No support to the new bitcoin blockchain from Coinbase

The civil war in the bitcoin community has started and Coinbase took its side already. According to an email sent to all the customers, they will not support the new bitcoin blockchain.

civil war

Dear Coinbase Customer,

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.

The User Activated Soft Fork (UASF) is a proposal to adopt Segregated Witness on the Bitcoin blockchain and could result in network instability. It is scheduled to activate at the same time as the UAHF.

To ensure the safety of customers’ funds, we will temporarily suspend bitcoin deposits, withdrawals, and buy/sell starting approximately 4 hours before activation of either fork.

If you currently have bitcoin in your Coinbase account, and do not wish to have access to UAHF coins or have immediate access to your bitcoin, you are not required to take any action.

If you wish to have access to UAHF coins or you wish to have immediate access to your bitcoin, you should send your bitcoin from Coinbase to your external address by July 31.

For more information on how to send bitcoin from your Coinbase account, please refer to this article: https://support.coinbase.com/customer/portal/articles/971437.

Thank you,

Coinbase Team

A new era

What will happen after August 1st 2017? Probably a split! As a result, two different type of bitcoins might be created on this day.

With this in mind, you’ll need to pick your side. Will you be on team bitcoin UAHF or team bitcoin UASF?  Which one will be the dominant one?

Conclusion

To sum up, this is huge news! In fact, Coinbase is maybe the most famous exchange (for newbies). This decision will have a global impact on the whole cryptocurrency community.