Coinbase Advises Users To Transfer BTC

Coinbase Advises Users To Transfer BTC

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Coinbase Advises Users To Transfer BTC
Amid fears of the proposed Bitcoin Cash (BCC) fork coming on August 1, cryptocurrency exchange Coinbase has issued a notice to their users.

No Certainty
The exchange has stated via email to their customers that they will not support the BCC tokens that are generated, should a fork occur. The company stated that they do not know the future market value of the alternative fork (BCC) or its future value, and because of the built in ambiguity, supporting the secondary fork is not advisable for the company.

Guidance for August 1
The company also issued a warning to customers, advising them to withdraw their BTC should they wish to begin using the BCC after the fork. The email states:

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.

The company will suspend trading for a short time after the fork to protect the funds of users until the disruption to the Bitcoin network is complete.