Overview
The largest U.S.-based cryptocurrency exchange, Coinbase, has enabled users to withdraw Bitcoin Satoshi Vision (BSV)—a cryptocurrency originating from the Bitcoin Cash (BCH) hard fork in November 2018. This move comes three months after the fork, allowing users to transfer their BSV holdings to external wallets.
Key Details
Background of the Hard Fork
Bitcoin Cash Split: On November 15, 2018, the Bitcoin Cash blockchain underwent a contentious hard fork, resulting in two separate cryptocurrencies:
- Bitcoin Cash ABC (BCH): Retained the original ticker and compatibility with Coinbase.
- Bitcoin Satoshi Vision (BSV): Emerged as a competing chain with distinct features.
- Coinbase’s Stance: Initially, Coinbase supported only BCH but credited users with BSV at a 1:1 ratio if they held BCH during the fork.
Withdrawal Process
- No Trading Support: BSV cannot be traded on Coinbase. Users must transfer balances to external wallets to sell or exchange.
Step-by-Step Guide:
- Log in to your Coinbase account.
- Navigate to the "BSV wallet" section.
- Enter an external BSV-compatible wallet address.
- Confirm the transaction.
👉 Learn how to securely transfer BSV
Market Context
- Price Comparison (As of 2021):
| Cryptocurrency | Average Price |
|---------------|--------------|
| BSV | $62.58 |
| BCH | $120.23 | - Coinbase’s Decision: The exchange prioritized BCH for trading, citing infrastructure compatibility.
FAQs
Why did Coinbase delay BSV withdrawals?
Coinbase likely delayed withdrawals to ensure network stability and assess BSV’s long-term viability post-fork.
Can I trade BSV on Coinbase?
No. BSV withdrawals are permitted, but trading is unsupported. Use external platforms to convert BSV.
Is BSV a good investment?
Market dynamics vary. Research BSV’s technology, adoption, and community support before investing.
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