Coinbase, the largest cryptocurrency exchange in the United States, has made a definitive decision to delist Bitcoin Satoshi Vision (BSV), a cryptocurrency created in 2018 by Craig Wright, who claims to be Satoshi Nakamoto.
BSV Exit from Coinbase
The announcement states that BSV will no longer be supported on the Coinbase exchange starting from January 9, 2024. Users are encouraged to withdraw their BSV holdings from the exchange before this date. Coinbase has outlined a process for BSV tokens left on the exchange after this deadline. If users fail to withdraw their BSV, Coinbase will convert the tokens into any other supported asset and later credit them to the user’s account.
However, the announcement does not specify which cryptocurrency the BSV will be converted into. The exchange has taken further measures to distance itself from BSV by disabling all trading of the cryptocurrency on its platform and halting any additional deposits.
The Origins of BSV
BSV was born out of the contentious hard fork of Bitcoin Cash, itself a result of a fork from Bitcoin. Proponents of BSV claim it addresses Bitcoin’s scalability issues and serves the real purpose of the original cryptocurrency, which they believe can only be achieved with BSV.
Craig Wright has persistently asserted himself as Satoshi Nakamoto, the pseudonymous creator of Bitcoin. However, he has yet to provide conclusive evidence to substantiate his claims.
Notably, Bitcoin’s block size is limited to 1 MB. However, Bitcoin Cash boasts an 8 MB block size, and BSV imposes no such limitations. BSV has had its share of volatility. Its price once reached $500. But at the time of writing, it trades at approximately $48.
Coinbase’s Response to BSV
Coinbase’s decision to delist BSV is consistent with its approach to controversial cryptocurrencies. The exchange has a history of aligning with the broader cryptocurrency community’s consensus regarding the legitimacy and trustworthiness of digital assets.
This move can be interpreted as a reaction to concerns and controversies surrounding BSV and Craig Wright. Wright’s persistent claim to be Satoshi Nakamoto has been met with skepticism by many in the crypto space. Moreover, BSV’s intense rivalry with other blockchain projects and Bitcoin’s strong market presence may have influenced Coinbase’s choice.
The Impact on Users
Coinbase will no longer have BSV. If you have BSV, you need a new platform. Due diligence is crucial when selecting cryptocurrency exchanges. They may delist assets without advance notice. Coinbase’s stance might affect BSV’s liquidity and accessibility. However, BSV and Craig Wright are likely to be more affected than the broader cryptocurrency market. The cryptocurrency industry is continually changing, and the removal of BSV from Coinbase is just another chapter in this ever-evolving story.