New Petition Aims to make Bitcoin Cash a Default Trading Market on Coinbase

A lot of people are fed up with Bitcoin’s many issues. High fees, slow transactions, and nearly no merchant appeal are all very worrisome trends. As a result, the Bitcoin Cash community has come up with a new idea. Through their petition, they want to make BCH the default trading market on Coinbase. Although the exchange supports BCH already, it’s still in somewhat limited capacity. Whether or not Coinbase will pay any attention to this request, remains to be determined.

Whether or not Bitcoin will remain the top dog of cryptocurrency, is a big unknown. Although it’s the most valuable cryptocurrency, that situation may not last much longer. Ongoing issues plague the network and the status of this new form of money. Bitcoin Cash is more efficient in virtually every single way. The ensuring friction makes it rather difficult for people to remain supportive of BTC. In fact, it seems we may witness a big shift to BCH sooner or later.

Shaping the Future of Bitcoin Cash on Coinbase

More specifically, there’s a petition regarding Coinbase and Bitcoin Cash. In this petition, the BCH community demands Coinbase prioritizes this altcoin over Bitcoin “Legacy”. An interesting turn of events, although there’s no guarantee for success whatsoever. After all, Coinbase will do what is best for business in their opinion. Right now, that means support Bitcoin as the main trading market for altcoins.That doesn’t mean this situation may not change in the future, though. For now, however, the company has yet to respond to this petition.

On paper, it makes sense for the community to demand additional support for Bitcoin Cash. After all, a petition like this may effectively have an impact in the long run. Although it seems unlikely right now, the company will not just ignore this request either. Bitcoin Core is fragile, expensive, and unreliable, the petition claims. Furthermore, a few companies now prioritize BCH over BTC. is one of the most recent examples of this shift. Rest assured they will not be the last company to do so.

Making Bitcoin Cash the new Bitcoin will not be easy, though. It doesn’t have overwhelming miner support and the market cap is a lot lower, to name a few things. All of this can be overcome in due time, but for now, it seems BTC will reign supreme. At the same time, it may very well be a good moment to introduce some big changes. There’s no reason why Coinbase can’t have BTC and BCH markets for all other supported currencies. We will have to wait and see how the company responds to this new request.

Subscribe to our newsletter

The number of new crypto billionaires increased exponentially in 2017, a pattern that is likely to continue into this year. The latest to join the elite club of crypto whales is Ripple co-founder Chris Larsen who is now richer than the co-founders of Google according to a CNBC report.

Thanks to the recent surge in XRP he has now become one of the richest people in America. According to Forbes who cited staff at the company executive chairman Larsen has a personal stash of 5.19 billion XRP and a 17% stake in the company. Taking current rates of XRP trading at $3.16 it will give him a net worth of $16.4 billion. Using Ripple’s record high of $3.80 yesterday he would have been worth almost $20 billion not including the company stake.

Forbes estimated his net worth to be closer to $37.3 billion which would make him the 15th richest American on the 2017 Forbes 400 list as of Monday. This places him level with Steve Ballmer, the former Microsoft CEO. CNBC estimated the figure to be around $60 billion which makes Chris Larsen richer than Larry Ellison, but just below Facebook founder Mark Zuckerberg. It is hard to put an exact figure on it as the crypto prices are too volatile to measure accurately, by the time you have read this article the price of Ripple will have changed again.

Ripple’s gains far outpaced those made by Bitcoin and Ethereum in 2017. XRP surged over 38,000% last year from $0.006 to $2.32, the company owns 61.3 billion of the total 100 billion coins making its market value a staggering $235 billion according to CNBC.

Ripple’s success has come largely from a number of partnerships with will established banks in the EU and Asia. It also has ties with Visa and strives to become the blockchain standard for inter-bank payments, replacing the somewhat archaic Swift protocol. Many traders are skeptical of XRP due to its ties with traditional banks and centralized company ownership. However as a technology it has proven to be one of the best to invest in. Those that bought XRP just a month ago will have seen gains of 1200%.

Further reports and speculation that Ripple could be coming to the Coinbase exchange has fueled intense investment and a lot of FOMO. The exchange has yet to officially confirm whether it will be listing XRP this year but in the land of crypto, hype is as good as anything. XRP is currently pulling back from its high of $3.82 yesterday and is trading at $3.16 with a 24 hour volume of $7.8 billion and a total market cap of $122.5 billion.

