Coinbase Adds Support For Bitcoin Cash [Update: Disabled]

Popular digital exchange Coinbase has announced support for Bitcoin Cash. "Bitcoin Cash was created by a fork on August 1st, 2017," a blog post reads. "All customers who held a Bitcoin balance on Coinbase at the time of the fork will now see an equal balance of Bitcoin Cash available in their Coinbase account. Your Bitcoin Cash balance will reflect your Bitcoin balance at the time of the Bitcoin Cash Fork, which occurred at 13:20 UTC, August 1, 2017."

The recent announcement has disrupted the markets. Bitcoin has dropped 12 percent, with the other two cryptocurrencies supported via Coinbase not faring too well either.

Update: Coinbase said Tuesday evening users wouldn't be able to buy and sell bitcoin cash four hours after it said trading of the cryptocurrency would be enabled on its platforms. Chief executive Brian Armstrong said the company is looking into whether employees tried to profit from advanced knowledge of the news.

Comments

It is both

[SuperKendall]

it's an investment rather than a functional currency

How is it not functionally a currency if I can buy things with it?

If people stop buying BTC it will not matter because there will always be some level of trade where people are buying things with BTC and thus exchanging BTC for real value. Again, a functional currency.

The reason it works is because people the world over back it, not just a single nation - which is why the valuation you noted is still quite low.