The other day I wrote about BCC and that bitcoin was hard forking. I admit I caught a heck of a lot of flack for it and even got a number of flagged down votes. Don't shot the messenger people! https://steemit.com/bitcoin/@bitcoinflood/bitcoin-is-already-forking-try-not-to-panic
With that being said an update from Coinbase a very popular exchange and wallet here in the USA for Bitcoin Ethereum and Litecoin has man a public announcement here - https://blog.coinbase.com/update-for-customers-with-bitcoin-stored-on-coinbase-99e2d4790a53
Will Not Support BCC
When bitcoin forks and oh yes it most likely is going to there will be a split in the coin bitcoin and Bitcoin Cash (BCC). Your coins at first will be on both chains however coinbase is making it public that they just simply wont support it and you wont be able to access your BCC version. This means whatever bitcoin you have in coinbase is going to remain bitcoin no matter what happens.
Withdraw Deadline
If you have BTC in coinbase you have till 11:59 pm PT July 31, 2017 to move your coin out of there if you wish to access both BTC and BCC.
My Own Thoughts
Bitcoin was created to be decentralized. To me forcing someone to pick one block chain over the other seems like dictatorship to me. I should be able to do whatever I want with my money in Coinbase even if it is a bad decision that would be on me.
I can understand they don't want to encourage a split by supporting it however most other wallets are supporting it and it seems odd to me that they wont saying it holds no real market value.
Well sorry to say it does over $400 per coin and a few million dollars so far. Its nothing like the 40 billion market cap however there is a decent amount of push from what I can tell as we get closer and closer to these changes.
Just yesterday BCC hit $900 before settling at its current amount $400-$500
Not allowing customers to have coins in both BCC and BTC when the split happens to me effectively reduces your value of your bitcoin when this fork happens.
Customers of coinbase still have a choice - to leave. So it is not "dictatorship".
About coinbase dictatorship i think you missing a point there, coinbase is a centralised wallet and just like banks and government they make rules with terms and conditions.
Myself i will be moving my coins to viabtc or any other exchange or wallet supporting Bitcoin cash, i'm opened to an opportunity especially when it's free and real. Bitcoin cash will end up as an altcoin with a market value which will be tradeable, if my memory isn't failing me, altcoins pay bills also.
Altcoins seem to provide higher gains then any bitcoin investment made Unless you where a very very early adopter of bitcoin. That is true they are centralized but they also try not to be by fighting the FTC in their most recent lawsuit to protect information.
Yea that's true, i trade altcoins and bitcoin is only a gateway to those altcoins. I stay in Nigeria and bitcoin is the only cryptocurrency supported by exchangers over here and Africa at large, no bitcoin no trading.
I have over doubled my position on BTC. I was in very ealy on ETH. I bought them at $12. I wish I wouldnt have sold them at $13. I missed the boat, by selling them for a lousy $1 increase, and they went to $50 two weeks after selling them. I have bought some back at higher prices, but not like I had at the start. It was a hard lesson to learn for me. Now I am chasing the dream, by buying and holding in altcoins.
Pick up yourself and keep going, there are lots of cheap coins with huge potentials you can get right npw and after the scaling issues those altcoins will moon. I will advice you DYOR on those altcoins.
If you own a Trezor USB wallet, they are supporting both coins, if a fork happens. You can probably buy one on Amazon and have it shipped to your door, prior to deadline yet! I keep my bitcoin secure on the Trezor, and I love it! https://www.amazon.com/TREZOR-The-Bitcoin-Safe-Black/dp/B00R6MKDDE
lol, exactly! I can't help it if this news pisses you off but its happening and I wanted everyone to be as well informed as possible.
But killing the messenger is so therapeutic!
I suspect it's more about censorship than killing the messenger. Blockstream has put a lot of money into their takeover of bitcoin, they're pulling out all the stops to prevent it from forking away from their control.
Great article about this Bitcoin fork and how Coinbase is reacting @bitcoinflood. It is important for everyone to be safe during this time in Bitcoin history, many things are changing.
I have already created a helpful guide that anyone can use to ensure they get all the free coins coming to them in the fork right here on Steemit:
[How to] A Helpful Guide & Complete Compendium to the whole NEXT WEEK of BITCOIN: From Price to Fork(s) and MORE
My page regularly posts about Steemit, Bitcoin and other crypto related material, check out my well written and easy to read content; follow for the FASTEST active news you can run with!
Thank you,
Jeffrey Anderson
Editor in Chief
The Anderson Report
@cryptoNEWScoins on Twitter
crybaby.
If you don't like what coinbase is doing
MOVE YOUR COINS.
Nothing 'dictatorship' about it.
YOUR choice!
Not sure how that is cry baby status but ok, and that is exactly the point I am making here move your coins so you have the ability to have both and make your own decision instead of a company making it for you.
I'd love to move my coins but they haven't responded to my support ticket. They have locked my coins down and been completely unresponsive. I had a very positive experience with them until this point, I really hope they redeem themselves.
Thanks for sharing this. It's important that everyone understand where to keep their BTC (wallets vs. exchanges). With all of this confusion, I hope everything works out in the market and we all go to the moon!
I for one can't wait for this drama to be over it is doing nothing but hurting the markets at the moment. Just play it as safe as possible in the next coming weeks and you should come out on top.
Ha Ha can't believe you were getting flagged over that. I appreciate news no matter if it's good or bad,so thanks for keeping us updated on what's going on with BTC and BCC.
Look forward to reading your next post(even if it's bad news).
It was pretty wild but then again I totally understand. Glad to share insightful info all the time. I rather people know their options and what could happen because it very would could happen. Being prepared for all types of scenarios is what keeps you ahead.
The divide and conquer narrative is slowly fading.
Good news that BTCC will change all BTC asets in Bitcoin cash BCC with the same price so transfer all your BTC assets to BTCC and safe your assets.
please read this latest news by BTCC
https://www.btcc.com/news/en/%C2%A0%20%22announcements%22/2017/07/28/bcc-fork/
I upvote myself because i love myself...taught by whales through digitals oceans
The Panda is the land Orca
Thank you for sharing
What wallets are supporting the BCC ?
I believe Electrum is there are bound to be many others just have not researched it enough yet. Ill see about it this weekend and update on Monday early.
Upvoted, a side note left aligned text is easier to read.
Updated thanks I centered the picture and for some reason it seemed to want to center everything else even after the closing tag.
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Very bad to hear and coinbase behave like centralized banks they have very strict rules.
You guys realise this is going to cause the BTC exchange rate to plummet, right?
I think all altcoins go up after Aug 1st
Get your coins off coinbase man! The fork is HAPPENING! I'm kinda excited :)
lolol hhh
Very usefull information . Thank you for sharing it .
😞
This submission has made it on the @MutuWhale MutuList!
+1, completely agree. It's as if they've learned nothing from the ETH/ETC split and being liable to value loss of customer funds.
Just another reason to control your own keys.
Beware Coinbase - I've heard some bad things about them and I was permanently locked out of my account myself with absolutely no customer support - even after weeks!
Coinbase is seriously flawed.
Just imagine the amount of bitcoin transfers happening today out of coinbase as the site was down for a few hours.
I personally think theu are shooting themselves in the foot a tad. I read another article that puts BCC in the top pic of alt coins in regards to market cap. Think if everycoin is worth 400 USD and there are roughly 16million coins....thats a big chunk of change (Minus the stray ones on Coinbase and others that have been lost into the ether!)