Coinbase Exchange App Now Supports Bitcoin Cash Transactions

Wednesday December 20, 2017 3:39 AM PST by Tim Hardwick
App Store chart topper Coinbase introduced support for Bitcoin Cash on Wednesday, allowing users of the cryptocurrency exchange app to trade in the alternative "forked" digital asset.

Bitcoin Cash appeared in early August when a group of developers created a separate version of the Bitcoin blockchain, so that more transactions could be processed at a faster rate, with lower associated fees involved.

When news of a potential split or "fork" in the blockchain first appeared, Coinbase said it would not support trading in the new currency that would be created as a result, but in August it reversed its decision and said customers would be able to withdraw Bitcoin Cash from the first day of 2018.

Following today's app update, all users will be credited an amount of Bitcoin Cash that is equal to their Bitcoin balance when the fork occurred on August 1. Bitcoin Cash trading will also be available on GDAX, which is Coinbase's institutional-based exchange.

The Coinbase app surged to the top of Apple's free apps chart in the App Store last week, amid a speculative frenzy surrounding the blockchain cryptocurrency. Today's announcement that it would support Bitcoin Cash caused BTC to drop sharply in the early hours as users switched currencies, but the value appears to have stabilized since, at around $17,599 as of writing.

Also this week, a new version of the CoinHub app was released. Version 1.5 of the cryptocurrency quote platform brings a new secure portfolio, Reddit and news separation, fresh UI styling, and a FOREX engine that lets users purchase any currency pair and automatically see the value in their local fiat currency.

Tags: bitcoin, cryptocurrency
30 comments

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huffhuff
24 months ago
Just need them to add XRP and i'll be millionaire, a millionaire I tell you (ish - not at all - but I would be VEEERY happy)
Rating: 5 Votes
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Return Zero
24 months ago

Just need them to add XRP and i'll be millionaire, a millionaire I tell you (ish - not at all - but I would be VEEERY happy)

I went in on IOTA after the data marketplace news... It's the first coin, in my opinion, to possibly solve the scalability/mining problem. I wouldn't mind if it hit coinbase as well, but either way it's a long term play!
Rating: 3 Votes
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blackcrayon
24 months ago

I’m skeptical of the whole crypto-currency trading thing... kind of seems like a get rich quick scheme. There’s some definite risk involved that many people aren’t aware of. How is it anything other than a *legal* Ponzi scheme?

What's your definition of a Ponzi scheme? Is AAPL a Ponzi scheme?

Early holders of the stock are going to be rich compared to someone who bought a year ago...
There's a lot of speculation going on and there's a good chance of large price drops across the crypto space (as well as chance of even larger price gains). But the underlying technology is real and will change the financial world.
Rating: 3 Votes
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monaarts
24 months ago
Seems like an odd post for MacRumos. I’m guessing the editor has Bitcoin Cash they’re looking into growing.
Rating: 2 Votes
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Jmausmuc
24 months ago

I went in on IOTA after the data marketplace news... It's the first coin, in my opinion, to possibly solve the scalability/mining problem. I wouldn't mind if it hit coinbase as well, but either way it's a long term play!


I also believe in IOTA
Rating: 2 Votes
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palmerc2
24 months ago

I’m skeptical of the whole crypto-currency trading thing... kind of seems like a get rich quick scheme. There’s some definite risk involved that many people aren’t aware of. How is it anything other than a *legal* Ponzi scheme?


Well, stay skeptical. Never invest, and the most groundbreaking technology will pass you by.

I have a question for you, as I’m really skeptical about the USD. It definitely has a lot of risk, controlled by a select few, losing value fast, and how is it anything other than a **legal** Ponzi scheme?

[MEDIA=youtube]iFDe5kUUyT0[/MEDIA]
Rating: 1 Votes
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fairuz
24 months ago
Bitcoin Cash went to $9K on Coinbase, then they shut down trading. They reopened it, and suddenly a massive sell wall hit and sent it back to $3K. Typical Coinbase behavior. I hope some people get fired from this. I didn't buy BCH, but I do buy other ones and have found Coinbase to be extremely ghetto, but sadly less ghetto than the competition.

Oh well. A reason to buy: This stuff will soar in value if it some day becomes easy for the average person to trade instead of it only being on these sketchy exchanges.
[doublepost=1513794087][/doublepost]

I have a question for you, as I’m really skeptical about the USD. It definitely has a lot of risk, controlled by a select few, losing value fast, and how is it anything other than a **legal** Ponzi scheme?

The US dollar objectively has little risk and less inflation than the interest rate. Meanwhile, cryptocurrencies are young and are experiencing "growing pains"... like major banks/exchanges suddenly getting hacked and losing billions of dollars of customers' money, lol. I'm all for cryptocurrency but wouldn't call the USD trash.
Rating: 1 Votes
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palmerc2
24 months ago

Yes, the vast majority of my crypto money is stored on my own wallet. But this prevents me from day-trading if I want to. Some may frown upon that, but some of my friends are making lots of money taking advantage of all these "free money" scenarios that pop up with the young market.


If you’re into day trading, perhaps start an account with JAFX, as it allows for trading similar to forex.

https://www.jafx.com/
Rating: 1 Votes
Avatar
Return Zero
24 months ago

I’m skeptical of the whole crypto-currency trading thing... kind of seems like a get rich quick scheme. There’s some definite risk involved that many people aren’t aware of. How is it anything other than a *legal* Ponzi scheme?

The total crypto market cap is around $700 billion (i.e. almost as big as Apple) and it is rising quickly, but also now more steadily than ever. Sure, there are pump-and-dump schemes all over the place, but at least two projects (bitcoin and ethereum) have established themselves as long-term assets, almost like the digital versions of gold and silver. There's always going to be risk, and yes many people aren't aware of what they are getting into. There is a real product behind it all though, and we're really only scratching the surface with blockchain-related tech applications, so I certainly wouldn't call it a ponzi scheme.
Rating: 1 Votes
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Tapiture
24 months ago

The total crypto market cap is around $700 billion (i.e. almost as big as Apple) and it is rising quickly, but also now more steadily than ever. Sure, there are pump-and-dump schemes all over the place, but at least two projects (bitcoin and ethereum) have established themselves as long-term assets, almost like the digital versions of gold and silver. There's always going to be risk, and yes many people aren't aware of what they are getting into. There is a real product behind it all though, and we're really only scratching the surface with blockchain-related tech applications, so I certainly wouldn't call it a ponzi scheme.

I call it a legal Ponzi scheme because a Ponzi scheme is “a form of fraud in which the belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.” It seems like everyday there’s a new cryptocurrency and people are encouraged to “invest” because “look at what happens to new cryptocurrencies, they skyrocket.” The investments of new investors pays off the investments of the first few investors 10 fold. The key difference between something like this and investing in, say, Apple, is that Apple is a company you’re investing in using US dollars and cryptocurrencies are new currencies with no debt backing them and no insurance of value. When you invest in Apple you invest because you like their marketing strategy, their innovation in a field, or other reasons you think they will succeed. When you invest in a cryptocurrency you invest in it because you estimate the future demand will increase. Thus they are FAR riskier and vulnerable to exploitation for fraud.
Rating: 1 Votes
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