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Bitcoin Cash [BCH] hard fork on Coinbase further detailed out; November 15 event stirs community

Akash Anand

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Bitcoin Cash [BCH] hard fork on Coinbase further detailed out; November 15 event stirs community
Source: Unsplash

The upcoming Bitcoin Cash [BCH] hard fork has created quite a sensation in the cryptocurrency community, with several major players announcing their perspective on the event. On November 13, Coinbase, the largest cryptocurrency exchange in terms of users, released a set of guidelines that BCH holders will need to follow during the fork.

The exchange, which had earlier released a circular that talked about the pause on sends and receives of Bitcoin Cash on the platform, revealed a new addendum. Coinbase said:

“Due to recent developments, we have now determined that it will be necessary to also pause all buys, sells, and trading of BCH starting at 8:00AM PST on Thursday on Coinbase.com, in the iOS and Android apps, and on Coinbase Pro and Prime. Accordingly, during the time of the pause, you will not be able to sell or remove your BCH from Coinbase.”

The company has also informed users that if they need to access their respective BCH during the fork, they will have to remove it from the exchange before the process begins. Coinbase has also laid out a detailed instruction list for users that will enable them to handle the cryptocurrency during the hard fork.

Coinbase has stated that after the BCH transactions are paused, a snapshot will be taken of the existing BCH balances. The exchange will then monitor the fork for network consensus to ensure that the fork happens successfully. The circular further said:

“If another viable chain exists, customers will have the ability to withdraw funds at a future date. We anticipate this will take at least a few weeks, but may take longer.”

The Bitcoin Cash hard fork was also in the news recently when Bitinex announced pre-fork trading on their platform. The exchange had stated:

“While we want to make such forks available to our customers, our limited and temporary support for them is not and should not be construed as support for any particular project.

 





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Bitcoin Cash would be a perfect global coin for daily spending, claims Chainblock’s Federico Pecoraro

Sahana Kiran

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Federico Pecoraro, CEO of Italy-based crypto-company, Chainblock, made waves in the cryptospace after he suggested that Italians were shifting to cryptocurrencies owing to the country’s growing economic problems. The 2008 financial crisis hit the Italian economy badly, largely due to the huge public debt accumulated after years of excessive public spending.

According to Federico Pecoraro, the state of affairs offers an opportunity for many people and businesses to benefit from using decentralized money. In what is the most newsworthy bit of his take, he said that Bitcoin Cash (BCH) could be the cryptocurrency that would fit perfectly as a real global coin for daily spending, despite the fact that Bitcoin (BTC) is more likely to emerge as a better store-of-value. He added,

“We’re proud to support it on our products. Indeed, our clients have the opportunity to buy BCH through any of our services.”

Pecoraro also spoke about how Chainblock used the crypto-winter to develop new products and expand its customer base. He revealed that by the end of 2018, Chainblock recorded a 156% increase in transactions and a 144% increase in new users. Federico Pecoraro told Bitcoin.com,

“We love small businesses that want to accept crypto payments but we want to enable as many merchants as we can with a strategic market approach. Our goal is to provide affordable and scalable solutions for both big and small shops and spread real cryptocurrency mass adoption. We plan to enable 5,000 merchants to accept Bitcoin payments.”





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