Published: Mon, August 07, 2017
Markets | By Erika Turner

Bitcoin cash slumps 62pc but Coinbase vows to support it

Bitcoin cash slumps 62pc but Coinbase vows to support it

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.

"We made this decision based on factors such as the security of the network, customer demand, trading volumes and regulatory considerations", it said.

Despite the execution of Bitcoin Cash hard fork on August 1 which mainstream media outlets including BBC had described as "chaotic", bitcoin price has maintained its upward trend and today, on August 4, bitcoin price broke the $2,800 mark.

Now though, the currency has established itself somewhat, creating a massive and controversial storm within the community. Bitcoin Cash was announced as the latest member of the cryptocurrency family the next day.

It has undergone several exchanges including the popular destinations like the Coinbase and Kraken.

That led to loud criticism, and threats of lawsuits from Coinbase customers.

GDAX, the cryptocurrency exchange operated by Coinbase, has made public its intention to launch support for Bitcoin Cash (BCC or BCH) by January 1, 2018.

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Coinbase wouldn't disclose how many users withdrew their bitcoin in anticipation of the hard fork.

Trezor, another wallet, released a statement that bitcoin cash is still offline in the Trezor beta wallet as the Bitcore backend (Bitcoin ABC) reindexes. Yet, he labeled bitcoin a "failed experiment", as users weren't able to reach consensus on the direction of the protocol.

Forks enable innovation and improvements to digital currency and we believe that we will see an increasing number of forks in the future.

It has for quite some time been expected that crypto-land would be ruled by one cash, Bitcoin, in light of system impacts: the all the more existing clients it has, the more appealing it moves toward becoming to new ones.

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.

Following the fork of Bitcoin Cash, a bit of uncertainty struck those involved with Bitcoin and its price reflected this. In the interim, they said, both bitcoin and bitcoin cash will remain safely stored on Coinbase.

"Coinbase would not keep the bitcoin cash associate with customer bitcoin balances for ourselves", the company posted on Twitter.

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