- Coinbase first delisted BSV in 2021 due to concerns about its susceptibility to 51% attacks, and will now completely remove support by January 2024.
- BSV is a controversial Bitcoin hard fork led by Craig Wright, who claims to be Satoshi Nakamoto despite no proof. It split from Bitcoin Cash in 2018 over disagreements.
- With diminishing exchange support, including from major platforms like Binance and Kraken, BSV faces an uncertain future going forward.
Coinbase recently announced that it will cease all support for the Bitcoin SV (BSV) token by January 2024. This comes after the platform originally delisted BSV back in 2021 due to issues with the blockchain’s stability. Now, Coinbase is urging any remaining BSV holders on its platform to withdraw their funds before the support cutoff date.
Coinbase’s Previous Delisting of BSV
Coinbase first removed the ability for users to trade BSV in April 2021, citing concerns about the blockchain’s susceptibility to 51% attacks. This delisting came shortly after other major exchanges like Binance and ShapeShift dropped support for BSV as well.
The BSV blockchain is a hard fork of Bitcoin Cash (BCH), led by the controversial figure Craig Wright. Wright has claimed to be Satoshi Nakamoto, although this has not been proven. The BSV community split from BCH in 2018 over disagreements about the coin’s technical roadmap.
Complete Removal of BSV in Early 2024
In a November 2022 notice to users, Coinbase confirmed it will stop supporting BSV altogether on January 9, 2024. At that point, the company will liquidate any remaining BSV held in user accounts.
Coinbase advised users to withdraw their BSV by the cutoff date to avoid forced liquidation. It warned that failure to do so could create unexpected tax consequences. The exchange also noted that sending BSV to Coinbase wallets after support ends may result in a permanent loss of funds.
The Future of BSV
With Coinbase’s total removal, BSV joins a growing list of exchanges that refuse to support the controversial token. Major platforms like Binance, Kraken, and ShapeShift dropped BSV years ago.
BSV’s delistings stem largely from its instability and connection to Craig Wright. However, it remains to be seen whether the token can survive with diminishing exchange support over the long term. For now, the BSV community continues working to build out the network despite its issues.
Conclusion
Coinbase’s upcoming termination of Bitcoin SV marks the final chapter in its troubled relationship with the forked token. Users still holding BSV funds on Coinbase should withdraw them soon to avoid forced liquidation. As major exchanges refuse to support BSV, the token faces an uncertain future going forward.
