The End of Support for Bitcoin SV (BSV) on Coinbase
Coinbase, a well-known cryptocurrency exchange, has recently informed its users via email that it will be discontinuing all support for Bitcoin SV (BSV) by January 9, 2024. If you have any BSV in your Coinbase account, you are advised to transfer it off the platform before the deadline. Any remaining BSV after the deadline will be liquidated by the exchange.
This decision by Coinbase comes after the exchange delisted BSV back in 2021. Now, they are taking the final step to remove BSV completely from their platform, emphasizing the need for users to act promptly in order to protect their investments.
The Fate of BSV Holdings
In their recent alert to users, Coinbase highlights the urgent action required: withdrawing BSV holdings through on-chain or off-chain sends. Failure to do so by the deadline may result in Coinbase liquidating your BSV holdings, potentially impacting your control over their eventual cash-out value.
Bitcoin SV was created as a fork of Bitcoin Cash, which itself is a fork of Bitcoin (BTC). It was intended to stay true to what its supporters call “Satoshi’s Vision,” referring to the original intentions of Bitcoin’s creator, Satoshi Nakamoto. However, BSV has faced significant controversy due to its association with Craig Wright, who claims to be Nakamoto but is met with skepticism within the crypto community.
The Ripple Effects of Delisting
BSV has been a contentious token since its inception. Multiple exchanges, including major ones like Binance, have delisted BSV in the past. The CEO of Binance even called Craig Wright a fraud and removed BSV from trading on their platform. This sentiment has spread across the industry, leading to a decrease in BSV’s trading volume and market presence.
In 2021, BSV experienced multiple 51% attacks, where attackers gained control of the majority of the network’s hash rate, allowing them to manipulate transaction history. These attacks exposed the vulnerabilities of BSV’s network and further weakened investor confidence.
Following Coinbase’s announcement, BSV saw a slight decrease in value, dropping by 1.74%. Although not significant, it reflects the reduced trading activity and market attention towards BSV. Currently, BSV has a daily trading volume of around $29.5 million and a market capitalization of $945 million.
Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation (HRF), bid farewell to BSV on Coinbase in a brief tweet.
Meanwhile, Coinbase Support has been actively guiding users through the process of withdrawing their BSV holdings, emphasizing the importance of managing funds before the removal takes effect.
Hot Take: The Impact of Coinbase’s Decision
Coinbase’s decision to end support for Bitcoin SV marks a significant moment in the cryptocurrency space. It showcases their commitment to maintaining network integrity and trust. As the January 9 deadline approaches, users and investors in the BSV community face a critical moment in deciding what to do with their holdings. Will they transfer their BSV off Coinbase or risk having it liquidated?
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