Coinbase has officially announced they WILL NOT give customers access to their Bitcoin Cash when the fork occurs on Aug. 1st 2017.
First lets read the statement from Coinbase and then we will discuss exactly what this means.
There are three key takeaways from this press release.
1. The Fork of Bitcoin Cash
On August 1st, 2017 there is a proposal to make changes to the bitcoin software. This proposal, known as Bitcoin Cash, is likely to create a fork in the Bitcoin network. This means that after August 1st, 2017 there are likely to be two versions of the Bitcoin blockchain and two separate digital currencies.
If you haven't heard of Bitcoin Cash you can read more about it here - https://www.bitcoincash.org.
The important thing to understand here is that there will be two versions of Bitcoin on August 1st and everyone who owns the private keys for Bitcoins gets both versions.
2. No Bitcoin Cash for You!
In the event of two separate blockchains after August 1, 2017 we will only support one version. We have no plans to support the Bitcoin Cash fork.
This means if there are two separate digital currencies – bitcoin (BTC) and bitcoin cash (BCC) – customers with Bitcoin stored on Coinbase will only have access to the current version of bitcoin we support (BTC). Customers will not have access to, or be able to withdraw, bitcoin cash (BCC).
This means if your Bitcoins are on Coinbase they WILL NOT use the private key to provide you with both versions of Bitcoin. Currently the market rate of Bitcoin is trading at $2693.45 and Bitcoin Cash is trading at $363.12 or 0.13600000 BTC. So you will be giving away FREE money by leaving your Bitcoin in Coinbase on Aug 1st 2017.
3. Deadline
Customers who wish to access both bitcoin (BTC) and bitcoin cash (BCC) need to withdraw bitcoin stored on Coinbase before 11.59 pm PT July 31, 2017. If you do not wish to access bitcoin cash (BCC) then no action is required.
We plan to temporarily suspend bitcoin buy / sells, deposits and withdrawals on August 1, 2017
You have to withdraw your coins ASAP if you want to keep both types of Bitcoin.
Conclusion:
If you want FREE Bitcoin Cash get your Bitcoins of of Coinbase NOW!
If you don't care about free money you can ignore this whole post.
This is an exciting time in the evolution of Bitcoin, buckle your seatbelts and hold on tight.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by blockcodes from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.
This post received a 2.2% upvote from @randowhale thanks to @blockcodes! For more information, click here!
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by blockcodes from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.
Thank for the info...up
I got a bellyRub and this post has received a 3.70 % upvote from @bellyrub thanks to: @blockcodes.