What a mess! The terms Coinbase, Bitcoin hard fork and Bitcoin Bash will give many of you jitters about the bad experience you might have had until now – specially if you were waiting in the digital queue to get your Bitcoin withdrawn from Coinbase before the hard fork deadline.
The hard times are not over yet with Coinbase maintaining its stand on not supporting Bitcoin Cash and not allowing users to withdraw BCC and despite the criticism it has garnered over its stand, Coinbase is adamant that it is making the right call and it wants people to trust it.
Brian Armstrong, founder and CEO of Coinbase, has said that people who do not understand the Bitcoin hard fork and have continued to have faith in Coinbase by not withdrawing their cryptocurrency have entrusted the company “to make the right call about future forks.”
In a statement he even added that Coinbase can’t guarantee that they will be able to provide everything that people want, but they are able to provide what most people want and if they trust Coinbase to make the right call for them, they should continue to hold their Bitcoin with Coinbase.
Coinbase has been very clear in the past about their stand on BCC and not allowing customers to withdraw BCC through a statement that read: “Coinbase will not be able to support the new blockchain or its associated coin,” and “customers that desire access to [Bitcoin Cash] should withdraw their bitcoin from Coinbase by July 31st.”
“Coinbase is not the best product for more tech savvy people who want 100% control over all aspects of their coins. Our goal is to make digital currency simpler, and help digital currency reach a much larger market of people, and this can sometimes be in conflict with complete control,” Armstrong says.
Check out the complete statement below:
Coinbase not to keep BCC for itself
Putting to rest speculations that Coinbase will keep BCC for itself, David Farmer, Director of Biz Ops at Coinbase, said that they are not intending to interact with the Bitcoin Cash blockchain, or to access bitcoin cash (BCC). Further, if they change this decision in future they “would distribute to customers bitcoin cash (BCC) associated with bitcoin (BTC) balances at the time of the fork on August 1st, 2017. Coinbase would not keep the bitcoin cash associated with customer bitcoin (BTC) balances for ourselves.”