Leading cryptocurrency exchange and wallet, Coinbase, announced its decision to completely stop supporting the Bitcoin SV (BSV) token. This comes after the platform had already delisted the token in 2021. Coinbase informed its users via a note, emphasizing that it will no longer provide support for BSV starting from January 9, 2024.
Back in 2021, the US-based trading platform had delisted Bitcoin’s hard fork, BSV, also known as Satoshi’s Vision. This decision was prompted by a 51% attack on the BSV blockchain, leading to network instability. Since then, Coinbase users have been unable to buy or sell BSV, but they have been able to hold it in their wallets.
Birth of Bitcoin SV
Bitcoin SV was created in November 2018 by a group of individuals led by Craig Wright, who controversially claims to be Satoshi Nakamoto, the anonymous creator of Bitcoin. BSV is a result of a software upgrade to the Bitcoin Cash (BCH) protocol, resulting in a hard fork.
Following the announcement of BSV’s removal from Coinbase, the platform urged its users to withdraw their BSV holdings before the specified deadline. Coinbase warned that failure to do so would result in the liquidation of any remaining BSV. In such cases, the liquidated BSV would be converted to the market value equivalent of another supported cryptocurrency and credited back to the user’s account. However, users should be aware that this process may incur transaction costs due to market fluctuations.
It is worth noting that other prominent cryptocurrency exchanges, including Binance, ShapeShift, and Kraken, delisted BSV several years ago due to concerns and red flags associated with the token.