On December 29th Ripple soared by more than 55% to reach an all time high of $2.23 implying a market cap of more than $86 billion which was well-over Ethereum’s $73 billion at the time. Coverage seems to be infiltrating mainstream media now, with Ripple even getting a mention on the BBC.

So what has caused this market reaction?

I think the market is taking notice of Ripple’s speed, reliability and scalability — which has strengthened the demand for Ripple where it’s listed. Ripple has gone from being listed on six exchanges earlier this year to more than 50 worldwide.

At a fundamental level, growing adoption of Ripple seems to have driven its rise in value. Over the weekend, three of Japan’s largest credit card companies revealed they had signed up to use it to handle payments and settlement. Prior to this announcement, South Korean and Japanese banks announced a pilot project that would use Ripple to handle cross-border payments. These real world uses cases for XRP in these markets is probably why the South Korean cryptocurrency exchanges like Bithumb, Coinone, and Korbit have accounted for more than half of Ripple’s $4.5 billion daily trading volume. Interestingly, Asian investors continue to pay a premium for XRP, on Bithumb, it’s being traded at $2.76, more 25 percent higher than the global average price according to data taken from

These events in Asia are believed to have prompted the bump in value. In addition, JoelKatz also known as Ripple’s Chief Cryptographer, David Schwartz, mentioned about “two household names” for the next wave of xRapid customer announcements.

For the most part, a lot of the price action is fueled by the anticipated XRP listing on Coinbase, the largest and most liquid exchange in the US, which is expected to happen imminently. With rumours around XRP being listed on Coinbase, huge sums of money is flowing into XRP, with one investor purchasing 2.7 billion XRP worth about $4 billion. There’s an interesting Reddit thread discussing this transaction.

A few months ago Coinbase released their Digital Asset framework which outlines their criteria for listing a Cryptocurrency on their site and unsurprisingly XRP satisfies more than few requirements. The Coinbase listing rumours were sparked by a video doing the rounds on Twitter, although there has been no formal announcement from either Coinbase or Ripple yet.

Over the past 24 hours, the bitcoin price has dropped from $15,900 to $13,000, recording a 19 percent decline in value.

Major Market Correction

The price of bitcoin fell sharply as the entire cryptocurrency market experienced a major correction. The combined market valuation of cryptocurrencies fell from $600 billion to $489 billion within a single day.

Analysts have attributed the recent decline in the price of bitcoin and every other cryptocurrency in the market to the latest bull run and strong rallies of the cryptocurrency market. Several cryptocurrencies including bitcoin, Litecoin, Ripple, and Ethereum have recorded nearly 100 percent gains in the past 30 days.

Bitcoin in particular has recorded a 63 percent monthly increase in value since November 23, even with the recent price correction which sent the bitcoin price from $15,900 to $13,340.

Last week, as soon as the price of Litecoin recorded a staggering 150 percent increase in a three-day span, Litecoin creator and former Coinbase executive Charlie Lee cautioned investors and Litecoin users about a potential correction.

He emphasized that a strong rally or a bull run in the cryptocurrency market is almost always followed with a minor or a major correction

“Every crypto bull run I’ve seen has been followed by a bear cycle. The market needs time to consolidate. That’s just my experience from 7 years of watching this space. How low and how long it will be is TBD. People need to be aware of this possibility and invest responsibly,” said Lee.

Large-scale corrections are beneficial for bitcoin and the cryptocurrency market because they prevent short-term bubbles from forming. Upon the occurence of corrections, the market shakes off weak hands and stabilizes, as speculators drop off.

Bitcoin Has Had Many Major Corrections of Similar Scale

Cryptocurrency analyst and researcher Robert Reid noted that bitcoin has had six major corrections during which its price fell by more than 30 percent in 2017. Each correction was followed by an increase in value of 76 percent, 237 percent, 183 percent, 165 percent, and 152 percent, as the market stabilized and prepared for new rallies.

As it always had done in the past, the price of bitcoin will likely recover and gear towards a new all-time high in the upcoming weeks. The price of bitcoin has already recovered after falling to $12,000 merely hours ago. At the time of reporting, the price of bitcoin remains above $13,400 across major markets and exchanges.

In several regions such as Japan and South Korea, investors are still trading bitcoin with a huge premium, demonstrating that the demand for the cryptocurrency has not decreased largely over the past two days. On Bithumb, South Korea’s largest cryptocurrency exchange, the bitcoin price is $16,460, with a daily trading volume of $530 million.

