Coinbase Exchange App Now Supports Bitcoin Cash Transactions

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.

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Coinbase Reaches Top of the Free App Charts on the US App Store Amid Bitcoin Surge

Bitcoin exchange Coinbase watched its iOS app surge to the top of the free apps chart in Apple's App Store yesterday, amid a speculative frenzy surrounding the blockchain cryptocurrency.

Bitcoin prices on Coinbase's GDAX exchange flew past $16,000 to almost $20,000 in around 90 minutes on Thursday, reported Bloomberg, extending its record-breaking run and causing the software to crash and the service's website to go down intermittently in the process. The digital currency fluctuated during a turbulent Asian session, before falling back to about $16,000.

The rise and rise of bitcoin has brought it into the mainstream in the last few weeks, but many observers are warning that the cryptocurrency could be a bubble. Investors have also been reminded of the dangers of hackers, after bitcoin mining marketplace NiceHash lost $64 million in BTC following a "sophisticated and professional attack".

Apple has had its own problems with cryptocurrencies in the past. In August 2016, the tech giant had to remove several fake bitcoin wallets from the App Store after users of the digital currency were scammed out of thousands of dollars.

For anyone interested in observing the hourly fluctuations of bitcoin while maintaining a safe distance, free app CoinHub offers real-time quotes and up-to-date cryptocurrency news all within an impressive-looking dark-themed dashboard. [Direct Link]

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