Bitcoin Cash climbed to a high above $1,000 earlier today, leading many people to ask the question: when will Coinbase accept Bitcoin Cash?
Coinbase and Bitcoin Cash supporters have had a tumultuous relationship since the BCH hard fork this past summer.
Prior to the August 1 hard fork, Coinbase said it would not support Bitcoin Cash in any way. The company did not want to support Bitcoin Cash trading, deposits, or withdrawals. Any customers with Bitcoin (BTC) in their accounts during the August 1 hard fork would be stuck with the original Bitcoin (BTC) fork without being able to access their Bitcoin Cash.
By August 3, things had changed. Coinbase announced plans to support Bitcoin Cash withdrawals – but not until January 1, 2018.
Things were quiet for Bitcoin Cash between mid-August and mid-October. However, the BCH development team continued to release updates, and BCH supporters continued to maintain their confidence in the platform. As Bitcoin (BTC) transaction fees swelled to $5 or $10 per transaction, and scalability solutions like Segwit2x fell through, Bitcoin Cash started to look like a more attractive option.
That’s what fueled Bitcoin Cash’s rise this week to an all time high price of $1,000 per BCH.
Despite the positive news for Bitcoin Cash, Coinbase hasn’t changed its stance. As far as we can tell, Coinbase’s support page for Bitcoin Cash has not changed. The company still insists that it only plans on supporting Bitcoin Cash withdrawals – and it won’t even support withdrawals until January 1, 2018.
Meanwhile, users still cannot send Bitcoin Cash to Coinbase.
Why is Coinbase Avoiding Bitcoin Cash?
Coinbase’s official stance on Bitcoin Cash is that it treats the security of customer funds very importantly:
“Our top priority is the safety of customer funds and we spend extensive time designing, building, testing and auditing our systems to ensure that the digital assets we support remain safe and secure,” explains the Coinbase support page.
Coinbase’s social media accounts have not released any updates on Bitcoin Cash as of November 10. We have no reason to believe they’ll change the above policy. The latest tweet from Coinbase stated that they were actively monitoring the bitcoin Segwit2x situation.
Bitcoin Cash Acceptance Could Be Inevitable
Ultimately, Coinbase will allow customers to withdraw their Bitcoin Cash from January 1 onwards. We have no reason to believe their stance towards Bitcoin Cash – like launching Bitcoin Cash trading – will change between now and then.
However, based on the positive momentum for the currency, greater acceptance of Bitcoin Cash across the community seems to be inevitable. Stay tuned for more information about Coinbase and Bitcoin Cash.