It has been a pretty interesting day for cryptocurrencies. More specifically, the Bitcoin Cash price is going bonkers right now. This is mainly due to GDAX and Coinbase enabling Bitcoin Cash support. As was to be expected, this momentum caused some sort of issue. The company decided to suspend all BCH trades for a while after mysterious riders showed up on the site. Buying Bitcoin Cash for over $9,000 is rather odd.

It was a matter of time until Coinbase decided to add Bitcoin Cash. Support for this altcoin has been rumored for some time now. With GDAX enabling BCH trades too, things will get very interesting moving forward. That is, assuming the company can keep their trading operation going. Trading across both platforms has been halted temporarily as we speak. It is a bit unclear as to why this has happened. According to GDAX, trading will be resumed later today at 9 AM PST. A brief reprise may be a good thing for markets to calm down.

Bitcoin Cash Trading Momentum Causes Some Issues

More specifically, there has been some interesting trading momentum for BCH. It became evident some people might attempt to manipulate the order book. Buying Bitcoin Cash for $8,000 and more is well over the market price. Several of such orders were created and filled. It is possible Coinbase and GDAX may reverse some of these trades moving forward, though. After all, a lot of people made and lost money in a very suspicious manner.

Although none of these orders went through for vast amounts of money, it is evident something doesn’t add up. While the initial excitement was to be expected, so was the attempt to manipulate things. It only took just over an hour before things got out of hand. No one can deny cryptocurrency users are always looking for ways to make money in one way or another.  This incident is unfortunate, but it seems the situation will be rectified pretty soon. Significant volatility is always normal, but such wild swings are rather uncommon.

For now, none of this affects the Bitcoin Cash price in any way. The popular altcoin has set another new all-time high even before trading began. Full support for BCH is still the plan for both Coinbase and GDAX. The big question is whether or not they will add other currencies in the near future. It is evident there are plenty of other currencies which could benefit from such exchange support in the future.

Cryptocurrency exchange CoinBase announced today that they will allow full support for Bitcoin Cash. The news comes following a bull run in the price of the version of Bitcoin which forked off from the main chain in August. According to TrustNodes, the company recently added Bitcoin Cash (BCH) to their Application Programming Interface before swiftly removing it again after speculation began. Some figured that CoinBase were testing BCH functionality ahead of their proposal to allow users who held BTC with them at the time of the fork to withdraw their additional coins this January. Meanwhile, others correctly hinted that one of the planet’s most famous crypto exchanges were ensuring that their launch of full support for the alternate version of Bitcoin was seamless.

The news was delivered via the exchange’s Medium blog page just moments ago. They claim to be rolling out full support. This will include depositing, withdrawing, and buying and selling when the liquidity reaches the necessary level to allow such functionality. This should be “within a couple of hours”. Their statement said:

“All customers who held a Bitcoin balance on Coinbase at the time of the fork will now see an equal balance of Bitcoin Cash available in their Coinbase account. Your Bitcoin Cash balance will reflect your Bitcoin balance at the time of the Bitcoin Cash Fork, which occurred at 13:20 UTC, August 1, 2017.”

They went on to claim that they’d long since been analysing the community, support, stability, market price, and trading volume of Bitcoin Cash, and were sufficiently impressed to add the coin to their elite but limited list of cryptocurrencies. They also affirmed that they will use the ticker BCH and will allow full support to the following fiat currencies: USD, EUR, GBP, CAD, AUD, and SGD.

In the statement, CoinBase claim that they believe their “customers should benefit from forks”. However, one rapid response on Medium quickly highlighted the hypocrisy of adding Bitcoin Cash to the platform and neglecting to include Bitcoin Gold, which at the time of writing was trading at around $353 per coin. It’s also telling that they have not integrated SegWit support yet. This second layer scaling system on the original chain effectively increases the blocksize too. It would allow users to transact using lower fees when moving their original BTC coins. Clearly, CoinBase are selective about exactly which forks their customers should be entitled to benefit from.

The news seems to be driving further demand for Bitcoin Cash which was already bolstered by CoinBase’s API trial earlier this week. In the last forty minutes, the price of BCH has increased by nearly $700, reaching an all-time high of $3,513.58.





