Major U.S. cryptocurrency exchange Coinbase has enabled Bitcoin SV (BSV) withdrawals to external wallets, as announced on February 14. This move marks a significant update for users who've held BSV balances since the November 2018 Bitcoin Cash (BCH) hard fork.
The BSV Fork and Its Origins
Bitcoin SV emerged from a contentious hard fork in the BCH blockchain, creating two distinct coins:
- Bitcoin SV (Satoshi's Vision)
- Bitcoin ABC
The Bitcoin SV faction was led by Australian computer scientist Craig Wright, who controversially claims to be Bitcoin's pseudonymous creator, Satoshi Nakamoto.
What Coinbase Users Need to Know
- Automatic BSV Allocation: Users holding BCH during the fork received equivalent BSV amounts
- New Withdrawal Option: BSV balances can now be transferred to external wallets
- Trading Restrictions: Coinbase still doesn't support BSV buying/selling on its platforms
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Industry Response to BSV
Other major exchanges have taken varying approaches to BSV:
Kraken:
- Supports both BCH forks
- Issues warnings about potential network instability
- May socialize custodial losses among BSV holders
Blockchain.com:
- Added partial BSV support in January 2019
- Offers limited functionality compared to BTC, BCH, ETH, and XLM
BSV Market Performance
According to recent data:
- Current price: ~$62.70 (2.91% daily decline)
- Weekly range: $61.50 (Feb 8 low) to $67.04 (Feb 8 high)
Key Considerations for BSV Holders
- Network Stability: BSV's network has faced volatility since inception
- Exchange Policies: Withdrawal availability varies by platform
- Storage Options: External wallets provide more control over assets
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FAQs About BSV Withdrawals on Coinbase
Q: When did Coinbase enable BSV withdrawals?
A: The feature became available on February 14, 2019.
Q: Can I buy BSV directly on Coinbase?
A: No, Coinbase currently only supports BSV withdrawals, not trading.
Q: How did I receive BSV on Coinbase?
A: Users holding BCH during the November 2018 fork automatically received equivalent BSV amounts.
Q: Is BSV considered a stable cryptocurrency?
A: BSV has shown significant price volatility since its creation, with network stability concerns noted by several exchanges.
Q: What alternatives exist for BSV storage?
A: External wallets and select other exchanges offer BSV support, though features vary by provider.
Final Thoughts
Coinbase's BSV withdrawal option provides long-awaited flexibility for users holding the forked asset. However, the cryptocurrency's contentious origins and ongoing market volatility suggest investors should carefully consider their BSV strategy.
For those moving BSV off-exchange, ensure you:
- Use a reputable wallet
- Understand network fees
- Keep backup keys secure
- Monitor network status