Coinbase Users Can Now Withdraw, But not Trade, their Bitcoin SV (BSV)
Right after the Bitcoin Cash (BCH) hard fork of last November, Coinbase announced that it will not support trading of Bitcoin SV (BSV). The exchange announced that it will however grant customers access to the forked coins at a future date. It is with this background that the team at the exchange has announced that BSV coins can now be withdrawn from the exchange. The tweet making the announcement can be found below.
We have now begun emailing customers that held Bitcoin Cash (BCH) at the time of the hard fork with instructions on how to withdraw their corresponding Bitcoin SV (BSV). Read more here: https://t.co/2PLKq2Kjcd
All holders of BCH during the hard-fork will now receive BSV in their Coinbase accounts in a one-to-one ratio. Since Coinbase does not plan on supporting BSV, customers of the exchange will have to withdraw their coins to an external wallet or platform for storage, trading or conversion to fiat.
Recap of What Happened During the Bitcoin Cash Hard Fork
The BCH hard-fork was scheduled for the 15th of November last year. However, due to a lack of consensus on which upgrade to implement, the BCH blockchain was split in two. What resulted is two coins: Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV). The ABC camp was led by Roger Ver and Bitmain’s CEO at the time, Jihan Wu. The SV camp was led by Dr. Craig Wright.
What then ensued was a hash-war that has been blamed for the fall of Bitcoin’s value by almost 50%. Before the hard-fork, BTC was valued at $6,500. The King of Crypto is currently stable at levels around $3,600.
With time, the two ‘warring sides’ decided to part ways. The ABC camp took the name and ticker of the original Bitcoin Cash. The SV camp renamed the forked coin to Bitcoin SV (BSV). The ‘SV’ stands for Satoshi Vision.
Since the hard fork, the value of BCH has fallen considerably from around $500 before the hard fork to current levels of $122. In the case of BSV, the digital asset is valued at $63.
What are your thoughts on Coinbase providing access to Bitcoin SV (BSV) three months after the hard-fork? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.