CNBC analyst and Fast Money trader Brian Kelly has officially added Litecoin to his portfolio of cryptocurrencies, given its recent surge in value, technological developments, and increasing adoption rate.

Litecoin Solidifies Itself as Leading Cryptocurrency

Created by Charlie Lee, the former Coinbase director of engineering, Litecoin has served the market as a complementary cryptocurrency to bitcoin. With lower fees and faster confirmation times, Litecoin operates better as a currency for smaller payments than bitcoin.

Recently, Steam, the US-based digital distribution platform, removed bitcoin from its platform and integrated Litecoin, due to the complaints from its users and customers about bitcoin’s increasing fees. As such, Steam added Litecoin, that have less than $0.5 transaction fees on average.

In consideration of Litecoin’s Segregated Witness (SegWit) integration, rgw willingness of the community to integrate second-layer solutions, adoption by Steam, and lower fees, Kelly stated that he has included Litecoin to his portfolio of cryptocurrencies.

“There are three reasons why [I bought Litecoin]. First of all, it has a technical lead over bitcoin. That’s not a knock on bitcoin but Charlie Lee, the creator of Litecoin, has been ahead of the curve on a lot of the additions and upgrades to the network. Litecoin has been able to add a lot of stuff bitcoin has not yet,” said Kelly.

He further emphasized that because of its 2.5 minute confirmation time, Litecoin is able to process payments at a faster rate than bitcoin, providing a more favorable and efficient payment method for merchants like Steam.

“Litecoin is now accepted at Steam. Steam is one of these online gaming communities that used to be able to accept bitcoin. But it was too slow. Now you can accept it at Steam.”

Brian Kelly added that in the short-term, he believes the price of Litecoin can surge to $500, placing the market valuation of the cryptocurrency at $27 billion, closer to that of Ripple’s $30 billion market cap.

Can Litecoin Surpass $500?

Currently, in the global cryptocurrency market, there exists many cryptocurrencies and tokens with no real world purpose. The majority of cryptocurrencies have struggled to demonstrate potential and commercial success.

However, leading cryptocurrencies such as bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Monero have continuously been utilized as stores of value and currencies.

In the mid-term, as billions of dollars from the traditional finance sector flow into the bitcoin market through bitcoin futures on the Chicago Board Options Exchange (Cboe) and CME, an increasing number of institutional investors and retail traders will explore alternative cryptocurrencies in the market.

Cryptocurrencies like Litecoin that are widely recognized, acknowledged, and accepted as a currency will likely surge in value as a result. If more merchants and online platforms such as Steam continue to integrate Litecoin, and casual users in the cryptocurrency market begin using the cryptocurrency for smaller payments, Litecoin could compete against Bitcoin Cash in the short-term to evolve into an alternative to bitcoin.

Coinbase may be the bane of many traders’ lives, their customer support is pretty much non-existent, their fees are higher than most other exchanges, coin prices are often higher than elsewhere, transaction times are woeful, and don’t even bother trying to access the site when there is high traffic – it probably won’t be online. Trading is often suspended when there is a lot of demand as in the recent case with Litecoin. So how can Coinbase get on top of things during this unprecedented spell of crypto mania?

Crypto traders needed some feel-good news about Coinbase and it came in the form of a recent CNBC interview with co-founder and chief executive Brian Armstrong. During the brief dialogue, he mentioned how the Bitcoin boon has made crypto trading in general ‘Stock Market 2.0’. To facilitate this Coinbase will be offering a new service called ‘Coinbase Custody’ which is seeking to become the first qualified custodian for institutions that are looking to store digital currency.

Continuing on the theme of stock market evolution into crypto markets Armstrong said that Coinbase has plans to expand its altcoin listings from the current three they have available next year.

“The ones that are the most exciting to us that we have on the platform today are bitcoin, ethereum and litecoin, but there’s many more that are going to be added to the platform in 2018 and I think this is going to be a really exciting space for all kinds of institutional investors to make money.”

There is a lot of conjecture at the moment as to how many and what altcoins they will be adding to their marketplace. The likelihood is that they will choose the ones that have the greatest demand; a good indicator for this is the market capacity. In addition to Bitcoin, Litecoin and Ethereum already listed the others in the top ten are Bitcoin Cash, Ripple, Iota, Dash, Monero, Nem and Bitcoin Gold.

He went on to state that the firm has avoided listing any ICOs on the exchange due to regulatory uncertainty and SEC legislation. A number of factors needed careful consideration before a new asset can be listed;

“These include regulatory risk, diligence on the team, security audit on the coin, and the customer demand.”

