8/1/17 Coinbase Announcement to Bitcoin users
Coinbase Announcement
Just wanted to share for anyone interested in what is going on next week with bitcoin. Here is a copy of the update on August 1st sent out by coinbase to their customers. They sent this via email today.
Dear Coinbase Customer,
We wanted to provide an update on proposed changes to the Bitcoin network and what that means for bitcoin stored on Coinbase. You can read more about what a digital currency fork is https://blog.coinbase.com/what-is-a-bitcoin-fork-cba07fe73ef1.
Our first priority is the safety of customer funds. In the event of a fork, customer fiat currency (USD, EUR and GBP) and digital currencies (bitcoin, ether and litecoin) are safe.
On August 1st, 2017 there is a proposal to make changes to the bitcoin software. This proposal, known as Bitcoin Cash, is likely to create a fork in the Bitcoin network. This means that after August 1st, 2017 there are likely to be two versions of the Bitcoin blockchain and two separate digital currencies.
In the event of two separate blockchains after August 1, 2017 we will only support one version. We have no plans to support the Bitcoin Cash fork. We have made this decision because it is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value.
This means if there are two separate digital currencies – bitcoin (BTC) and bitcoin cash (BCC) – customers with Bitcoin stored on Coinbase will only have access to the current version of bitcoin we support (BTC). Customers will not have access to, or be able to withdraw, bitcoin cash (BCC).
Customers who wish to access both bitcoin (BTC) and bitcoin cash (BCC) need to withdraw bitcoin stored on Coinbase before 11.59 pm PT July 31, 2017. If you do not wish to access bitcoin cash (BCC) then no action is required.
We plan to temporarily suspend bitcoin buy / sells, deposits and withdrawals on August 1, 2017 as the fork is likely to cause disruption to the bitcoin network. This means your funds will be safe but you will be unable to access your bitcoin (BTC) for a short period of time.
We will keep you updated on this event through our blog, status page and Twitter.
Thank you,
Coinbase Team
That's the most recent update.
<3 eeps from Hawai'i
very informative and i'm very happy you share, i followed and resteem the info
Coinbase lies. This happened to me today:
Attention ALL BITCOINers., COINBASE is placing all sorts of obstacles for us to withdraw our bitcoins to our own wallets as the hard fork date approaches. I have been verified a million times already with them, I have submitted my ID several times in the past. However, today using false pretenses they asked me to once again submit my ID and then they did NOT accept for a long time. My US PASSPORT was NOT accepted as a valid ID (WTF). After the fifth try with my drivers license was finally "VERIFIED."
And then, when I tried to move my coins to my cold storage paper wallet, they told me the transaction was suspicious and would take 72 hours to verify, after which they may or may NOT complete the transfer. They are using unjustified obstacles and under table "mafia" type tactics to prevent customers like me to withdraw and freely move our bitcoins as we best see fit. If you have bitcoins with COINBASE you should move them immediately before the hard fork otherwise you may lose Bitcoin Cash. A hard fork means you would have coins in two blockchains, which COINBASE has clearly state will NOT support. Hence, they will STEAL those coins from you. You may be running out of time with their new 72 hour review silliness.
Thanks for this post. It seems like another sign that August 1st will go smooth for BTC.
My wife is from the big island. She's happy to see @hawaiianstyle.
Cheers.