Coinbase is now planning to offer Bitcoin Cash ?!
Last week we talked about Coinbase sending out emails to its customers saying they won’t be supporting Bitcoin Cash. Everything was clear, thus, investors who wanted to get some BCC (or BCH) had to go somewhere else. However, a new email sent out today tells a totally different story.
But before getting there let’s refresh our memories.
First email warning
The User Activated Hard Fork (UAHF) is a proposal to increase the Bitcoin block size scheduled to activate on August 1. The UAHF is incompatible with the current Bitcoin ruleset and will create a separate blockchain. Should UAHF activate on August 1, Coinbase will not support the new blockchain or its associated coin.
Second email warming
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.
Ok now let’s look at the third email, the change of mind
Dear Coinbase customer,
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.
Launching on Coinbase on January 1, 2018
BCC will be available on Coinbase on January 1, 2018. That’s mean when you’ll open the Coinbase app you’ll see 4 currencies: BTC, ETH, LTC, and BCC.
Like always, everything launched on Coinbase goes mainstream, so expect the price of BCC to rise.
We can’t blame Coinbase for trying to retain its customer. January 1st launching date is intriguing and makes us believe BCC will not be the only new currency available on the platform.