Thursday, 19 October, 2017

Coinbase Rethinks Bitcoin Cash

Bitcoin news LIVE Latest price chart GettyBitcoin news LIVE Latest price charts as Bitcoin cash falls but Bitcoin rises
Juana Turner | 07 August, 2017, 00:49

The new currency started off with about one-tenth of Bitcoin's value and the price has fluctuated wildly since its creation - hitting a peak of $756.93 before falling to $284.89 earlier today.

"From an investor's point of view, we invested in Coinbase because they have made a voluntary commitment to be regulated", Schuler said, "and to focus on being trusted and safe - as safe as you can be in an experimental environment like this".

The split gave way to bitcoin cash after the original bitcoin's "forked" in a move that created a duplicate cryptocurrency that shares the same basic architecture but with a number of technical differences, including increased blockchain capacity. In the meantime, customer bitcoin cash will remain safely stored on Coinbase.

Many users and investors remain unsatisfied with the decision of Coinbase to credit user accounts with BCH after almost five months since the initial execution of the BCH hard fork.

Some observers are speculating that the Coinbase cold reserves fell by 50% when customers unhappy with the decision to stick with only the original blockchain made a "run on the bank" withdrawing their value.

With 9 million users and $20 billion exchanged, Coinbase has its hands on a lot of the digital currency floating around.

Bitcoin Cash plunged on Friday, and was last down 34.4% at $285.55.

Everyone who had Bitcoin at the time of the hard fork was awarded the same amount in Bitcoin Cash in the process, so, for instance, if someone originally had 10 Bitcoin they would end up with 10 Bitcoin and 10 Bitcoin Cash after the hard fork.

Users were concerned regarding the status of their bitcoins. Back in June, Bitcoin set a record of $3,000, the highest the currency had ever reached until now. The exchange rate for the currency, which began trading on August 1, briefly reached $700 on Wednesday and is now trading around $400. Coinbase now says they will support the fork next year but have not committed to trading.

All bitcoin investors were granted an equal quantity of bitcoin cash after the fork.

"Over the last several days, we've examined all of the relevant issues and have chose to work on adding support for bitcoin cash for Coinbase customers".

Coinbase and GDAX will not offer full support for Bitcoin Cash, however. Popular digital currency wallet, or storage site, Trezor, also announced Thursday that it restored customer access to bitcoin cash.

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