Coinbase and GDAX have reiterated their stand on Bitcoin Cash (BCC) stating that as an when the new cryptocurrency comes into being, they will not support it and will not credit accounts of its users with BCC post the August 1 hard fork.
We would like to remind our readers that both Coinbase and GDAX have issued statements that neither will they support BCC storage or trading nor will they provide their customers with BCC credit on August 1. The latest stand by the two is very surprising for the fact that Coinbase’s CEO has been tirelessly voicing support for bigger blocks for a long time in the past.
In its latest statement GDAX has said that once BTC and BCC come into existence, their customers who have BTC stored on GDAX will only have access to the current version of Bitcoin and they will not be able to withdraw their BCC. This means that with each BTC in their account on GDAX each user will be making a loss of $400-$500 if they continue to have the BTC with GDAX at the time of the hard fork.
So what will Coinbase and GDAX do with the BCC of their clients? While the two haven’t made clear on what they intend to do with the BCC of their clients, small and big blockers have started voicing their concerns and have been asking users to withdraw their BTC before the August 1 deadline in protest of Coinbase and GDAX.
Chances are the might change their stance on BCC, but until then it is safe to withdraw your BTC if you intend to cash-in on your BCC as well.
Coinbase has said that the reason behind the stance is the inability to “predict how long the alternative version of bitcoin will survive and if this will have future market value.”
Why oppose BCC?
The statements released again and again over their decision of not supporting BCC do not provide us with the entire story. Creating confusion seems to be the agenda here. Also, Coinbase and GDAX have been backing Ethereum and they may be considering BCC as a competitor to Ethereum. Analysts believe the two may have some other intentions that are not clear or visible right now, but it is a wait and watch game for now!