By
Temitope Olatunji
April 24th, 2024
Now Coinbase clients will be able to withdraw their Bitcoin SV (BSV) balance to external wallets. Buying and selling options are not available.
For many users of Coinbase, this update was a rather long-awaited one. And now, finally, the major US-based cryptocurrency exchange has made it possible for its users to withdraw Bitcoin SV (BSV) assets to external wallets.
Bitcoin SV and Coinbase
The history of Bitcoin SV began not so long ago. As CoinSpeaker reported in November, BSV had been created as a result of a hard fork in the Bitcoin Cash (BCH) blockchain. In fact, the fork resulted in the appearance of two new coins. At that time, Bitcoin ABC was introduced as well.
The move in support of Bitcoin SV (Satoshi’s Vision) was headed by Australian computer scientist Craig Wright who is known a fake Satoshi Nakamoto, mysterious creator of the top cryptocurrency in the world.
Following the hard fork that took place in November, those Coinbase users who were holding BCH got an equal amount of BSV. But the problem was that for several months there was not an opportunity for them to withdraw their BSV funds.
However, Coinbase accepted Bitcoin ABC as Bitcoin Cash and permitted Bitcoin ABC withdrawals. But it was not enough for the Bitcoin Cash holders who were disappointed that their BSV holdings remained practically frozen.
At that time Coinbase explained that they needed to evaluate the safety of the BCH SV chain before allowing any transactions. “Our current intention is to support withdrawal services for the BCH SV chain so that our customers may withdraw funds at a future date. We anticipate this development work will take at least a few weeks but may take longer,” stated Coinbase earlier in response to customer inquiries.
And finally, Coinbase clients can breathe a sigh of relief as Coinbase will now allow them to move their BSV balance to external wallets. Nevertheless, according to the company’s statement, they are still not ready to offer their clients an opportunity to buy and sell BSV on their platforms.
Future of Bitcoin SV
While it is still unclear whether Coinbase will add this coin to the list of its offerings, some other exchanges have been supporting both forks of BCH from the very beginning. One of these early supporters was another US-based crypto exchange Kraken.
In January, it was announced that Blockchain.com, a popular cryptocurrency statistics and wallet provider, had taken a decision to launch partial support for BSV. It means that some of the options available with its hosted cryptos (BTC, BCH, ETH and XLM) became available with BSV as well.
As for its value, though some experts suppose that BSV has all chances to enter the top 10, at the moment it is experiencing some loses. And having decreased by 1,19% over the past 24 hours, it is traded for $62.93 at the press time.