Coinbase to add support for Bitcoin Cash

Coinbase and GDAX announce their plans for supporting Bitcoin Cash 
04 August 2017   1466
Bitcoin Cash

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.

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.
 

David Farmer
Director of communications at Coinbase

Bitcoin

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:

  1. Both Bitcoin and Bitcoin Cash remain safely stored on Coinbase.
  2. Customers with balances of Bitcoin at the time of the fork now have an equal quantity of bitcoin cash stored by Coinbase.
  3. 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. 

 

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   137

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.