Coinbase Reverses – Plans to Allow Bitcoin Cash Withdrawals in January 2018

in #bitcoin7 years ago

Bitcoin exchange Coinbase has reversed its decision to support bitcoin cash. The company now plans to allow customers to withdraw their new cryptocurrency by January 1, 2018.

Also read: Coinbase Customers Could Instigate Class Action Lawsuit Over Bitcoin Cash

Coinbase on Thursday announced a change of plans regarding its support for bitcoin cash (BCC, BCH), the new cryptocurrency resulting from the August 1 hard fork. The exchange wrote:

Meanwhile, the company claims that both bitcoin and BCC are safely stored and customers with bitcoin balances at the time of the fork “now have an equal quantity of bitcoin cash stored by Coinbase.” Its exchange GDAX also made a similar announcement.

Previously, Coinbase said that it would not support bitcoin cash. “We have no plans to support the Bitcoin Cash fork,” the exchange wrote on July 27, citing the difficulty in predicting BCC’s future market value. “Customers will not have access to, or be able to withdraw, bitcoin cash (BCC).”

Coinbase Plans to Allow Bitcoin Cash Withdrawals in January 2018However, after the fork, Coinbase came under fire for its decision as users demanded access to their new cryptocurrency. “Give us our BCC!!!,” wrote a Twitter user. While Coinbase advised customers to transfer funds away from the exchange to access BCC, one user tweeted, “transfer of funds were halted… I guess if Coinbase doesn’t hand them out to their rightful owners, lawsuits might happen quick.” Recently, news.Bitcoin.com reported that Coinbase customers could instigate a class action lawsuit over the company’s decision to not distribute the new cryptocurrency.

With today’s announcement, Coinbase detailed that its decision to support BCC was based on various factors such as network security, customer demand, trading volumes and regulatory considerations. However, some users are unhappy with the long wait. “January 2018 is too long,” one tweeted. “I smell a class action law suit headed your way. You are basically holding client funds hostage,” was a comment in response to the company’s blog post.

What do you think of Coinbase’s delay in distributing bitcoin cash? Let us know in the comments section below.

Images courtesy of Shutterstock and Coinbase


Have you been interested investing in crypto currency, but you don`t know where to start....
Learn how to trade Bitcoin and all Cryptocurrency! and Earn a Monthly Passive Income!

YOU CAN TAKE FREE TOUR & LOCK IN YOUR TOP POSITION:
Secure Your FREE Position NOW! Click Here to Get Instant Access
http://bit.ly/2v3Stem

The system is simple, yet it's the most POWERFUL, state-of-the-art system used profitably by thousands of regular people just like YOU to FINALLY achieve success from home. It was designed to make even a computer novice feel like a pro. Simply point and click and you can be MAKING MONEY. http://bit.ly/2v3Stem

Please Follow me : @bogz
Please Follow me on Tweeter/Instagram: @bogzky
add me on Facebook : https://www.facebook.com/bogz.catangay
Please sign up : http://www.discovericoinpro.com/BogziCoin?SOURCE=SteemUp
Like my Page : https://www.facebook.com/FutureNetPH