A stance against the Bitcoin Cash (BCC) is proving to be too much of a concern for Coinbase, the world’s largest (and often highest-rated) Bitcoin exchange, with more and more users withdrawing their Bitcoin (BTC) from the exchange and taking it to somewhere else where BCC is being supported.
Reports emerged over the weekend that Bitcoin (BTC) withdrawals have spiked at Coinbase and the exchange is reeling under pressure. Users have been complaining that their withdrawals aren’t being processed for hours and there has been a delay of up to 12 hours in withdrawals – a delay that many believe is a fabricated one to stop people from leaving the exchange.
Coinbase’s status page is showing a message wherein it has noted that Bitcoin (BTC) transactions may be delayed by up to 12+ hours as they process their backlog.
Coinbase has said the delay is because of the congestion in the Bitcoin network, but our sources and analysis has shown there is no such congestion – at least not as high as claimed by Coinbase and certainly not that great to cause 12 hours delays.
Those leaving Coinbase are the ones who want to cash-in on the hard fork and gain their BTC equivalent BCC – “free money” as many are calling it. However, analysts say that the “free money” scenario will not hold because the value of existing Bitcoin (BTC) will split between Bitcoin Core and Bitcoin Cash.
Unlike coinbase there are those who have come forward in full support of Bitcoin Cash and have said that they will not only allow users to withdraw their BCC, but will also list it for trading. ViaBTC was the first one to list BCC for trading under futures and while the terms were to freeze the BTC until after August 1 in order to have your BCC now, quite a few users opted for it because of which Bitcoin Cash price reached a high of $900 at one time.