UAHF: free money or bitcoin collapse?

The users of Coinbase, one of the world’s biggest cryptocurrency exchanges, are withdrawing their investments right in advance of hard fork, Bitcoinist.com reports. This behavior is attributable to Coinbase’s announcement that the service will not support Bitcoin Cash (BCC) – a new kind of token that will be created because of potential UAHF and the segregation of the whole chain.

Coinbase noted that in compliance with the service policy, they are going to further support only one digital currency, and the choice is based on numerous factors – the network size, the market price and the consumer demand.

There is, however, an opinion that users who keep BTC on Kraken, Bitfinix, ViaBTC and some other exchanges that support the new blockchain will get the same amount of BCC if the UAHF occurs on 1 August 2017.

Due to this fact, there has been a growth of users who want to get ‘free money’ and withdraw funds from Coinbase, which led to workload increase and transaction speed decrease in the whole service.

The supporters of the opinion that there can’t be any ‘free money’ and every profit must be justified comprise quite a large group too. In this particular case, some afraid that the BCC profit will be fully dependent on the BTC price.

Those who support Bitcoin in general fear that the new cryptocurrency holders are going to instantly ‘dump’ them in order to get free money, thus lowering the BTC price. Previously Kraken warned all margin traders that during the UAHF the prices might become volatile and so they should be extremely careful during this period.