Coinbase Drops Support for Bitcoin SV (BSV)
Coinbase, the largest cryptocurrency exchange in the United States, has announced that it will no longer support Bitcoin SV (BSV). In a letter to customers, Coinbase stated that if users do not remove their BSV holdings from the platform by January 9, their assets will be liquidated.
Delisting of Bitcoin SV
Back in 2021, Coinbase delisted BSV after the coin’s blockchain experienced a “51% attack,” causing instability in the network. Although customers have been unable to buy or sell BSV on Coinbase since then, they have still been able to store it in their wallets on the platform.
The notice from Coinbase warned users that failure to withdraw their BSV funds would result in liquidation, with the remaining BSV being converted into another asset. Coinbase confirmed that support for BSV is being deprecated.
The Birth of Bitcoin SV
Bitcoin SV emerged in November 2018 as a result of a hard fork from Bitcoin Cash. Hard forks occur when a blockchain splits into two due to disagreements among developers or an upgrade. BSV is currently ranked as the 53rd largest digital asset with a market cap of $967 million.
The Controversy Surrounding Bitcoin SV
Bitcoin SV has gained attention due to its main proponent, Craig Wright, an Australian computer scientist who controversially claims to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin. However, BSV remains a contentious cryptocurrency and has faced delistings from major exchanges.
Craig Wright has threatened legal action against those who dispute his claim of being Satoshi Nakamoto. As a result, exchanges like Kraken delisted BSV years ago in response to these threats.
Hot Take: Coinbase Takes a Stand Against Bitcoin SV
Coinbase’s decision to completely remove support for Bitcoin SV reflects the exchange’s commitment to maintaining a secure and stable platform for its users. The delisting of BSV, following the 51% attack and subsequent network instability, demonstrates Coinbase’s proactive approach in protecting its customers’ assets. While Bitcoin SV remains a controversial cryptocurrency, Coinbase’s actions reinforce the importance of trust and reliability in the crypto industry.
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