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Coinbase Gives a Holiday Gift

Posted on: December 21st, 2017 by jms No Comments

Coinbase recently announced it’s support of Bitcoin Cash. This has been a long time coming, and many of us who have accounts at Coinbase were hoping for this long-awaited update.

 

Coinbase originally took a stance to not support Bitcoin Cash, but to their credit they lived up to their principle that “customers should benefit to the greatest extent possible from forks or other networks events”.

 

With the Holiday Season upon us, this move couldn’t have come at a better time. As part of the change, anyone who had a Bitcoin balance on Coinbase before August 1st, 2017 received an equal amount of Bitcoin Cash in their new BCH wallet on December 19th, 2017.

 

Within a short period of time Bitcoin Cash jumped over $8,000 on Coinbase. Unfortunately, Coinbase blocked all buying and selling for some time as the new update set in. This was probably for the best, but I for one was upset at being prevented the opportunity to arbitrage Bitcoin Cash for the brief time it was more than double the selling price of every other exchange. Still, who can complain about this nice turn of events at a very celebratory time of year.

 

Thank you Coinbase!

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