Coinbase doesn't support UAHF

One of the biggest Bitcoin related company released official statementon potential Bitcoin hard fork
20 July 2017   1080
Bitcoin

First decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.

Coinbase, one of the biggest Bitcoin related company, recently announced that it will not support the UAHF hadrfork, which leads to block enlarge. According to the official statement, the company will not support either a new block or associated coin, as they will be incompatible with the current version of bitcoin.

Due to this, the company recommends that customers who want to have access to a coin of new blockchain, withdraw their funds from Coinbase purse until July 31.

Also, Coinbase posted separate notice regarding possible hardfork.

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks.

Information in it recalls that the UAHF, including BitcoinABC, is designed to change the bitcoin protocol by creating a new version of software that will run on its own blockchain.

Due to the incompatibility of the two versions of the blockchain, Coinbase notes that all users' bankrolls will be available only on the current version, and no conversion of BTC and UAHF coins will be made.

In its statement, Coinbase also talks about user-activated softfork (UASF). This proposal, although it offers a modification to the bitcoin protocol, adds new features, such as Segregated Witness, and will continue to use the current version of the blockchain.

Bank of America: Cryptocurrencies Are a Threat

Bank of America (BoA) has admitted to US regulators it can not pretend any longer that cryptocurrencies are not a threat
23 February 2018   137

On February 22, the report was filed with the US Securities and Exchange Commission (SEC). It listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. Crypto adoption was on the list for the first time.

Bank of America (BoA), which recently banned purchasing of crypto with credit cards, stated that this and other similar policies could cost the bank clients.

Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.

The second largest bank in the U.S. said that adoption of cryptocurrencies could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.

The widespread adoption of new technologies, including internet services, cryptocurrencies, and payment systems, could require substantial expenditures to modify or adapt our existing products and services.

According to the Bank of America, cryptocurrencies could limit the institution’s ability to comply with anti-money laundering regulations.

Eventually, this is one of the first public admissions that financial institutions are beginning to worry that mass cryptocurrency adoption could one day become a reality.