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Coinbase Is Courting Serious Legal Trouble By Not Supporting Bitcoin Cash - Benzinga

Published 2 years ago

Coinbase Is Courting Serious Legal Trouble By Not Supporting Bitcoin Cash - Benzinga

Benzinga via

The bitcoin blockchain officially forked into two cryptocurrencies Tuesday: bitcoin and Bitcoin Cash. Coinbase, the largest cryptocurrency exchange, has stated that it will not support Bitcoin Cash, drawing threats of class action lawsuits from users on its message boards. Related Link: Bitcoin Cash Is Coming: What Investors Need To Know When the blockchain split, it did not just divide existing bitcoin into two currencies totaling the same value, it essentially created new money. Because it — and a handful of other major exchanges — will not distribute Bitcoin Cash to its users, they will not receive money that should be theirs. Shortly after Bitcoin Cash was announced last week, Coinbase began delaying withdrawals for 72 hours as a “security precaution,” with some commenters going so far as to compare it to the bank runs of the Great Depression and Great Recession. Wu told Fortune that the situation is like Coinbase holding a person’s cows: Bitcoin Cash belongs to users like a newborn calf belongs to the cow’s owner. Coinbase will not support Bitcoin Cash because it "would need to undertake a process of designing and testing significant changes to [its] systems," said the spokesperson. "If this decision were to change in the future... we would distribute [Bitcoin Cash] to customers associated with bitcoin balances at the time of the fork," said the spokesperson, adding that Coinbase would not keep the Bitcoin Cash associated with said customers' accounts. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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