Coinbase Exchange App Now Supports Bitcoin Cash Transactions

Discussion in 'iOS Blog Discussion' started by MacRumors, Dec 20, 2017.

  1. MacRumors macrumors bot

    MacRumors

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    App Store chart topper Coinbase introduced support for Bitcoin Cash on Wednesday, allowing users of the cryptocurrency exchange app to trade in the alternative "forked" digital asset.

    Bitcoin Cash appeared in early August when a group of developers created a separate version of the Bitcoin blockchain, so that more transactions could be processed at a faster rate, with lower associated fees involved.

    When news of a potential split or "fork" in the blockchain first appeared, Coinbase said it would not support trading in the new currency that would be created as a result, but in August it reversed its decision and said customers would be able to withdraw Bitcoin Cash from the first day of 2018.

    Following today's app update, all users will be credited an amount of Bitcoin Cash that is equal to their Bitcoin balance when the fork occurred on August 1. Bitcoin Cash trading will also be available on GDAX, which is Coinbase's institutional-based exchange.

    The Coinbase app surged to the top of Apple's free apps chart in the App Store last week, amid a speculative frenzy surrounding the blockchain cryptocurrency. Today's announcement that it would support Bitcoin Cash caused BTC to drop sharply in the early hours as users switched currencies, but the value appears to have stabilized since, at around $17,599 as of writing.

    Also this week, a new version of the CoinHub app was released. Version 1.5 of the cryptocurrency quote platform brings a new secure portfolio, Reddit and news separation, fresh UI styling, and a FOREX engine that lets users purchase any currency pair and automatically see the value in their local fiat currency.

    Article Link: Coinbase Exchange App Now Supports Bitcoin Cash Transactions
     
  2. huffhuff macrumors member

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    #2
    Just need them to add XRP and i'll be millionaire, a millionaire I tell you (ish - not at all - but I would be VEEERY happy)
     
  3. Return Zero macrumors 6502a

    Return Zero

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    #3
    I went in on IOTA after the data marketplace news... It's the first coin, in my opinion, to possibly solve the scalability/mining problem. I wouldn't mind if it hit coinbase as well, but either way it's a long term play!
     
  4. Jmausmuc macrumors 6502

    Jmausmuc

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    #4
    I also believe in IOTA
     
  5. monaarts macrumors 65816

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    #5
    Seems like an odd post for MacRumos. I’m guessing the editor has Bitcoin Cash they’re looking into growing.
     
  6. Tapiture macrumors 6502a

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    #6
    I’m skeptical of the whole crypto-currency trading thing... kind of seems like a get rich quick scheme. There’s some definite risk involved that many people aren’t aware of. How is it anything other than a *legal* Ponzi scheme?
     
  7. OldSchoolMacGuy macrumors 601

    OldSchoolMacGuy

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  8. Return Zero macrumors 6502a

    Return Zero

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    #8
    The total crypto market cap is around $700 billion (i.e. almost as big as Apple) and it is rising quickly, but also now more steadily than ever. Sure, there are pump-and-dump schemes all over the place, but at least two projects (bitcoin and ethereum) have established themselves as long-term assets, almost like the digital versions of gold and silver. There's always going to be risk, and yes many people aren't aware of what they are getting into. There is a real product behind it all though, and we're really only scratching the surface with blockchain-related tech applications, so I certainly wouldn't call it a ponzi scheme.
     
  9. blackcrayon macrumors 68000

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    #9
    What's your definition of a Ponzi scheme? Is AAPL a Ponzi scheme?

    Early holders of the stock are going to be rich compared to someone who bought a year ago...
    There's a lot of speculation going on and there's a good chance of large price drops across the crypto space (as well as chance of even larger price gains). But the underlying technology is real and will change the financial world.
     
  10. Xenomorph macrumors 65816

    Xenomorph

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    #10
    Mario coins?
     