Armstrong signed off by stating Coinbase is “looking to provide a safe place where customers can have assets that they trust and participate in this market.”

One of the world’s largest crypto exchanges, Coinbase, has been struggling to meet the demand of the flurry of activity on its servers as Bitcoin breaks more price barriers. In the last 24 hours, the daddy of all coins broke $11,000 and transactions were at their highest levels. Exchanges have been struggling to keep up and Coinbase went offline with a blue error screen for thousands of crypto traders wanting to get in or out of the action.

If that wasn’t bad enough the exchange faced a new challenge from the US government this week as a district judge ordered them to hand over thousands of user records to the Internal Revenue Service (IRS). Being one of the largest exchanges Coinbase has seen billions of dollars through its systems and the US government is not happy about it.

This week’s court order requires Coinbase to divulge details on all customers who made a transaction worth $20,000 or more between 2013 and 2015. The exchange has estimated that this request would total 8.9 million transactions between 14,355 different account holders, according to the court order.

Information requested includes names, birth dates, addresses, tax IDs, transaction logs, and account invoices of the Coinbase users. This is less information than was demanded by the IRS in a November 2016 summons that sought details on every single transaction on the exchange for the period. Coinbase argued that this was an invasion of its customer’s privacy and ignored the original request before the IRS filed a petition to enforce the summons in March 2017.

The IRS has noticed that the number of tax returns claiming gains from virtual currency did not line up with the emerging popularity of cryptocurrencies as an investment vehicle. The court documents noted that “only 800 to 900 taxpayers reported gains related to bitcoin in each of the relevant years and that more than 14,000 Coinbase users have either bought, sold, sent or received at least $20,000 worth of bitcoin in a given year suggests that many Coinbase users may not be reporting their bitcoin gains,”

Crypto aficionados and traders will not be happy with this outcome, especially if they are American. Several exchanges such as Bitfinex already limit or prohibit US citizens from opening accounts for fear of government intervention. It seems that those living in the “land of the free” are some of the most financially enslaved people in the world.

The largest US-based cryptocurrency exchange now has more users than stock brokerage Charles Schwab. According to Alistair Milne of Atlanta Digital Currency Fund, Coinbase users exceeded 13.3 million on Sunday after a surge of 300,000 new registrations in a single week. This was in contrast to Schwab’s October figure of 10.6 million active accounts reported in mid-November. For comparison, Coinbase’s number during October was over 11.7 million users.

Interest in cryptocurrency is largely being spurred by the ever-rocketing price of Bitcoin and other digital assets in 2017. A $1,000 investment in BTC in January would have returned close to $10,000 today. With positive developments in the market, this doesn’t look like it will reverse anytime soon. South Korea recently took further steps to legitimise cryptocurrency with one of the country’s largest banks declaring that they’d experimented with offering customers crypto wallet services as part of accounts. Meanwhile, the CME Group are planning on listing a futures market for Bitcoin in the second week of December.

Perhaps more interesting than the current numbers of users is to compare the rate of growth of the two platforms over the last twelve months. Whereas Schwab has seen an increase of around 5% over the course of 2017, Coinbase is up 148% in the same amount of time.

Coinbase still lags behind the world’s largest stock brokerage, however. Fidelity boasted an impressive 24.9 million accounts at the end of June 2017. That said, if the growth at Coinbase were to continue at the same rate, the company would have 26.6 million users this time next year. Presuming Fidelity continues to grow, that would place the cryptocurrency exchange right behind the planet’s largest stock brokerage in terms of registered users.

However, comparing numbers of users is but half the story. If the amount of assets available on each platform were considered, the brokerages would be vastly ahead of Coinbase. According to their website, the company has exchanged over $50 billion in Bitcoin, Litecoin, and Ethereum, in total. This pales in significance when compared with Schwab and Fidelity’s total client assets that were $3.26 and $6.2 trillion respectively during the periods in which the previously mentioned analysis took place.

This highlights just how much invest-able money there is outside of cryptocurrency markets and puts all the year’s bubble talk into perspective. Basically, we haven’t even begun to see the influx of capital into Bitcoin and other cryptocurrencies that could potentially be waiting. For this reason, we’re thinking Bitcoin’s meteoric rise could well continue into the new year and throughout 2018.