The Bitcoin Cash hard fork on August 1 resulted in mixed reactions from the cryptocurrency organizations and individuals around the world. Some like Coinbase and Bitstamp, the authorities in Bitcoin in USA and Europe clamped down hard on the Bitcoin Cash (BCH) trading and have since not allowed its trading on their platforms. Bitstamp is the most popular cryptocurrency exchange in the United Kingdom and is by far, the biggest exchange in all of Europe. It offers an extremely safe system for us to store our bitcoin and its fees are low too.
But, why would such a big player shy away from dealing in Bitcoin Cash when it sees the opportunity?
The reason is that Bitstamp and Coinbase didn’t like the idea of the fork from the very start and the investors who had coins on these two sites couldn’t even access their bitcoin cash for a longish time before the company finally allowed them to do so.
To put things into perspective, the Bitcoin Cash were new coins created by the fork for every Bitcoin holder before the fork happened on August 1, 2017. But, for those of the bitcoin holders who had their new alternative bitcoin stored in Coinbase or Bitstamp couldn’t access them since their private keys are in control of the exchange.
Naturally, the users came out against the exchange as who wants to say no to free coins? But, the company knew that legitimizing Bitcoin Cash especially in such a swift mode will create problems for Bitcoin itself so they along with a few cryptocurrencies put off trading in Bitcoin Cash for the foreseeable future and are still resisting requests to do so.
Following this pressure from its users and eventually realizing that like it or not, Bitcoin Cash was here to stay, the Bitstamp exchange released all the Bitcoin Cash to the BTC holders who had the coin to their name before the fork.
But the exchange is still sticking to its decision of not allowing BCH trade on their platforms. They simple aren’t ready to accept the Bitcoin Fork and would continue to resist it till there is no option left.
So, how long before the Bitstamp will allow trading in Bitcoin Cash? Will they be able to resist the advances of the alternative Bitcoin in the future and what would it mean for BCH traders in Britain and Europe in general? Only time will tell I am afraid!