  11. Markoth macrumors 6502

    Markoth

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    Not sure why he's mentioning it, but...
    [​IMG]
     
  12. Tapiture macrumors 6502a

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    I call it a legal Ponzi scheme because a Ponzi scheme is “a form of fraud in which the belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.” It seems like everyday there’s a new cryptocurrency and people are encouraged to “invest” because “look at what happens to new cryptocurrencies, they skyrocket.” The investments of new investors pays off the investments of the first few investors 10 fold. The key difference between something like this and investing in, say, Apple, is that Apple is a company you’re investing in using US dollars and cryptocurrencies are new currencies with no debt backing them and no insurance of value. When you invest in Apple you invest because you like their marketing strategy, their innovation in a field, or other reasons you think they will succeed. When you invest in a cryptocurrency you invest in it because you estimate the future demand will increase. Thus they are FAR riskier and vulnerable to exploitation for fraud.
     
  13. Return Zero macrumors 6502a

    Return Zero

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    #13
    If you're talking about some specific fringe coins, you'd probably be correct in classifying them as legal ponzi schemes, but the established coins are far from "nonexistent enterprises". They have real tech-- real solutions to real problems. I bought IOTA for the same reasons I invest in Apple. I think they have a compelling product and a great chance at success (which of course means future demand should increase... you can't really separate those two motives). Sure, they might be riskier, which is why I'm not draining my Roth IRA for crypto. The fact that there is no insurance of value doesn't really make it any different than super-volatile stocks. Both can crash before you have a chance to liquidate and leave you with almost nothing. Also, they are not as vulnerable to fraud as people think, if you do it the right way: using your own wallet and keeping your keys encrypted.
     
  14. Blaze4G macrumors 6502a

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    I think you need to do quite a bit more research in what cryptocurrencies are. You are investing in the innovation and the problem that particular crypto will solve. There are many different cryptos that offer different use cases. SONM and Golem are supercomputers, power ledger and electroneum involves p2p trading of electricity.

    You seem to think that all cryptos are like any other currency such as yen or USD. Many of these cryptos will actually be earning value based on their technology when companies use it and not just gaining value because people are investing.

    When I invest in crypto it's because I believe the technology will be in demand / become mainstream, not because I think the demand from investors will increase.
     
  15. Aston441 macrumors 6502a

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    #15
    Many millionaires are going to be made from Bitcoin Cash in the next few months.

    After Coinbase opens up trading, it will be like nothing the world has ever seen.
     
  16. palmerc2 macrumors 65832

    palmerc2

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    #16
    Well, stay skeptical. Never invest, and the most groundbreaking technology will pass you by.

    I have a question for you, as I’m really skeptical about the USD. It definitely has a lot of risk, controlled by a select few, losing value fast, and how is it anything other than a **legal** Ponzi scheme?

     
  17. fairuz, Dec 20, 2017
    Last edited: Dec 20, 2017

    fairuz macrumors 68000

    fairuz

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    #17
    Bitcoin Cash went to $9K on Coinbase, then they shut down trading. They reopened it, and suddenly a massive sell wall hit and sent it back to $3K. Typical Coinbase behavior. I hope some people get fired from this. I didn't buy BCH, but I do buy other ones and have found Coinbase to be extremely ghetto, but sadly less ghetto than the competition.

    Oh well. A reason to buy: This stuff will soar in value if it some day becomes easy for the average person to trade instead of it only being on these sketchy exchanges.
    --- Post Merged, Dec 20, 2017 ---
    The US dollar objectively has little risk and less inflation than the interest rate. Meanwhile, cryptocurrencies are young and are experiencing "growing pains"... like major banks/exchanges suddenly getting hacked and losing billions of dollars of customers' money, lol. I'm all for cryptocurrency but wouldn't call the USD trash.
     
  18. x-evil-x macrumors 68040

    x-evil-x

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    really good video. People dont understand government and banks and think that what we are all born into is right and new forms of currency are fraud. Meanwhile the current way the government and banks handle currency is fraud. But because we dont know better we just turn our backs on it because we have no other choice.
     
