The splitting of the crypto currency bitcoin into two has already begun to generate tension. Two of the world's largest digital asset exchanges have rethought their positions and will ultimately support the new Bitcoin Cash via their platforms.
While the news is good, there is a catch-up in the case - users will be able to access their Bitcoin as early as January 1, 2018, and will only be able to withdraw it but not trade with it.
The Coinbase and GDAX exchanges have published identical statements stating that they will support the clone Bitcoin but from January 1 next year.
Just a day earlier, both platforms said they had concerns about the security and stability of Bitcoin Cash. However, obviously, both stock players have decided to change their minds.
Charles Heiter, CEO, and founder of CryptoCompare says there are economic reasons behind the two online exchanges.
In his words, some exchanges have realized they are omitting to increase their revenues by not listing the new Bitcoin, as well as the migration of users to platforms that support trading with the new virtual currency.
The decision of the two exchanges to allow users to access the new digital asset as of January 1 next year has sparked criticism from some consumers. Others decided to withdraw their assets from their platforms as a protest.
Bitcoin cash came in early this week after a new block technology has been activated behind the crypto.
So far, the Bitcoin community has been unable to reach a unanimous decision on how to increase the capacity of the classical block chain infrastructure to reduce transaction time.
As a result of this, each Bitcoin owner received the same number of Bitcoin cash on his account. So far, however, not all virtual currency exchanges accept the new asset.
Coinbase and GDAX said they would store the Bitcoin cash "tokens" on their platform. Once, however, they have gained access to their Bitcoin cash, users will be able to withdraw them from the platform, but not trade them on the platforms in question.
The decision whether the new asset will be allowed to trade in the future will be taken at a later stage, it is clear from a GDAX publication on their blog.
So really, until the beginning of next year, Bitcoin Cash may not cost anything. The news of the decision of the two major exchanges affected the presentation of the new asset.
After reaching a peak of $ 756.93 on Wednesday, the price of Bitcoin Cash fell by half to $ 229.07, according to CoinMarketCap. For comparison, the original Bitcoin was traded at $ 3.185.49 at the time of publication of the material.
According to Haider, the price of the new asset may fall further. In his words, the rise in the price immediately after the release of Bitcoin Cash is due to the slow penetration of the new stock on the stock exchange and the lower supply to demand.
picture source - pixabay.com
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