Dear Coinbase Customer,
We wanted to provide an update on proposed changes to the Bitcoin
network and what that means for bitcoin stored on Coinbase. You can read
more about what a digital currency fork is https://blog.coinbase.com/what-is-a-bitcoin-fork-cba07fe73ef1.
Our first priority is the safety of customer funds. In the event of a
fork, customer fiat currency (USD, EUR and GBP) and digital currencies
(bitcoin, ether and litecoin) are safe.
On August 1st, 2017 there is a proposal to make changes to the
bitcoin software. This proposal, known as Bitcoin Cash, is likely to
create a fork in the Bitcoin network. This means that after August 1st,
2017 there are likely to be two versions of the Bitcoin blockchain and
two separate digital currencies.
In the event of two separate blockchains after August 1, 2017 we will
only support one version. We have no plans to support the Bitcoin Cash
fork. We have made this decision because it is hard to predict how long
the alternative version of bitcoin will survive and if Bitcoin Cash will
have future market value.
This means if there are two separate digital currencies – bitcoin
(BTC) and bitcoin cash (BCC) – customers with Bitcoin stored on Coinbase
will only have access to the current version of bitcoin we support
(BTC). Customers will not have access to, or be able to withdraw,
bitcoin cash (BCC).
Customers who wish to access both bitcoin (BTC) and bitcoin cash
(BCC) need to withdraw bitcoin stored on Coinbase before 11.59 pm PT
July 31, 2017. If you do not wish to access bitcoin cash (BCC) then no
action is required.
We plan to temporarily suspend bitcoin buy / sells, deposits and
withdrawals on August 1, 2017 as the fork is likely to cause disruption
to the bitcoin network. This means your funds will be safe but you will
be unable to access your bitcoin (BTC) for a short period of time.
We will keep you updated on this event through our blog, status page and Twitter.
Thank you,
Coinbase Team
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