  19. littyboy macrumors 6502a

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    #19
    I’m invested in XRP too but I doubt It’ll hit CB. It’s not decentralized and that’s one of CB’s requirement frameworks.
    --- Post Merged, Dec 20, 2017 ---
    I was trying to buy right when it became available. I think propels orders got stuck and they couldn’t sell cuz site was hammered.
     
  20. ruchern macrumors regular

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    #20
    Maybe that is why you're sceptical on the whole crypto-currency trading thing. It is not just about Bitcoin or whatsoever.

    Apart from the two coins that you have quoted, in recent times, there are many crypto currencies with long term usage. Litecoin, IOTA, Ripple and a few more.

    It has more or less confirmed that Ripple is coming to Coinbase in Jan 2018 as per their announcement and if I am not wrong along with Monero and even OmiseGO.
     
  21. palmerc2, Dec 21, 2017
    Last edited: Dec 21, 2017

    palmerc2 macrumors 65832

    palmerc2

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    #21
    I believe the current exchange for USD has 2% buying power compared to 1913, which is the year the biggest scam in US history was established **ahem** I mean the ‘federal reserve’. Coinbase is whacked. Whenever there’s a huge rise in BTC, LTC, ETH, and presumably now BCH, it conveniently crashes. Other exchanges do it too, not as much though. Inside job I tell you! Eh, I’m not that personally concerned though. I have all the cryptos want for now, 2018 will be a very good year that will make the growth in 2017 look like a walk in a park. Don’t buy into the FUD (Fear, Uncertainty, and Doubt) by the “expert” mouthpieces on the news who’ve said bitcoin is a bubble since it was $100!
    --- Post Merged, Dec 21, 2017 ---
    Mike Maloney, who made this video, also has a great book aptly called “Gold and Silver”....it’s an excellent read. This video is part of an 8 part series, and I’d highly recommend watching all of them. It’s very informative of the history of money, and part 8 was released a couple days ago which is all about cryptos. However, I think he’s read some wrong information as what he says about the current situation of cryptos is false, and the new technology he talks about isn’t a viable replacement. He only mentions bitcoin isn’t viable, as he said “if bitcoin were to replace the world’s monetary system, it would consume more power than the earth currently produces” which is ********. Plus, he makes zero mention of bitcoin cash, dash, Neo, EOS, litecoin, or any other blockchain. I think bitcoin’s days could be numbered, it’s getting slower, the transaction fees are getting horrendous, etc. Its paved the way, but now it’s time for the new kids on the block to propel us into the future with far faster and cheaper transactions (namely EOS). EOS is promising a blockchain middle next year I believe said will do 1,000 transactions per second, which would put them in the league of PayPal. For reference, bitcoin can do about 5 transactions per second.
     
  22. fairuz macrumors 68000

    fairuz

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    #22
    It sounds more like they're crashing under high load. Either way, it's not something I feel good moving around lots of money with.
     
  23. palmerc2 macrumors 65832

    palmerc2

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    #23
    That’s why you get in and get out of an exchange as soon as possible and move it to a wallet.

    Right now it’s the Wild West of cryptos. Sure it’ll probably be a lot more solid in a few years, but imagine how far cryptos will be then. A couple months ago cryptos hit $100 billion market cap, currently its $600 billion....the growth is astonishing.
     
  24. fairuz macrumors 68000

    fairuz

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    #24
    Yes, the vast majority of my crypto money is stored on my own wallet. But this prevents me from day-trading if I want to. Some may frown upon that, but some of my friends are making lots of money taking advantage of all these "free money" scenarios that pop up with the young market.
     
  25. palmerc2 macrumors 65832

    palmerc2

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    #25
    If you’re into day trading, perhaps start an account with JAFX, as it allows for trading similar to forex.

    https://www.jafx.com/
     

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