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Coinbase update brings Bitcoin Cash support | Tech | Life & Style

Coinbase has pushed out an update to its hugely-successful app, which lets users trade in Bitcoin Cash (BCH) for the first time.

Coinbase will now be able to send, receive, buy and sell the cryptocurrency on the iOS and Android software.

Users will be credited an amount of Bitcoin Cash equal to their Bitcoin balance.

Bitcoin Cash first surfaced online back in August when a group of developers “forked” the Bitcoin blockchain.

The developers wanted to modify the code so more transactions could be processed at a faster rate, with lower associated fees involved.

However the core Bitcoin developers disagreed with the proposed changes, so a group decided to copy and modify Bitcoin’s code to create Bitcoin cash.

The resulting cryptocurrency – dubbed Bitcoin Cash – is up around 50 per cent within the last few hours, trading around $3,775 or £2,815 at the time of writing.

Coinbase had initially stated it would not support Bitcoin Cash, however, it reversed this decision within weeks.

In a blog post, Coinbase said they considered “developer and community support, security, stability, market price and trading volume” when deciding to fully support the digital currency.

It added: “Coinbase operates by the principle that our customers should benefit to the greatest extent possible from forks or other networks events.

“This is essential in our mission to make Coinbase the most trusted, safe, and easy-to-use digital currency exchange.”

Coinbase has confirmed it plans to add more digital currencies in the future.

The cryptocurrency exchange app rocketed to the top of the App Store charts in the last few weeks.

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