Business 15 January 2018Vince Dioquino
GDAX set to reopen trading for Bitcoin Cash, preps for heavy demand
About a month ago, GDAX and Coinbase announced support for Bitcoin Cash, saying that they “… have been monitoring the Bitcoin Cash network over the last few months and have decided to enable full support including the ability to buy, sell, send and receive. Factors we considered include developer and community support, security, stability, market price and trading volume.” Of the five factors mentioned, security and stability are two of the aspects of Bitcoin Cash which have significantly improved over the past month.
However, due to heavy demand for Bitcoin Cash from the buying public, Coinbase was forced to temporarily cease trading for the cryptocurrency, only to resume it days later. After the internal investigations from the exchanges have resulted to positive feedback from both their developers and their community, GDAX, the professional asset trading platform launched by Coinbase, is set to follow suit and reopen a BCH-BTC Orderbook on January 17, at 9 a.m. PST.
According to the GDAX status monitoring page, the market will be opened with a ‘post-only’ mode for half an hour before transitioning to ‘limit-only’ only mode, immediately followed by ‘full trading’ mode. This is to ensure that the order executes only as a maker order, hence no penalty fees will be incurred. GDAX describes this measure as a way of keeping part of the order safe. In the event that part of the order results in taking liquidity rather than providing, the order in question will be rejected by a matching engine, rendering the order unable to execute.
In the case of fiat gateways like Coinbase, the instability of cryptocurrencies as generally observed with Bitcoin Legacy poses a risk for traders. While Coinbase and GDAX’s steps to protect consumers might have led to some users enthusiastic about Bitcoin Cash getting upset over the ordeal, those patient enough to wait for their turn will finally be granted their wishes.
Confirmed in a tweet from GDAX’s official Twitter account, the news comes as a complementary decision after Adam White, head of GDAX, shared the Bitcoin Cash Launch Retrospective last week, an analysis and evaluation of the cryptocurrency’s strength through GDAX’s Digital Asset Framework.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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