Investors who held bitcoin on most exchanges as of Tuesday morning, when the split happened, should have automatically received the equivalent amount of bitcoin cash. As that currency's price slipped, Bitcoin's showed renewed strength as its price soared past the $3,100 mark late in the evening.
However, the exchanges made a decision to change their stance due to customer demand and trading volumes, among other reasons.
Bitcoin cash is at $334.18 at 10.07am on Friday August 4, according to CoinMarketCap. The rest stated that the August 1 hard fork would have minimal impact on the bitcoin network, if any, because the industry has already started to consider Bitcoin Cash as an alternative cryptocurrency (altcoin). It's pretty much impossible to predict how a new coin will perform over the course of so many months.
With 9 million users and $20 billion exchanged, Coinbase has its hands on a lot of the digital currency floating around.
CNBC further reported on Thursday that a number of experts are doubtful that bitcoin cash will have any sort of long term potential.
As varied as the attire were the opinions of Bitcoin Cash. Earlier this month, Bitcoin shot past $2,000 for the first time in May and reached nearly $3,000 in June only for the valuation to crash.
About Author: Steve Todorov is the founder of Razor-Forex.com, an ardent digital currency enthusiast and Forex trader. Founded in 2012, the exchange still only trades bitcoin, ethereum, and litcoin - all digital currencies which the team has deemed stable enough for an armature investor to put money into, but also technically secure. Some predicted the price of bitcoin to rapidly decline amidst rising uncertainty in Bitcoin Cash and the two bitcoin blockchains.
"Ultimately, Coinbase is an exchange for buying bitcoin, but people are free to use their own wallets and take control of their wallets anyway they want", Chawla said.
That will change by January 1, 2018, Coinbase Director of Communications David Farmer revealed this week.
Coinbase and GDAX will not offer full support for Bitcoin Cash, however.
"Coinbase would not keep the bitcoin cash associate with customer bitcoin balances for ourselves", the company posted on Twitter.
Sebastian Quinn-Watson, a venture partner for Blockchain Global, an Australia-based exchange, said some traders have said they will exit their BCC positions by August 8.