Coinbase Reverses – Plans to Allow Bitcoin Cash Withdrawals in January 2018

[CryptosapienZA]

It looks like customers had a case after all.

https://news.bitcoin.com/coinbase-bitcoin-cash-withdrawals-january-2018/

Bitcoin exchange Coinbase has reversed its decision to support bitcoin cash. The company now plans to allow customers to withdraw their new cryptocurrency by January 1, 2018.

Also read: Coinbase Customers Could Instigate Class Action Lawsuit Over Bitcoin Cash

Coinbase on Thursday announced a change of plans regarding its support for bitcoin cash (BCC, BCH), the new cryptocurrency resulting from the August 1 hard fork. The exchange wrote:

We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time. Once supported, customers will be able to withdraw bitcoin cash.
Coinbase Plans to Allow Bitcoin Cash Withdrawals in January 2018Meanwhile, the company claims that both bitcoin and BCC are safely stored and customers with bitcoin balances at the time of the fork “now have an equal quantity of bitcoin cash stored by Coinbase.” Its exchange GDAX also made a similar announcement.

Previously, Coinbase said that it would not support bitcoin cash. “We have no plans to support the Bitcoin Cash fork,” the exchange wrote on July 27, citing the difficulty in predicting BCC’s future market value. “Customers will not have access to, or be able to withdraw, bitcoin cash (BCC).”

Coinbase Plans to Allow Bitcoin Cash Withdrawals in January 2018However, after the fork, Coinbase came under fire for its decision as users demanded access to their new cryptocurrency. “Give us our BCC!!!,” wrote a Twitter user. While Coinbase advised customers to transfer funds away from the exchange to access BCC, one user tweeted, “transfer of funds were halted… I guess if Coinbase doesn’t hand them out to their rightful owners, lawsuits might happen quick.” Recently, news.Bitcoin.com reported that Coinbase customers could instigate a class action lawsuit over the company’s decision to not distribute the new cryptocurrency.

With today’s announcement, Coinbase detailed that its decision to support BCC is based on various factors such as network security, customer demand, trading volumes and regulatory considerations. However, some users are unhappy with the long wait. “January 2018 is too long,” one tweeted. “I smell a class action law suit headed your way. You are basically holding client funds hostage,” was a comment in response to the company’s blog post.

[1715272010]

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[1715272010]

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[1715272010]

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[bitcoinmaniac52]

It looks like customers had a case after all.

https://news.bitcoin.com/coinbase-bitcoin-cash-withdrawals-january-2018/

Bitcoin exchange Coinbase has reversed its decision to support bitcoin cash. The company now plans to allow customers to withdraw their new cryptocurrency by January 1, 2018.

Also read: Coinbase Customers Could Instigate Class Action Lawsuit Over Bitcoin Cash

Coinbase on Thursday announced a change of plans regarding its support for bitcoin cash (BCC, BCH), the new cryptocurrency resulting from the August 1 hard fork. The exchange wrote:

We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time. Once supported, customers will be able to withdraw bitcoin cash.
Coinbase Plans to Allow Bitcoin Cash Withdrawals in January 2018Meanwhile, the company claims that both bitcoin and BCC are safely stored and customers with bitcoin balances at the time of the fork “now have an equal quantity of bitcoin cash stored by Coinbase.” Its exchange GDAX also made a similar announcement.

Previously, Coinbase said that it would not support bitcoin cash. “We have no plans to support the Bitcoin Cash fork,” the exchange wrote on July 27, citing the difficulty in predicting BCC’s future market value. “Customers will not have access to, or be able to withdraw, bitcoin cash (BCC).”

Coinbase Plans to Allow Bitcoin Cash Withdrawals in January 2018However, after the fork, Coinbase came under fire for its decision as users demanded access to their new cryptocurrency. “Give us our BCC!!!,” wrote a Twitter user. While Coinbase advised customers to transfer funds away from the exchange to access BCC, one user tweeted, “transfer of funds were halted… I guess if Coinbase doesn’t hand them out to their rightful owners, lawsuits might happen quick.” Recently, news.Bitcoin.com reported that Coinbase customers could instigate a class action lawsuit over the company’s decision to not distribute the new cryptocurrency.

