Coinbase Adds Bitcoin Cash, then Crashes

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On Tuesday night (Dec. 19th), the popular cryptocurrency exchange, Coinbase, briefly crashed. This was due to Coinbase adding support for Bitcoin Cash (BCH), thus allowing users to buy, sell, send, and receive the cryptocurrency.

While many in the crypto space have conflicting opinions about Bitcoin Cash, its addition onto Coinbase nevertheless created a lot of commotion. So much, in fact, that it caused the site to crash due to the high volume of transactions taking place all at once. This crashed GDAX as well, which is owned by the same company as Coinbase. Bitcoin Cash surpassed $8,500 on Coinbase, before coming back down to the $3,000s. There are questions, however, as to whether or not the $8,500 price was accurate; since the price stayed in the $3,000s on other exchanges. The buying and selling of Bitcoin Cash on Coinbase has temporarily been disabled, though it is available on other exchanges such as Binance.

It’s important to note that Bitcoin Cash (BCH) is NOT Bitcoin (BTC). Bitcoin Cash is the result of the August 1, 2017 Bitcoin fork, which means the original software of Bitcoin was modified, resulting in two separate versions of the blockchain. The original Bitcoin actually dropped nearly 25% today as Bitcoin Cash shot up.

coinbase crash
Error Page due to Bitcoin Cash Coinbase. Source: Coinbase.com

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Referral Link- https://www.coinbase.com/join/5a2b86ffa89b85016306e948

If you’d rather sign up through a friend’s link or without any referrals, feel free to do so as well!

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