Coinbase on BCH
Direct From Coinbase:
Dear Coinbase customer,
We wanted to give our customers an update on the recent Bitcoin hard fork. You can read more about what a digital currency fork is here:
https://blog.coinbase.com/what-is-a-bitcoin-fork-cba07fe73ef1
Forks enable innovation and improvements to digital currency and we believe that we will see an increasing number of forks in the future. We expect this to be a vibrant and innovative community.
When a digital currency forks, it creates a new digital asset. Adding new digital assets to Coinbase must be approached with caution. Not every asset is immediately safe to add to Coinbase from a technical stability, security, or compliance point of view.
Our top priority is the safety of customer funds and we spend extensive time designing, building, testing and auditing our systems to ensure that the digital asset we support remains safe and secure. We may not always be first in adding an asset, but if we do, you can be sure that we’ve invested significant time and care into supporting it securely. We believe this is the best approach for us to maintain customer trust.
In the case of bitcoin cash, we made clear to our customers that we did not feel we could safely support it on the day it was launched. For customers who wanted immediate access to their bitcoin cash, we advised them to withdraw their bitcoin from the Coinbase platform. However, there are several points we want to make clear for our customers:
Both bitcoin and bitcoin cash remain safely stored on Coinbase.
Customers with balances of bitcoin at the time of the fork now have an equal quantity of bitcoin cash stored by Coinbase.
We operate by the general principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events.
Over the last several days, we’ve examined all of the relevant issues and have decided to work on adding support for bitcoin cash for Coinbase customers. We made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.
We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time.
Once supported, customers will be able to withdraw bitcoin cash. We'll make a determination at a later date about adding trading support. In the meantime, customer bitcoin cash will remain safely stored on Coinbase.
Thank you,
Coinbase Team
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Yeah that was a good one.
Coinbase took the pragmatic approach here. All BTC holders will get still get their BCH, and they get to jump into the pool when they want to.
From what I can see... it is good for business as people will be buying, selling or storing it... they get fees so a win/win.
Coinbase being Coinbase they live in their own world
And a strange world it be.
Amazing post @kyusho have a happy journey here
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Just a bit of news directly from Coinbase... I think their position not to work with BCH (under the circumstance for their clients), was a mistake.
Sounds reasonable. The initial response was defensible on a surface level, but didn't hold up if you poked at. This seems like a much better mutually beneficially solution.
They stand to win... simple solution in my opinion... they are also drawing it out, so they get to test the waters first, savvy move.
Great news @kyusho! Their customers will be happy. Actually, people were very angry with Coinbase before August 1 when they were told they could not get BCC.
All exchanges will cover it, unless it tanks to 0.
How bitcoin can become more widely used, can be an alternative currency of every country ..? Is it possible..? Thank you @kyusho
By just being Bitcoin I think, it is the new Gold.
That's great, let alone it will be the universal currency for all countries, gold mining alternatives.
after 5 months coinbase users will be able to access bch :o That's a lot of time
Well that's just Coinbase... and I want to wait to see what the January BCH is all about, before I trade,sell or just maintain position.