Coinbase to Let Users Withdraw Bitcoin Cash After Outcry

A view of Bitcoin token

For now, Coinbase users can rest assured that both their original Bitcoin and their Bitcoin Cash will be held safely in their account until they decide to either move it, or save it until the first of the year. The new currency started off with about one-tenth of Bitcoin's value and the price has fluctuated wildly since its creation - hitting a peak of $756.93 before falling to $284.89 earlier today.

"We made this decision based on factors such as the security of the network, customer demand, trading volumes and regulatory considerations", it said.

Bitcoin (BTC/USD) traded climbed 1.9% to $2,868.95 at 8:01 a.m. ET, according to CoinDesk BPI.

The world's most popular digital currency exchange, Coinbase, reversed course on Thursday and announced it would accept a new bitcoin offshoot that was issued to every bitcoin owner. We have not been able to independently confirm that, but the Coinbase policy change may be an indication.

Experts in Greece moved to capture Alexander Vinnik, who was blamed for working BTC-e and washing billions of dollars with bitcoin over a multi-year time span. US prosecutors later uncovered a 21-tally arraignment that incorporated a $110 million common fine collected against BTC-e itself.

But eventually all exchanges will list Bitcoin Cash which could create huge selling pressure as investors see Bitcoin Cash as just a bonus. Coinbase users experienced delays of around 12 hours on withdrawals over the weekend due to the number of people moving their bitcoin. Earlier this month, Bitcoin shot past $2,000 for the first time in May and reached nearly $3,000 in June only for the valuation to crash. The new currency spiked above $700 after the August 1 fork.

Amid concerns over trading chaos and the impact on bitcoin's price, here is a look at the latest cash price and breaking news.

Some leading bitcoin exchanges including US -based Kraken and South Korea's second largest bitcoin exchange Korbit support BCH/BTC trading and offer wallet services.

Coinbase and GDAX will not offer full support for Bitcoin Cash, however. He said that is the date the bell tolls for bitcoin cash.

That will change by January 1, 2018, Coinbase Director of Communications David Farmer revealed this week.

"Coinbase would not keep the bitcoin cash associate with customer bitcoin balances for ourselves", the company posted on Twitter.



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