Why Bitcoin Cash Is A 'House Of Cards'

"There's no one on the board or any investor who doesn't completely back the point of view that we should err on the side of safety and trust", said Barry Schuler, a partner with DFJ, an investor in Coinbase. We made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time. As that currency's price slipped, Bitcoin's showed renewed strength as its price soared past the $3,100 mark late in the evening.

The digital currency has now more than tripled in value for the year, and gained more than 10 percent in the first few days of August. We have not been able to independently confirm that, but the Coinbase policy change may be an indication.


That led to loud criticism, and threats of lawsuits from Coinbase customers.

But eventually all exchanges will list Bitcoin Cash which could create huge selling pressure as investors see Bitcoin Cash as just a bonus. On Tuesday, Bitcoin forked, leaving us with the original Bitcoin (BTC) and Bitcoin Cash (BCH). But optically things looked rough. USA dollar transactions in bitcoin cash accounted for 22 percent, the site showed.


Fueled founder Rameet Chawla isn't anxious about longterm harm to Coinbase. Coinbase, the world's largest digital currency exchange, has rejected Bitcoin Cash, arguing that their system can't support it, however, a number of others have embraced it. Users, already holding bitcoins, will have the same amount if they use Bitcoin cash.

"The inception of Bitcoin Cash may prove to be exactly what Bitcoin needs", Hayter said.


But wait, what's a hard fork? Bitcoin has broken free of the trading range its held ever since reaching its prior record of $3,025 in mid-June. The moment I plug this USB drive to some computer, the moment I get it out, the moment I change the wallet.dat file, I bring this bitcoin into the world and that scares me. The exchange rate for the currency, which began trading on August 1, briefly reached $700 on Wednesday and is now trading around $400. He reasons that commodities should be priced by their intrinsic value, and that bitcoin claims as much as it does vastly due to speculation. Adding new digital assets to Coinbase must be approached with caution.


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