Coinbase is an industry leading cryptocurrency investment platform, with thousands of traders active on their exchange daily. Some users have expressed their disappointment with the lack of support for various Bitcoin forks. The good news is that Coinbase has taken notice of this and is in the process of developing extended Bitcoin fork support for easy withdrawals! We take a deeper look at the platform’s plans.
What are Bitcoin forks and why are these important to Coinbase?
Bitcoin forks are cryptocurrencies that are modeled on Bitcoins code. So, when a new digital coin is created and the developer copies Bitcoin’s code and uses it in their new digital currency, it is said to be a fork of Bitcoin. Many Bitcoin forks rely on the same fundamental mechanics of Bitcoin. However, there will be a few variations in the way the digital coin operates, for example: the fork could offer increased block sizes, larger mining payouts or even faster block times. Anyone can copy a digital currencies code and that is precisely why there are so many Bitcoin forks.
One of the biggest challenges users face on Coinbase is the limited support for Bitcoin forks. Coinbase does not offer any support for Bitcoin forks and users simply can’t get access to any of the services or digital coins attached to these forks. Coinbase members will be delighted to know that this will be changing in the coming months. In an earlier report, Coinbase made a statement highlighting this:
“We’re excited to announce our intention to support the withdrawal of Bitcoin Forks across Coinbase products in the coming months.”
This is brilliant news for all Coinbase members. The support of various Bitcoin forks on the platform will afford users with extended functionality and a potential cryptocurrency portfolio injection, with thousands of dollars in additional digital coins.
When Coinbase announced the news, many traders were delighted at the infinite potential that the bold move could afford them. You should be aware that Coinbase has not pinpointed any specific platforms just yet and this is still a project in the works. Coinbase had the following to say concerning which Bitcoin forks will see platform support:
“As always, we look at technical, operational, and legal considerations when deciding which Bitcoin Fork assets to support and will always state on our website which particular assets are supported.”
These digital coins are likely to gain Coinbase support in the next coming months
Even though Coinbase has not announced any specific forks to gain support on their platform, the following are likely to be added in the coming months. Members should be on the lookout for Bitcoin Gold, which is the most likely to be added. If you owned Bitcoin before October 24th, 2017, you could be in for some additional digital coins. Another likely contender is Bitcoin Diamond. Cryptocurrency market investors who owned Bitcoin before the 24th of November 2017, you may just be in for some additional cryptocurrency.
Coinbase members could be a lot happier in the coming months. This bold move by the platform to support Bitcoin forks will afford members with improved cryptocurrency platform functionality and could even see many members a whole lot richer.