Coinbase has announced it will be removing bitcoinsv (BSV) from its platform, having informed its clientele through an email notification. BSV, which was created following a hard fork from the Bitcoin Cash protocol on November 15, 2018, will no longer be hosted on Coinbase’s services after January 9, 2024. Customers are advised by Coinbase to transfer their BSV holdings before the termination of its listing on the mentioned date.
Coinbase Discloses Bitcoinsv Delisting; Cites Need for Withdrawal by Early 2024
In 2024, the digital currency bitcoinsv (BSV) will be phased out of Coinbase’s roster of supported cryptocurrencies. The San Francisco-based Coinbase states that the delisting will take effect on January 9, 2024. Post-delisting, a “liquidation” and “conversion” process will take place, with Coinbase cautioning customers about potential tax obligations resulting from this action. Withdrawals are permitted until the deadline, providing BSV investors with a 63-day window to finalize their decisions.
Coinbase’s official statement clarifies the mechanics of the delisting process:
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. Please note, after accounting for transaction costs, and subject to market fluctuations, you may not receive any compensation when the remaining BSV in your account is liquidated.
Bitcoinsv (BSV) is mired in controversy, partly due to its origins from a split with Bitcoin Cash and ties to Craig Wright, the self-proclaimed Satoshi Nakamoto. Over time, BSV has seen its support wane, with multiple key exchanges stripping it from their offerings.
In a significant security concern, exchange platforms halted BSV transactions in July 2021 when a single mining pool dominated 78% of the network’s hashing power. Moreover, in August of the same year, a major 100-block reorganization resulted in the invalidation of over half a million confirmed transactions.
The following year witnessed further turmoil for BSV when, in October 2022, an unidentified mining entity launched a 51% assault on its network. This attack, along with a series of subsequent empty block activities, made the network completely unreliable.
Despite a 41% gain in the previous month, BSV’s valuation dipped by 3.5% in the fortnight prior to this report. As of November 7, 2023, BSV’s value has plummeted by 90% from its lifetime peak price of $489 per token on April 16, 2021. On Tuesday, November 7, BSV’s spot market price hovered between $47.89 and $50.52 per token.
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