Coinbase is globally renowned for being the best and the most convenient crypto exchange platform for new as well as advanced crypto investors. Initially, only Bitcoin was listed and that went on for the first five years creating a great relationship between the two brands. However, in the later years, Coinbase started acting out and their relationship with Bitcoin suffered. This read will give you both practical and ideological reasons for choosing to delete Coinbase account.
Top reasons to delete Coinbase
Coinbase, as you know, started with Bitcoin and earned a fortune with its trading over the years. But, it is clearly visible that both these digital brands have been experiencing a bit of a falling out. There are practical and ideological reasons to delete Coinbase account and that is what you will be familiarized with here.
Coinbase envisioned being a financial control system and that has affected their relationship with Bitcoin. In addition to that, Coinbase has been observed for hiring former employees of a well-known hacking team for better blockchain analysis. This definitely doesn’t mean that the exchange platform isn’t safe but it sure tried controlling Bitcoin by interrupting their privacy policies and interchangeability. With that, they restrict users from sending coins to certain places as they pick on some addresses. Imagine a social media account that restricts your freedom to post your opinions, would you still want to use it? Well, you have your answer. Also, almost every other exchange platform charges less fee than Coinbase and that can be a good reason too.
Coinbase has been acting out politically and has been trying to take over the decentralization that Bitcoin offers. It aims to centralize the Bitcoin network and has an idea of, someday achieving the big block Bitcoin. In addition to that the Venture program by Coinbase has never contributed to any of the Bitcoin projects and in the eyes of the world, for a brand that has been selling only Bitcoin since day one for the next five years, this act as a shameful thing to do. It has become controversial and distant from Bitcoin for greater benefits.
Delete crypto addresses associated with Coinbase
Wanting to delete Coinbase account is understandable, however, if you want to delete crypto addresses associated with Coinbase, it is not such a great idea. To begin with, you cannot delete crypto addresses from any exchange platform or digital wallets and even if you can, you shouldn’t. That is because funds are sent to those addresses and each of them has had its private keys, which if deleted, can get lost forever. And thus, this is not ideally encouraged at all.
How to close Coinbase account and Withdraw to a Bank or Wallet?
Now, that you have all the necessary reasons let’s see how easy it is to delete Coinbase account:
- Start by signing in to your Coinbase account.
- Locate and get into the “Account Activity” page.
- Search and go for the “Close Account” option.
- Having no balance before you delete Coinbase account is a mandatory requirement for the process.
- If there are still some funds left, you must transfer them to another digital wallet or send them to a known Coinbase user.
Let’s take a look at what you’d have to do to withdraw the funds to a bank or wallet before you delete Coinbase account:
- Get inside your Coinbase Commerce account.
- Go to “Balances” and hit on the “Withdraw” link.
- On getting the prompted window, answer it.
Note: Keep in mind that Coinbase Commerce is a service only for cryptocurrencies and users cannot link their bank accounts directly. Users, however, can choose to convert funds to USDC and then withdraw to the linked bank accounts.
The above-detailed read majorly focuses on all the reasons that will make users want to delete the Coinbase account. You will get to know the top reasons for that, whether you can delete crypto addresses from Coinbase, and the steps to delete a Coinbase account along with the steps to withdraw Coinbase funds.