Bitfinex now allows margin trading in BCH
- Author: Eleanor Harrison Aug 07, 2017,
Aug 07, 2017, 0:51
The world of cryptocurrency is not exactly a calm place.
For now though, Coinbase's backers aren't sweating it.
The currency started its journey by having the value around $555. We believe this is the best approach for us to maintain customer trust and ensure a fair and orderly market. Bitcoin Cash has been suffering a lot ever since it opened for trading on a number of exchanges. Finally, its price crashed to $220 as the BitCoin crossed the $3,000 mark. Not the first to market with new assets.
At the same time, there could be a major bitcoin consolidation, he said.
It has undergone several exchanges including the popular destinations like the Coinbase and Kraken.
We will be crediting users who had BTC in their account balance at the time of the fork with matching BCH. But optically things looked rough. With bitcoin users struggling to access their BCH, price discovery is expected to be limited.
Fueled founder Rameet Chawla isn't anxious about longterm harm to Coinbase. He said that is the date the bell tolls for bitcoin cash.
But wait, what's a hard fork? Earlier this month, Bitcoin shot past $2,000 for the first time in May and reached nearly $3,000 in June only for the valuation to crash. The fork was a means of dealing with disagreements in the bitcoin community over how to evolve the technology to handle increased demand. The new currency spiked above $700 after the August 1 fork. This latency can create vulnerabilities for companies accepting bitcoin. Though, it's worth noting that bitcoin and bitcoin cash do not have the same currency value, so duplication is not the same as a doubling in worth.
"Our goal is to be the safest, most trusted and compliant, and easiest to use".
Generally speaking, Coinbase isn't quick to take on new currencies.
Some leading bitcoin exchanges including US -based Kraken and South Korea's second largest bitcoin exchange Korbit support BCH/BTC trading and offer wallet services.
All bitcoin investors were granted an equal quantity of bitcoin cash after the fork.
"1. Both bitcoin and bitcoin cash remain safely stored on Coinbase".
Coinbase and GDAX will not offer full support for Bitcoin Cash, however.
Investors like Schuler, however, saw the Coinbase's trepidation as part of its core business strategy.
Sebastian Quinn-Watson, a venture partner for Blockchain Global, an Australia-based exchange, said some traders have said they will exit their BCC positions by August 8. "But slowly and surely, it's becoming institutionalized".