Coinbase Just Allowed You To Trade Bitcoin Cash (BCH)
Coinbase announced that you are now able to trade Bitcoin Cash (BCH) within their system today. Given that they are the largest exchange, the news hit the market sending the price of BCH soaring by 50% and Bitcoin (BTC) plummeting up to 25% at its lowest. This is all apart of the inevitable transition as BCH eventually replaces BTC because it offers lower fees, faster processing and more. Long term crypto investment will depend on those improved network factors. Here’s what Techcrunch had to say:
Coinbase has just added full support for Bitcoin Cash (BCH) – meaning you can now send, receive, buy and sell the cryptocurrency. All users will also be credited an amount of Bitcoin Cash equal to their Bitcoin balance during the hard fork that occurred August 1st, 2017.
As a refresher, Bitcoin Cash was created when Bitcoin “forked” in early August, by a group of developers who wanted to alter Bitcoin’s code so the blockchain could process more transactions at a faster speed, as well as require a much lower fee. When Bitcoin core developers disagreed, a group decided to copy and modify Bitcoin’s code to create Bitcoin cash.
In a blog post, Coinbase said they considered ” developer and community support, security, stability, market price and trading volume” when deciding to fully support the digital currency. Additionally, they gave some (brief) rational behind the decision:
What about you? Are you going to invest in BCH? Are you getting out of BTC? There are other prominent investors that are doing just that…