28.03.2024

Coinbase Users Can Now Withdraw, But not Trade, their Bitcoin SV (BSV)

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.

All holders of BCH during the hard-fork will now receive BSV in their Coinbase accounts in a one-to-one ratio.

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It is with this background that the team at the exchange has announced that BSV coins can now be withdrawn from the exchange.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.

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.

The hash war has also been linked to the financial woes currently being experienced by Bitmain.

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.

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