks very interesting and moved by regulations on the crypto market in favor of central bank digital currencies (CBDCs).
In any case, on December 6, the four coins will still continue to be listed on Coinbase. Only the non-custodial group's wallet will not support it.
By now, I hope you've deduced why Coinbase's captious announcement.
Sure, I won't lie to you! In recent months the Bitcoin Cash project has suffered many obstacles, causing disillusionment among relevant figures in the community.
But that was to be expected: do you think there wouldn't be resistance to a disruptive project? Yes, decentralization is necessary and strength by itself: but it is not the most direct and easy path to success.
The struggle is more subtle than it seems.
History is being written, and if you think you will escape it, I am sorry to disappoint you: we are all involved.
Personally, I don't use that wallet. So I don't care. I only hope the affected will be sensible and not run to transfer the funds to the custodial wallets of the Coinbase platform.
Remember, only you should own and be responsible for your funds. Learn from the collapses of the Exchanges. A new FTX is just around the corner.
If possible, use sufficiently audited open-source wallets. Even if they are open-source, avoid them if they are associated or integrated with a Centralized Exchange.
Please do not underestimate the ability of bankers and bureaucrats. It is not for nothing that they dominate everything: they work slowly and stumblingly, but in the end, if you let them, they will continue to dictate your destiny.
Source: Image by Kaifixed on Pixabay
FINAL THOUGHTS
Bitcoin was launched by cyberpunks. That is, by libertarians.
Freedom is a dream longed for forever and one that we have undoubtedly never fully achieved. It may be a utopia, but it is worth trying new paths.
Who does not aspire to financial freedom?
The most idealistic advocate of the abolition of money: How crazy!
First, we must do away with scarcity.
So I find it ironic to think that scarcity is what gives value to things in our system.
I wonder, based on this news: How scarce is the truth behind it?
I don't know if BCH, ETHC, XLM, and XRP; will achieve their tasks, respectively. Now, I do know. Those who support them will do everything in their power to prevail.
As far as you and I are concerned, we must choose the one that suits us and makes us: Freer than we illusorily believe.
An original article by @Jnavedan
The thumbnail by Tumisu on Pixabay
Cover image by Eglantine Shala-Udry on Pixabay
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