Summary:
- Coinbase is completely ending support for Bitcoin SV (BSV) and requires users to withdraw their BSV holdings by January 9, 2024.
- BSV has been delisted by several exchanges due to controversies surrounding Craig Wright and suffered multiple 51% attacks in 2021.
- Coinbase’s decision to terminate BSV support highlights the role of exchanges in shaping the cryptocurrency landscape and ensuring trust and authenticity in the industry.
Coinbase, one of the leading cryptocurrency exchanges, has announced the termination of support for Bitcoin SV (BSV). This move comes after Coinbase had previously delisted BSV in 2021, and it now requires users to withdraw any BSV holdings from the platform by January 9, 2024, to avoid liquidation.
The End Of The Line For BSV On Coinbase
This decision signifies the complete removal of BSV support on Coinbase, leaving users with a limited window of time to transfer their holdings to other wallets or exchanges.
In the official notice, Coinbase clearly states, “If you fail to withdraw your BSV funds, Coinbase will liquidate any remaining BSV in your Coinbase account.” This ultimatum underscores Coinbase’s commitment to parting ways with BSV.
BSV’s Rocky Path
Bitcoin SV, often associated with Craig Wright and his claim to be the real Satoshi Nakamoto, has experienced a tumultuous journey. Notably, this cryptocurrency, referred to as the “Satoshi’s Vision” version of Bitcoin, has faced numerous challenges, including delistings by several crypto exchanges.
Delistings Amid Controversy
The removal of BSV from Coinbase is not an isolated incident. Several other cryptocurrency exchanges have previously delisted BSV, with various reasons cited. Some exchanges, like Binance, chose to delist BSV due to concerns surrounding Craig Wright’s behavior and authenticity.
In an emphatic tweet from Binance’s CEO, Changpeng Zhao, he declared Wright a fraud and emphasized the importance of Satoshi being able to digitally sign messages as proof of identity.
Also Read: Bitcoin Spark And BSV: Exploring Bitcoin Alternatives For Blockchain Development
Vulnerabilities and 51% Attacks
BSV faced additional setbacks in 2021, as it fell victim to multiple 51% attacks. These attacks occur when malicious miners gain more than 50% of a blockchain’s mining power, enabling them to manipulate the network by invalidating honest transactions and replacing them with their own.
As a result, BSV’s market performance has been lacklustre, with a daily trading volume of $29.5 million and a market cap of $945 million. Coinbase’s decision to terminate BSV support adds to the challenges faced by this controversial cryptocurrency.
Decisions Impacting the Crypto Community
Coinbase’s move to terminate BSV support raises questions about the role and responsibility of cryptocurrency exchanges in the wider crypto community. It underscores the significance of aligning with projects and cryptocurrencies that adhere to the values and security of the blockchain industry.
In conclusion, Coinbase’s latest decision has far-reaching implications for BSV, Craig Wright’s claims, and the crypto community at large. It emphasizes the importance of trust, security, and authenticity in the world of blockchain and cryptocurrency.
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