Coinbase Rethinks Bitcoin Cash

A view of Bitcoin token

Investors who held bitcoin on most exchanges as of Tuesday morning, at the time of the split should have automatically received the equivalent amount of bitcoin cash, according to commentators.

Another Coinbase investor, Fueled founder Rameet Chawla, even suggested that Coinbase might increase the strength of the original bitcoin down the line by establishing faith in the legacy currency. We made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.

Now though, the currency has established itself somewhat, creating a massive and controversial storm within the community. Now let us discuss a few interesting points about the new kid in town, the Bitcoin Cash. This position, however, appeared to trigger a stampede of withdrawals, akin to a bank run, that led many customers to complain about long delays in getting access to their funds. We have not been able to independently confirm that, but the Coinbase policy change may be an indication. For users on exchanges and custodial platforms, which handle private keys for their clients, each exchange is handling the BCH hard fork differently.

Users were concerned regarding the status of their bitcoins. One year ago the bitcoin value was $588, it peaked at over $3,000 in June, fell to about $1,939 on July 16, and is now trading at about $2,890. The exchange rate for the currency, which began trading on August 1, briefly reached $700 on Wednesday and is now trading around $400.

One of the major players in the cryptocurrency game, Coinbase, said they would not support the new blockchain - i.e. would not trade in the new currency.

More news: Uproar over tax raid on Karnataka minister's resort

Some leading bitcoin exchanges including USA -based Kraken and South Korea's second largest bitcoin exchange Korbit support BCH/BTC trading and offer wallet services. All-in-all things are stable in the cryptocurrency world except the Bitcoin Cash price plunge.

Coinbase and GDAX will not offer full support for Bitcoin Cash, however. Trezor, the most popular and widely utilized bitcoin hardware wallet, has also integrated beta BCH wallet for users to withdraw or store their BCH but none of the abovementioned BCH wallets are completely safe as of now.

That will change by January 1, 2018, Coinbase Director of Communications David Farmer revealed this week.

"It's been a record week for Blockchain", said a spokesperson for the company.

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