Bitcoin Cash (BCH) has officially arrived on Coinbase, which means you can now easily buy, sell, send, and receive the digital currency without having to manually set up a wallet or trade on an exchange like Poloniex. This addition has boosted the price of BCH, which is currently trading at around $3,400 a coin.
The best news of all? Coinbase will automatically credit its users some BCH, equal to the Bitcoin balance available in their wallet at the time of the fork, which happened around August 1, 2017.
UPDATE 1: Due to extremely high demand, Coinbase had temporarily suspended buying and selling of bitcoin cash. The company cited insufficient liquidity, which basically meant that there was currently not enough of the cryptocurrency to go around. You could still send and receive bitcoin cash to and from your wallet as you normally could.
UPDATE 2: As of Dec. 21, we’ve noticed buying and selling of bitcoin cash is now working for everyone, so now’s your chance to get your hands on some BCH before there is anymore downtime.
For those new to cryptocurrency, Bitcoin Cash was the result of the August 2017 Bitcoin fork, which essentially altered Bitcoin’s code to allow for more efficient large-volume transactions.
Coinbase originally didn’t plan on adding the new cryptocurrency to their wallet due to concerns about its overall reliability and security, but quickly backtracked due to customer outcry. So starting today, you can begin using BCH in the Coinbase app for Android and iOS.
The addition of BCH is not only a welcome addition to Coinbase, but it may be a sign of things to come. Coinbase has stated in the past that it plans to add more digital currencies in the future, so hopefully this is just a start!