Why Bitcoin Cash Is A 'House Of Cards'

Bitcoin news LIVE: Latest prices as Bitcoin cash falls but Bitcoin rises - Updates, charts

Everyone who held Bitcoins received Bitcoin Cash. As that currency's price slipped, Bitcoin's showed renewed strength as its price soared past the $3,100 mark late in the evening.

Many users and investors remain unsatisfied with the decision of Coinbase to credit user accounts with BCH after almost five months since the initial execution of the BCH hard fork. The rest stated that the August 1 hard fork would have minimal impact on the bitcoin network, if any, because the industry has already started to consider Bitcoin Cash as an alternative cryptocurrency (altcoin). We have not been able to independently confirm that, but the Coinbase policy change may be an indication.

Some observers are speculating that the Coinbase cold reserves fell by 50% when customers unhappy with the decision to stick with only the original blockchain made a "run on the bank" withdrawing their value.

We will be crediting users who had BTC in their account balance at the time of the fork with matching BCH.

Could Bitcoin Cash still have a fighting chance against its predecessor? USA dollar transactions in bitcoin cash accounted for 22 percent, the site showed. Bitcoin has broken free of the trading range its held ever since reaching its prior record of $3,025 in mid-June.

Coinbase, which claims to have 9 million users, and its subsidiary the Global Digital Asset Exchange (GDAX) initially told customers they could not safely support the new crypto currency created on Tuesday on their exchanges, citing concerns about the asset's stability and security. Other Asian countries have relaxed regulations, and China is soon going to publish guidelines for trading in the currency. This is attributed to more exchanges accepting bitcoin cash and is said to be its natural stabilization towards its futures value.

Some leading bitcoin exchanges including USA -based Kraken and South Korea's second largest bitcoin exchange Korbit support BCH/BTC trading and offer wallet services. This is a rise of $750 per bitcoin since just ten days ago when the price fell to just $2550 due to fears of the effects of a fork on the original blockchain.

That will change by January 1, 2018, Coinbase Director of Communications David Farmer revealed this week. Popular digital currency wallet, or storage site, Trezor, also announced Thursday that it restored customer access to bitcoin cash. Coinbase now says they will support the fork next year but have not committed to trading.

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