Coinbase, the leading platform for buying and selling bitcoin in the United States, said on 19 December that customers can now buy and sell bitcoin cash. There were rumours about Bitcash going on Coinbase for a while now. Alt Coins like Ripple and IOTA are in line.
The news of bitcoin cash being listed on Coinbase saw its price go through the roof. At 1:10 PM on Wednesday, 20 December, the price on Coinbase for BCH was extremely volatile and was as high as $8,500.
Bitcoin CTO Emil Oldenburg is sceptical of bitcoin’s future. Only a few days back he announced that he has sold his stock of bitcoin and converted them to bitcoin cash as he found the whole craze around bitcoin “extremely risky”.
He has stated that an investment in bitcoin is right now the riskiest investment an investor can make. He said in a recent interview that owing to problems such as bitcoin’s high transaction costs and lead times he had sold all his bitcoins and switched to bitcoin cash.
Indeed, by some counts, bitcoin transaction fees are doubling every three months, and it now takes on average 4.5 hours to confirm a bitcoin transaction. Ars Technica reported that fees reached $US26 per trade recently.
Bitcoin cash split off from the original bitcoin on 1 August after a group of developers decided to try to improve bitcoin transaction speeds and costs. Investors in bitcoin at the time of the split should have received an equivalent amount of bitcoin cash, but Coinbase did not immediately do so, and said it would provide support by January. On Tuesday, Coinbase said all customers at the time of the split would have bitcoin cash.
The announcement follows news in the last few days that a large bitcoin payments processor BitPay and major cryptocurrency storage company Blockchain would support bitcoin cash.