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BitcoinCash On Coinbase, Bitcoin 3000$ Down! Now Ripple Turn..?

1,047 views · Published 20 December 2017 · 3:09 · Indexed 14 October 2026

Channel: CryptoPM · 2017 · Education

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Coinbase has just added full support for Bitcoin Cash (BCH) – meaning you can now send, receive, buy and sell the cryptocurrency. All users will also be credited an amount of Bitcoin Cash equal to their Bitcoin balance during the hard fork that occurred August 1st, 2017.

Bitcoin Cash trading will also be available on GDAX, Coinbase’s institutional-focused exchange.

Immediately after the announcement Bitcoin’s price fell as much as 25% to a low of $14,000, but seems to have stabilized around $16,600 as of writing, which is still down about 10% from a few hours ago.

Bitcoin Cash is up around 50% in the last few hours, trading around $3,300.

As a refresher, Bitcoin Cash was created when Bitcoin “forked” in early August, by a group of developers who wanted to alter Bitcoin’s code so the blockchain could process more transactions at a faster speed, as well as require a much lower fee. When Bitcoin core developers disagreed, a group decided to copy and modify Bitcoin’s code to create Bitcoin cash.
Originally Coinbase said they wouldn’t support Bitcoin Cash – but quickly reversed course on August 3rd to say that customers would be able to withdraw it by January 1st, 2018. However they stopped of short of saying whether or not they’d provide full support and allow it to be bought and sold. So today’s full addition of the digital currency comes as a surprise for anyone who follows the cryptocurrency world.

In a blog post, Coinbase said they considered ” developer and community support, security, stability, market price and trading volume” when deciding to fully support the digital currency. Additionally, they gave some (brief) rational behind the decision:

Coinbase has made it clear they want to support many more digital currencies in the future, so in one sense it should be expected that the’ve added the third largest currency by market cap. But it’s a little more complicated considering there’s some drama behind Bitcoin Cash, mainly in the form of ongoing disagreements between the development teams about discrediting the other’s protocol.

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