Coinbase wallet users are increasingly getting agitated over Coinbase not allowing its users to withdraw Bitcoin Cash (BCC).
In a prior statement Coinbase and GDAX have made their stand clear on BCC when they said that they will neither listing the cryptocurrency for trade nor will they be allowing withdrawals of the currency from Coinbase. Some traders have already started protesting that this stance by Coinbase over BCC amounts to theft.
The bitcoin hardfork is just a week away from us. The hardfork will spit the cryptocurrency into two coins – Bitcoin Cash (BCC), and Bitcoin Core, which is to retain the bitcoin brand and BTC ticker for now. Considering this split, bitcoiners are preparing and taking precautionary steps.
One of the primary reasons why there has been a lot going on for Bitcoin is that if the chain forks, you would own coins on both forks – meaning that you will have BTC and BCC on August 1 when the split happens. This effectively means that all users owning Bitcoin will have BCC as well, but Coinbase has decided to take that privilege away from its users. This effectively lowers the value of BTC because post the split, you will not have BCC to withdraw and trade and will only be left with BTC.
BCC, even before the split, has started garnering traction with ViaBTC listing BCC for trading. The coin reached a high of nearly $900 yesterday, before settling at lower prices. The currency does not yet exist as the flag-day hardfork is to occur at 12:20 UTC on the 1st of August. Many believe Coinbase will have to change its stance with respect to Bitcoin Cash, but bitcoiners aren’t taking any risks and so seemingly withdrawing their coins from the exchange to a wallet or another platform.