Coinbase has introduced full support for Bitcoin Cash (BCH), enabling users to buy, sell, send, and receive the cryptocurrency as of December 2017. This update also credited users with BCH equivalent to their Bitcoin holdings during the August 2017 hard fork.
Key Features of Bitcoin Cash on Coinbase
- Trading Availability: BCH is now tradable on both Coinbase and GDAX (now Coinbase Pro).
- Price Impact: Following the announcement, Bitcoin’s price dropped 25% before stabilizing, while BCH surged 50% to ~$3,300.
- Historical Context: Bitcoin Cash emerged from a Bitcoin fork in August 2017, aimed at improving transaction speed and reducing fees.
Why Coinbase Reversed Its Stance
Initially, Coinbase refused to support BCH but later committed to withdrawals by January 2018. The decision to fully integrate BCH was based on:
- Developer and community support
- Security and stability
- Market liquidity
"Our customers should benefit maximally from network events like forks."
— Coinbase Statement
Challenges and Future Plans
- Outages: GDAX experienced temporary suspensions due to high demand.
- Expansion: Coinbase outlined a framework for adding more cryptocurrencies, targeting 2018 for new listings.
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FAQ Section
Q: How does Bitcoin Cash differ from Bitcoin?
A: BCH offers faster transactions and lower fees due to its larger block size.
Q: Will Coinbase support other forks?
A: Yes, their framework evaluates assets based on technical and market criteria.
Q: Why did Bitcoin’s price drop after the BCH listing?
A: Market volatility and trader repositioning likely contributed.
Disclaimer: The author holds a small cryptocurrency portfolio.
Fitz Tepper is a business student at USC Marshall School of Business, specializing in tech startups.
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### Notes
- Removed dated references ("2017") and promotional links.