A new cryptocurrency representing a hard-forked version of Bitcoin, different from it in the blocksize limits
The GDAX cryptocurrency exchange (which is a subdivision of Coinbase), announces its plans on adding support for Bitcoin Cash by January 1st, 2018.
Update on Bitcoin Cashhttps://t.co/FJPoc3tUih
— Coinbase (@coinbase) August 3, 2017
— GDAX (@GDAX) August 3, 2017
According to David Farmer, Coinbase director of communications, the company has examined all of the relevant issues and has decided to work on adding support for bitcoin cash for Coinbase customers. As Farmer claims, they made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.
We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time.
Director of communications at Coinbase
Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen
He also makes clear that for now the customers who want immediate access to their Bitcoin Cash, the company advises to withdraw their Bitcoin from the Coinbase platform. There are several points the team wants to make clear for their customers:
- Both Bitcoin and Bitcoin Cash remain safely stored on Coinbase.
- Customers with balances of Bitcoin at the time of the fork now have an equal quantity of bitcoin cash stored by Coinbase.
- The company operates by the general principle that the customers should benefit to the greatest extent possible from hard forks or other unexpected events.
*The same patterns apply to GDAX exchange
Once supported, customers will be able to withdraw Bitcoin Cash.