I highly recommend that you pull all your Bitcoin from Coinbase and put it in a private wallet where you control the keys.

This may not be a surprise to most of you but I just received an email from Coinbase.

Now I moved most of my money away from Bitcoin into different alt coins a few weeks ago.

I'm not necessarily saying that was the best move it's just what I happened to do.

Some people were suggesting that there could be three or four different forks.

Source: Giphy.com

Certainly there would be the fork between Bitcoin and the new creation that would be called Bitcoin cash.

Most people were told that it would be a good idea to pull your money off of exchanges like Coinbase and instead use a private wallet because they were likely to lock your Bitcoins for a couple of days surrounding the August 1st hard fork.

That could be bad news considering that they had not stated their stance on whether or not they were only going to support one coin or if they would give you both coins in the event of a split.

Well I just received this message from them that contains the following paragraph:

In the event of two separate blockchains after August 1, 2017 we will only support one version. We have no plans to support the Bitcoin Cash fork. We have made this decision because it is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value.

It's hard to determine how long the alternate version of Bitcoin will survive. Given how long the alternate version of ETH has survived I find that surprising.

I highly recommend that you pull all your Bitcoin from coinbase and put it in a private wallet where you control the keys.