Bitcoin Cash Hits Coinbase, Causing A Dip In BTC Prices While BCH Prices Soar
Jesse Damiani , Contributor
I cover the human side of VR/AR, Blockchain, AI, Startups, & Media.
Opinions expressed by Forbes Contributors are their own.
A picture shows the logo Bitcoin in the first Italian Bitcoin crypto currency shop 'Bitcoin Compro Euro' (meaning I Buy Euro), on December 11, 2017 in Rovereto, northern Italy. Bitcoin surged past $18,000 after making its debut on a major global exchange but was trading lower on December 11, 2017, highlighting the volatility of the controversial digital currency that has some investors excited but others nervous. / AFP PHOTO / PIERRE TEYSSOT (Photo credit should read PIERRE TEYSSOT/AFP/Getty Images)
After months of rumors, it's official: Bitcoin Cash (BCH) is coming to Coinbase.
A blog post on Tuesday has officially confirmed what many have been speculating for months: Bitcoin Cash—a fork of the Bitcoin blockchain—is headed to popular cryptocurrency brokerage Coinbase, effective as soon as there is "sufficient liquidity" on GDAX.
Users will be able to buy, sell, send, and receive Bitcoin Cash on the platform.
This follows a recent surge in price in BCH. Following the announcement, Bitcoin plunged by 12 percent, dropping below $17K, while BCH jumped several hundred dollars, clearing the $3K mark. The current listed price on CoinMarketCap is $3,387.54.
In the post, Coinbase expressed their belief that customers should not be hurt by forks that occur outside their control, saying:
Coinbase operates by the principle that our customers should benefit to the greatest extent possible from forks or other networks events. This is essential in our mission to make Coinbase the most trusted, safe, and easy-to-use digital currency exchange.
Coinbase's previous update about Bitcoin Cash can be found here. Read this post on Blockgeeks for more information on Bitcoin Cash.
Editor’s Note & Disclosure: The author invests in cryptocurrency markets. Neither the author nor Forbes endorses participation in any token sale or cryptocurrency investment, all of which have significant inherent risk. Seek advice from a financial advisor as well as do your own due diligence before considering investment.
Jesse Damiani is Editor-at-Large of VRScout, Series Editor of Best American Experimental Writing, and CEO of Galatea, a writing and project management tool for AR and VR stories.
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