XRP in Coinbase, Lost Pass Phrase...Help!

[Divine999]

Need advise.  I misplaced my Pass Phrase.  Have XRP on hold in Coinbase. I don't know if I can transfer my funds to a Ledger stick thingy.  Coinbase isn't allowing selling XRP currently.  What should I do?

[at3n]

Your situation is unclear. If you have lost the passphrase to your Ledger wallet, then no, of course do not send anything else to it.

If you have lost the password to your Coinbase account, then use their "forgotten password" option to reset it.

I believe you can still withdraw XRP from Coinbase even though they don't let you trade it, so you can send it to a wallet that you have the keys to.

[Divine999]

Thanks for the help At3n,

I do not yet have a Ledger wallet.  I do have my Coinbase password though, but not the 12-word Phrase.  Can I send the funds to a Ledger wallet thumbdrive without the 12-word Phrase? When does one need the phrase?  Could I remove the funds to a Ledger Thumbdrive and later set up a new acct. on Coinbase and then transfer the funds into the new CB acct (thus getting a new 12_word Phrase, I suppose)?

Edited June 7, 2021 by Divine999
clarity

[at3n]

Are you using Coinbase Wallet rather than Coinbase the exchange?

[Divine999]

I believe I'm just using the Exchange. I see no reference to a CB Wallet on my CB Home page.

[at3n]

When are you asked to provide the 12 word phrase? I've never experienced that with Coinbase. May be forgetting though.

If you can log in to Coinbase, you should be able to withdraw XRP to another wallet (including Ledger).

[Divine999]

I have not been asked for the phrase yet.  I just was told that if i misplace it, I really am screwed.  I can log into CB. I have been buying and selling just fine so far.  I have had no problems yet.  But what problems would I encounter if I don't have the phrase?

[at3n]

I don't think a 12 word phrase is a thing for Coinbase exchange. If you Google it you only see references to Coinbase Wallet or Coinbase Commerce. So I don't think you'll have any problems.

Phrases are usually used for wallets which only you have the keys for. Coinbase is a centralised exchange, so wouldn't usually use something like that.

You could test by generating a new wallet on e.g. the XUMM app and trying to withdraw 20 XRP from Coinbase to it (if 20 XRP is a small amount to you). Otherwise I'd suggest contacting their support to clarify.

But I think you don't need a phrase at all.

[Divine999]

God Bless you!  I've been so worried! Thank you Bro/Sis!!!

One more thing.  I hear the Bearable Bull say that we must get an offline thumb drive wallet, like Nano,  I guess he may be concerned that the exchanges may go down or get hacked.  Do you agree?  And if so would I be able to move my XRP to a Nano without the Phrase?

And, would I get a new Phrase if I transferred my XRP to another exchange like XUMM?

Edited June 7, 2021 by Divine999

[at3n]

22 minutes ago, Divine999 said:

I guess he may be concerned that the exchanges may go down or get hacked.  Do you agree?

Yes, that is a threat, and "hardware wallets" like Ledger are one alternative to exchanges. However, with a hardware wallet, you will be given a 12 or 24 word phrase to keep safe, and if you lose that, you could lose all of your coins. So, if you think you can keep the phrase safe, then good. But if you think you might lose the phrase, then a hardware wallet wouldn't be a good choice for you.

29 minutes ago, Divine999 said:

And if so would I be able to move my XRP to a Nano without the Phrase?

I believe so.

29 minutes ago, Divine999 said:

And, would I get a new Phrase if I transferred my XRP to another exchange like XUMM?

With XUMM you get 48 secret numbers instead of 12 words, but it's the same idea. XUMM is not an exchange, it's a software wallet.

Generally, anything that isn't an exchange will give you some sort of code to record, and it's absolutely vital to never lose the code/phrase. The benefit of an exchange is that you don't need to do that, and they generally have recovery procedures in case you lose your password. But the downside is that the exchange may get hacked or go out of business.

I suggest you do some research about different types of cryptocurrency wallets before proceeding, as it's very easy to make a mistake and lose your money.

[Divine999]

Thank you sooo much!  I will take your advise.

Mahalo!