Crypto News – After delisting Bitcoin SV (BSV crypto) in 2021, the cryptocurrency exchange Coinbase plans to remove the Bitcoin (BTC) hard fork from its platform entirely.
Announced that BSV Crypto Will Not be Supported by Coinbase from 2024
Coinbase informed its clients via email that, as of January 9, 2024, at or around 12 p.m. ET, the company will no longer be supporting Bitcoin Cash. Failure to withdraw BSV coins by the deadline would result in liquidation, according to the U.S.-based trading platform.
Upon liquidation, your BSV will be converted to the then-equivalent market value of another supported digital asset and credited back to your account, minus any transaction costs.
Coinbase
Why May Coinbase Have Taken Such a Decision?
The company pointed out that because of transaction fees and market swings, people who refused to remove their BSV from the platform might not receive any compensation. After a 51% attack on the network in early August 2021, Coinbase terminated all BSV trading activity.
Since the end of June 2021, there have been five attacks on Bitcoin SV, and those attacks led to the simultaneous mining of three different versions of the chain. Other centralized exchanges, like OKX or KuCoin, allow trading of BSV in addition to Coinbase, although they do not support the US currency.
Why is BSV Crypto So Controversial?
Many Bitcoins have split off, leading to the emergence of other substitute currencies. The biggest and most well-known is BSV. That’s mostly because Craig Wright, the controversial Australian computer scientist, is its principal proponent and asserts, without providing any proof, that he is the anonymous creator of Bitcoin, Satoshi Nakamoto.
Although the asset is still controversial and has been removed from several significant exchanges, those working on BSV refer to it as “the original Bitcoin.” A number of well-known exchanges, including Kraken, removed BSV from their listings years ago in response to Wright’s legal threats against those who claim they are not Satoshi. Coinbase has now joined these exchanges.
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