You would be surely rejoicing over the news that Coinbase has added a ripple to the central exchange of cryptocurrency trading if you are a fan of Ripple crypto. XRP tokens are designed for the payments of cross- border. But for every transaction, there are some disadvantages. Even for this XRP, there is a disadvantage.
There are mainly three crypto-currencies. They are XRP, Stellar and Monero. They are the cryptocurrencies used for the ‘destination tags’. These destination tags are used to identify the bits of data. An exchange which is used to ensure the funds goes to the right user. So, to the user, it is important to ensure that you include XRP token to Coinbase or any other exchanges. If the exchange tag is gone wrong, then it is hard to know where this money should go. Other crypto exchanges fix this problem manually, but XRP says that is ‘permanently lost’.
When it comes to trading, the primary responsibility is yours to check the destination address. The correct destination needs to be provided. If the destination address is wrong, then your coins will be sent to any other address which no one can authorize to.
The exchanges use these destination tags; that the XRP is sent to the wrong place. It is done by the exchange which can’t work out where the destination place to assign the crypto-currencies.
This is the process which can be solved. Every user of the crypto-currencies needs to provide the correct address where the money needs to go. By making this, the user cannot lose his money. All the other crypto exchanges do this process.
In the first week of March 2019 Bitrue, an exchange, posted on Twitter on March 2 that it manually allocates funds if there is a missing or incorrect destination tag. Crypto wallet Wirex and Kraken exchange do so too. Coinbase is choosing not to, and people are peeved.
For $XRP DT issue, what we do is to manually allocate the fund that has arrived at our wallet to the rightful customer if there's a missing or wrong destination tag involved. It's a little extra work but always brings happiness to our customers. 🥰 https://t.co/PQFKAeQb0S
— Bitrue (@BitrueOfficial) March 3, 2019
Bitrue is a crypto- exchange. It tweeted that the issue is solving manually which allocates some funds if there is any mistyping the address or misplacing tag.
Coinbase has already fallen from one point to another. It is hiring and then firing the employees. It is behind the team of Analytics Company named Neutrino. It is done to admit its analytics provider who was selling the customer data.