After plummeting to $2,430 on Wednesday, the price of Bitcoin is strong again at nearly $2,800. This is good news for holders of Bitcoin, as the price has spiked $150 since yesterday alone.
With the impending fork coming on August 1st, many people are nervous about what the future of Bitcoin holds. If the block chain splits into two, it’ll divide Bitcoin into two separate coins. This could potentially create large market fluctuations, causing the original Bitcoin price to skyrocket or plummet to new lows.
The new block chain, called Bitcoin Cash, is allegedly “future proof”, ideally preventing what’s happening now from happening in the future. Hopefully this will prevent something like this happening again for a long time, as forks are inconvenient for both users of Bitcoin and miners of Bitcoin.
Coinbase said in an email to their users that they currently have no plans to support the new Bitcoin, stating concerns of the future of the new coin. Essentially, they don’t want to waste resources on supporting a new coin than could flop within a few months to a year. If Bitcoin Cash (BCC) stick around, this may change but there’s no official statement of this.