Coinbase, one of the most popular cryptocurrency apps have now added Bcash (BCH) to their roster. This was a very surprising move because most thought that this would happen in January of next year, not now. Adding Bitcoin cash to their roster now, seems like an interesting play by Coinbase. What else is will they do next? Will they add more altcoins? If so, which altcoin will it be?
It all looks like a part of their plan that they were getting users ready for with their recent blog post stating how they came to the conclusion of incorporating the cryptocurrency and that they’ve taken into account certain factors like “security, stability, and community support” as part of their decision to list it.
They’ve went further into their analysis on the matter by stating that they have a framework for making decisions on how they will list their cryptocurrencies. This framework was mentioned by a recent addition to their team, their COO to CNBC in an interview as well.
Going back to now, so, it seems that Coinbase has added Bcash, and that means that you can now exchange in the transactions of bitcoin cash in a simple and easy manner. That’s right, you can now sell and buy the currency with the click of a buy and sell button. You can also perform the same sort of activities that you could do with the other coins listed on their exchange. Are you ready for the increase in Bitcoin Cash pricing?
What users saw when logging into Coinbase today
When you opened up or logged into your Coinbase account, you should have seen something like this.
You would then be able to exit out of the pop-up and move on, or you could have clicked on read more and you would have been sent straight to their FAQ.
Where you would have seen this announcement:
Announcement: As of December 19, 2017 Coinbase will add Bitcoin Cash to our assets. Coinbase customers in qualifying countries will now be able to buy, sell, send and receive Bitcoin Cash.
And then frequently asked questions like
What is Bitcoin Cash?
Bitcoin Cash (BCH) is a direct result of a Bitcoin fork that occurred on August 1, 2017. It is an alternative version of Bitcoin that makes use of new features and rules, and has a different development roadmap. For more information about Bitcoin Cash, please visit https://www.bitcoincash.org.
How can I trust that Coinbase knows the exact amount of Bitcoin Cash that was in my account at the time of the fork?
At the time of the fork, we duplicated the current balance of all Coinbase customer accounts. Customers can download a copy of their transaction history to see a running log of their balance for each Bitcoin wallet.
Important to note is that, yes, they will be crediting you with the proper amount of BCH in relation to how much bitcoin you were holding as of the fork that took place on August, 1st 2017.
One will be able to also trade the newly added currency on GDAX as well.
Update: We’re now seeing what many have xpected from the exchanges, Coinbase and GDAX, as their pricing seems to have been quite varying and they have seen various outages throughout the the frenzy of trading. It should be known that GDAX has stated that they will be clearing and keeping BCH offline.
All BCH markets will remain cleared and offline until 9am PST 12/20/17. At that time, BCH markets will enter post-only mode for a minimum of one hour to allow liquidity to be established.
The market has reacted to the various events in the trading of the currency in an interesting manner, with many wondering why it seemed that the price of BCH went up prior to the announcement, some have alleged that there have been some sort of insider trading going on.
Other users are concerned with why they saw different pricing with the peak.
With users saying things like
Literally just watched
$BCH go from $3,100 to $9k in under 5 minutes of trading at Coinbase.
Coinbase is the world’s largest scam right now and they’ve cornered the crypto (including me) market. Any volatility and they just stop letting you trade. Straight up fraud
What’s even more interesting is that Coinbase has responded to these market concerns of insider trading, stating that
Coinbase maintains a strict trading policy and internal guidelines for employees. Coinbase employees have been prohibited from trading in Bitcoin Cash for several weeks.
Bitcoin & Bitcoin Cash Volatility
Meanwhile, Bitcoin saw it’s price decrease on the announcement, to where it reached prices in the 14,000’s and then bounced back up to mid 17,000’s, several hours later as the market readjusted.
So where is Bitcoin Cash sitting at right now? It’s fluctuating around $3,000.
Bcash has been trending up as different announcements were made, such as the recent one made by Bitpay, stating that they would be adding support for Bitcoin Cash payments. They noted that Bitcoin Cash payment option defaults will be integrated by 2018.
We’ll see where Bcash progresses as the days go by.