With today’s announcement, Coinbase detailed that its decision to support BCC is based on various factors such as network security, customer demand, trading volumes and regulatory considerations. However, some users are unhappy with the long wait. “January 2018 is too long,” one tweeted. “I smell a class action law suit headed your way. You are basically holding client funds hostage,” was a comment in response to the company’s blog post.

I read this earlier and must say that aside from the fact that it is going to take so long, at which point Bitcoin Cash will be worthless... I think this is a smart and honest business move from Coinbase.

I have some Bitcoin on LocalBitcoins, which claims to use Bitcoin core which does not support BCH. Whether it is true or not, it is not cool losing out on such an opportunity for free money.

[DaMut]

It looks like customers had a case after all.

https://news.bitcoin.com/coinbase-bitcoin-cash-withdrawals-january-2018/

Bitcoin exchange Coinbase has reversed its decision to support bitcoin cash. The company now plans to allow customers to withdraw their new cryptocurrency by January 1, 2018.

Also read: Coinbase Customers Could Instigate Class Action Lawsuit Over Bitcoin Cash

Coinbase on Thursday announced a change of plans regarding its support for bitcoin cash (BCC, BCH), the new cryptocurrency resulting from the August 1 hard fork. The exchange wrote:

We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time. Once supported, customers will be able to withdraw bitcoin cash.
Coinbase Plans to Allow Bitcoin Cash Withdrawals in January 2018Meanwhile, the company claims that both bitcoin and BCC are safely stored and customers with bitcoin balances at the time of the fork “now have an equal quantity of bitcoin cash stored by Coinbase.” Its exchange GDAX also made a similar announcement.

Previously, Coinbase said that it would not support bitcoin cash. “We have no plans to support the Bitcoin Cash fork,” the exchange wrote on July 27, citing the difficulty in predicting BCC’s future market value. “Customers will not have access to, or be able to withdraw, bitcoin cash (BCC).”

Coinbase Plans to Allow Bitcoin Cash Withdrawals in January 2018However, after the fork, Coinbase came under fire for its decision as users demanded access to their new cryptocurrency. “Give us our BCC!!!,” wrote a Twitter user. While Coinbase advised customers to transfer funds away from the exchange to access BCC, one user tweeted, “transfer of funds were halted… I guess if Coinbase doesn’t hand them out to their rightful owners, lawsuits might happen quick.” Recently, news.Bitcoin.com reported that Coinbase customers could instigate a class action lawsuit over the company’s decision to not distribute the new cryptocurrency.

With today’s announcement, Coinbase detailed that its decision to support BCC is based on various factors such as network security, customer demand, trading volumes and regulatory considerations. However, some users are unhappy with the long wait. “January 2018 is too long,” one tweeted. “I smell a class action law suit headed your way. You are basically holding client funds hostage,” was a comment in response to the company’s blog post.

nothing serious about it,
they want to dump it first and the buying back for their costumer when the price goes down.
it's ridiculous for me heard their statement,when back then (few days ago) they said not supporting BCC/BCH because problem or issue in their network.
and just in a second they change it,these days every exchanger that i know doing a stupid and a shady thing everyday.
well,from their statements i also saw that they're gonna support it if nothing goes wrong,
doesn't that mean they're allowing us to buy it also ? or just withdrawal process ?

[Wendigo]

Coinbase saw the big shit storm heading their way and rushed to cover their asses before it was too late  But what will the value of 1 BCH be on January 1? $1 or $1000 

[poplolnman]

It looks like customers had a case after all.

https://news.bitcoin.com/coinbase-bitcoin-cash-withdrawals-january-2018/

Bitcoin exchange Coinbase has reversed its decision to support bitcoin cash. The company now plans to allow customers to withdraw their new cryptocurrency by January 1, 2018.

