New Digital Currency Bitcoin Cash Splits Bitcoin into Two

Marcus Newton
August 7, 2017

The Bitcoin blockchain had forked apart, yet only few exchanges are allowing Bitcoin Cash in a tradable format.

Following the launch of bitcoin cash, its price soared to a high of $727.54 on Wednesday (August 2), but has since cooled own to $404.97 as of 6:38 p.m. EST on Thursday (August 3).

But as tends to happen in the insane world of virtual currencies, the price dropped as quickly as it rose, falling by more than 50 per cent to trade under $288 at one point on Friday.

However, the exchanges chose to change their stance due to customer demand and trading volumes, among other reasons.

Users were concerned regarding the status of their bitcoins.

Users storing their bitcoin in a digital wallet that accepts bitcoin cash found themselves with as many bitcoin cash coins on Tuesday as they had in bitcoin at the point of the duplication.

While Coinbase has since rolled in behind the new digital currency, some experts believe bitcoin cash's value could deteriorate further. Finally, the value of the single Bitcoin is over $3,000. "Not the first to market with new assets", Armstrong wrote.

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Our top priority is the safety of customer funds and we spend extensive time designing, building, testing and auditing our systems to ensure that the digital assets we support remain safe and secure.

Bitfinex is a Hong Kong-based cryptocurrency exchange, which also provides margin trading.

"We've examined all of the relevant issues and have made a decision to work on adding support for bitcoin cash for Coinbase customers", said David Farmer, director of communications at Coinbase. As expected the event went out smoothly forking out the parent blockchain into two, bitcoin (BTC) and Bitcoin Cash (BCC or BTH).

Coinbase and GDAX will not offer full support for Bitcoin Cash, however. However, while their customers were expecting to get 1 BCH per 1 bitcoin held at the time of the split, they complained about receiving 15% less Bitcoin Cash.

That will change by January 1, 2018, Coinbase Director of Communications David Farmer revealed this week.

The reversal comes after days of tumult as angry Coinbase customers demanded to know why the company had not released their new currency, called Bitcoin Cash, to them.

Investors like Schuler, however, saw the Coinbase's trepidation as part of its core business strategy. "Coinbase represents that - being legitimate and offering as much trust and safety as possible".

Other reports by MaliBehiribAe

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