Bitcoin Fork Blues? These New Yorkers Threw a Party Instead

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Bitcoin Fork Blues? These New Yorkers Threw a Party Instead

The new currency started off with about one-tenth of Bitcoin's value and the price has fluctuated wildly since its creation - hitting a peak of $756.93 before falling to $284.89 earlier today. If you were holding before August 1st, you are owning Bitcoin Cash as well.

Many users of Coinbase, which operates a platform for buying and selling cryptocurrencies like bitcoin, unleashed their wrath on Coinbase, accusing it of everything from being a tool for the NSA to being scammers.

When a digital currency forks, it creates a new digital asset.

A few trades are understanding that they are passing up a major opportunity for exchanging charges and furthermore observing a mass migration of customers to stages that do bolster bitcoin cash.More intriguing is the thing that the fork may mean for the more extensive biological system of digital forms of money, of which there are presently hundreds.

It has undergone several exchanges including the popular destinations like the Coinbase and Kraken.

"Once supported, customers will be able to withdraw bitcoin cash".

"We've examined all of the relevant issues and have chose to work on adding support for bitcoin cash for Coinbase customers", said David Farmer, director of communications at Coinbase.

Everyone who had Bitcoin at the time of the hard fork was awarded the same amount in Bitcoin Cash in the process, so, for instance, if someone originally had 10 Bitcoin they would end up with 10 Bitcoin and 10 Bitcoin Cash after the hard fork. Other Asian countries have relaxed regulations, and China is soon going to publish guidelines for trading in the currency.

Bitfinex is a Hong Kong-based cryptocurrency exchange, which also provides margin trading.

All bitcoin investors were granted an equal quantity of bitcoin cash after the fork.

That Coinbase has chose to support Bitcoin's other half indicates that it may yet have a chance to rally beside the original coin. He said that is the date the bell tolls for bitcoin cash. "We have made this decision because it is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value", David Farmer, director of business development, wrote.

The reversal comes after days of tumult as angry Coinbase customers demanded to know why the company had not released their new currency, called Bitcoin Cash, to them.

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