Also read: Coinbase Customers Could Instigate Class Action Lawsuit Over Bitcoin Cash

Coinbase on Thursday announced a change of plans regarding its support for bitcoin cash (BCC, BCH), the new cryptocurrency resulting from the August 1 hard fork. The exchange wrote:

We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time. Once supported, customers will be able to withdraw bitcoin cash.
Coinbase Plans to Allow Bitcoin Cash Withdrawals in January 2018Meanwhile, the company claims that both bitcoin and BCC are safely stored and customers with bitcoin balances at the time of the fork “now have an equal quantity of bitcoin cash stored by Coinbase.” Its exchange GDAX also made a similar announcement.

Previously, Coinbase said that it would not support bitcoin cash. “We have no plans to support the Bitcoin Cash fork,” the exchange wrote on July 27, citing the difficulty in predicting BCC’s future market value. “Customers will not have access to, or be able to withdraw, bitcoin cash (BCC).”

Coinbase Plans to Allow Bitcoin Cash Withdrawals in January 2018However, after the fork, Coinbase came under fire for its decision as users demanded access to their new cryptocurrency. “Give us our BCC!!!,” wrote a Twitter user. While Coinbase advised customers to transfer funds away from the exchange to access BCC, one user tweeted, “transfer of funds were halted… I guess if Coinbase doesn’t hand them out to their rightful owners, lawsuits might happen quick.” Recently, news.Bitcoin.com reported that Coinbase customers could instigate a class action lawsuit over the company’s decision to not distribute the new cryptocurrency.

With today’s announcement, Coinbase detailed that its decision to support BCC is based on various factors such as network security, customer demand, trading volumes and regulatory considerations. However, some users are unhappy with the long wait. “January 2018 is too long,” one tweeted. “I smell a class action law suit headed your way. You are basically holding client funds hostage,” was a comment in response to the company’s blog post.

I read this earlier and must say that aside from the fact that it is going to take so long, at which point Bitcoin Cash will be worthless... I think this is a smart and honest business move from Coinbase.

I have some Bitcoin on LocalBitcoins, which claims to use Bitcoin core which does not support BCH. Whether it is true or not, it is not cool losing out on such an opportunity for free money.

yeah reasonable enough. and who knows while coinbase monitoring and develop bitcoin cash from now until 1st january 2018 later , there's some unexpacted things happened like maybe bitcoin cash completely worthless and disappeared. or any other bad things that leading they changes decision to support bch. just another good policy for me.

[pinoycash]

Why wait till January 2018.. if they can release it sooner the better, by next year bitcoin cash would probably value less that todays market price. a clear robbery on broad daylight. but still a good news to coinbase users. Hope they change their mind on the release date.

[Xavofat]

I'd say people would be less angry if the price of BCH wasn't dropping.

It seems like Coinbase just feels terrified that their users will have lost a lot of BCH that they could have dumped, thus losing a lot of money if the price continues to fall.

But I wouldn't worry about it, because it's almost inevitable that BCH will have a super-mega-pump a few years down the line.  I'm intending to buy some over the next few weeks to prepare for it.

[olubams]

Coinbase didn't reverse its decision rather they are using what I termed delay tactics because I feel of the law suits hanging over their head that I read some days back and they feel let's use time factor to extend such pressure by using that as a means to put their system in place for the implementation and test the acceptability of the coin before January which is enough time to  determine whether the coin will stand the test of time or not but its going to a massive breakthrough if Coin base came on board.

[jorneyflair]

Haha, the people have bit back on Coinbase and they saw what would happen, especially after people started threatening law suits, it seems like they will finally be returning the user's Bitcoin cash, even though they were warned and still kept funds on coin base. Coinbase kept the user's private keys, therefore, storing the Bitcoin cash, the people don't really deserve the Bitcoin cash.

Woah, but that's a pretty long time away, and Bitcoin cash is dropping which means that when people do eventually get their money, it probably won't even be worth much. Pretty rude of Coinbase, why can't they hand out Bitcoin cash now?

[eckmar]

I don't use Coinbase and don't care about them, but let me explain. It's not as simple for big companies with a lot of users to just add support for new coin. Other exchanges like cex.io prepared for like 10 day. I agree that january is a bit pushing it but anyway...

