Crypto Exchange Coinbase Now Allows Users To Withdraw Bitcoin SV
Crypto exchange Coinbase is now allowing users to send their Bitcoin SV (BSV) balances to an external wallet.
BSV is a cryptocurrency created as a result of Bitcoin Cash (BCH) hard fork, which took place in November 2018. BSV aims to bring back the values and technology of the original bitcoin – decentralization, using crypto solemnly as a payment and trade method and elevating the capacity of the network. When the hard fork occurred, the BSV blockchain used the amount of BCH associated with an address at the time of the fork to determine the amount of BSV that would be allocated to the parallel address on the BSV blockchain.
As such, the amount of BSV now available in respective customers’ Coinbase accounts is the same as the amount of BCH that was in their Coinbase – Coinbase.com and Coinbase Pro – account at the time of the hard fork. However, Coinbase has, until now, restricted BSV withdrawals. The good news is that Coinbase will now allow its clients to withdraw their BSV balances to external wallets. But the exchange made it clear that it will not support purchases or sales of BSV, which means customers will not be able sell their BSV for fiat currency on Coinbase.
“We have now begun reaching out to customers that held Bitcoin Cash (BCH) at the time of the hard fork,” Coinbase said.
BSV, like most cryptocurrencies, has been under pressure in the last few months. Last week, it was pushed out of the top ten list, courtesy of Binance Coin’s remarkable rise. BSV reached the highs of $200 immediately after the hard fork, but has since lost 68% of its value and is now trading at around $63.