Leading cryptocurrency company Coinbase has announced that Bitcoin Hard Fork is a possibility and Bitcoin Cash can come into existence post 1st August. In that event, Coinbase is not going to support Bitcoin Cash, so you will not receive Bitcoin Cash if you keep your Bitcoins in the Coinbase wallet. They have suggested that, in an event of hard fork, if you want to have Bitcoin Cash too then please transfer your Bitcoins to different wallet.
The official statement reads:
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.
So please take a note of this and transfer your BTC if you want to use BCC.
Below is the copy of email received from coinbase:
SUB: Update for customers with bitcoin stored on Coinbase
Dear Coinbase Customer,
We wanted to provide an update on proposed changes to the Bitcoin network and what that means for bitcoin stored on Coinbase. You can read more about what a digital currency fork is https://blog.coinbase.com/what-is-a-bitcoin-fork-cba07fe73ef1.
Our first priority is the safety of customer funds. In the event of a fork, customer fiat currency (USD, EUR and GBP) and digital currencies (bitcoin, ether and litecoin) are safe.
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.
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. We have made this decision because it is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value.
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).
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 as the fork is likely to cause disruption to the bitcoin network. This means your funds will be safe but you will be unable to access your bitcoin (BTC) for a short period of time.
We will keep you updated on this event through our blog, status page and Twitter.
Thank you,
Coinbase Team
News Source: http://www.cryptocurrencybazaar.com/coinbase-is-not-going-to-support-bitcoin-cash-if-hard-fork-occurs/
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I really hope btc stays as 1 coin. Some much uncertainty if new btc are introduced into the market.
Yes, even I hope that hard fork doesn't occur for bitcoin and it doesn't split. But looking at current senario it looks like the fork will happen and we may get to see Bitcoin Cash as a separate blockchain token. Let's see what happens on 1st August. Fingers crossed!
Guess I will have to move my bitcoin elsewhere then!
Yes, and do it quickly please. Somewhere I read that it is getting difficult to withdraw BTC from coinbase.
vote me back ok