[Proton2233]

From the very beginning it was clear that the currency is distributed for free can't exist. Until January 1, it is declared bankrupt and it will disappear just as it appeared. I think this news will affect the price of bitcoin and next week we will see growth.

[CryptosapienZA]

I also received a mail form Coinbase about it.but they said they will give us BCC/BCH at january 2018,but why? why they taking such long time? I am a regular Coinbase user. I think when they give us our BCC this time the price of BCC will be $1 or $2 not more then.
fucking delay system of coinbase .

May I ask why you did not remove your money from Coinbase before the fork if you really wanted to claim your BCC?

[Bitforking]

I mean any exchange should logically and technically be prepared for the forking with their customers best interests in mind.

If you don't support it then allow customer to withdraw it at the earliest possible time, imagine if BCC's value was diluted by this forking and customer loss out as a result.

exchanges should put customers interest first, and not making decision for them and choose side.

Coinbase made the mistake and now decide to carry on the mistake by holding customer off for another 4 month off their money.

DISGUSTING!

[audaciousbeing]

I also got the mail and I was like even with all the major sites disowning the coin, they are going back on their words but at the same time being careful about it and I think the time frame they have actually set is to understand how the market with react to the coin. All that is needed is for the coin to hold the fort strong enough for coinbase to come on board and boost the acceptance.

[Bitforking]

I also received a mail form Coinbase about it.but they said they will give us BCC/BCH at january 2018,but why? why they taking such long time? I am a regular Coinbase user. I think when they give us our BCC this time the price of BCC will be $1 or $2 not more then.
fucking delay system of coinbase .

May I ask why you did not remove your money from Coinbase before the fork if you really wanted to claim your BCC?

you should know that there are many small investors who are not technically good enough to manage their own off line cold storage, or those not willing to move their valuables in rush to some other unknown exchange to them.

It is like you own a horse in a stable, as the horse got used to the environment and grow happily there, but the stable decided that any value added to the horse (might become a Grand National winner) is not supported and the stable owns the value. plain robbery!

[mayax]

I don't use Coinbase and don't care about them, but let me explain. It's not as simple for big companies with a lot of users to just add support for new coin. Other exchanges like cex.io prepared for like 10 day. I agree that january is a bit pushing it but anyway...

what exchanger are you using ?

[eckmar]

I also received a mail form Coinbase about it.but they said they will give us BCC/BCH at january 2018,but why? why they taking such long time? I am a regular Coinbase user. I think when they give us our BCC this time the price of BCC will be $1 or $2 not more then.
fucking delay system of coinbase .

May I ask why you did not remove your money from Coinbase before the fork if you really wanted to claim your BCC?

you should know that there are many small investors who are not technically good enough to manage their own off line cold storage, or those not willing to move their valuables in rush to some other unknown exchange to them.

It is like you own a horse in a stable, as the horse got used to the environment and grow happily there, but the stable decided that any value added to the horse (might become a Grand National winner) is not supported and the stable owns the value. plain robbery!

It's not really a rocket science to hold bitcoins on something like electrum. There are plenty of tutorials online on how to do it and what to do.

For those that really wanted BCH and did not bother enough to claim them even though everyone explained like 100 times before the split what should you do, well they deserve to wait until January

[Scorpion]

That was a quick reversal, I think we all know why they did this. All in all I still don't want any Bcash, I already dumped mine. So after every split they're going to have these crap altcoins on Coinbase? Might as well put the Top 10 crypto on there then.

[pitiflin]

Will I believe that this will atleast make some people happy, now that they can claim their rightful bitcoin cash(bcc or bch or whatever people call it).  Coinbase might have made this decision because they belong to one of the top bitcoin exchanges and not supporting bitcoin cash would lead them into major trouble. But at the end of the day they realised what is good for their exchange and their clients, and made sure that they won't take such decisions which will cost them later.

[Nougat]

It's good to see them take this step but they should let their customers have their BCH as soon as possible.   It's not much different than your stockbroker withholding a dividend or split stock from you.   

A broker holding your stocks for you "in street name" seems very similar to a blockchain exchange holding the private keys to customer deposited coins.