Coinbase Finally Releases Bitcoin SV (BSV) to Traders 3 Months After Bitcoin Cash Hard Fork
The popular cryptocurrency exchange Coinbase has finally released the long-awaited drop of Bitcoin SV (BSV) to traders that were holding Bitcoin Cash (BCH) at the time of the hard fork on November 20th, 2018.
Coinbase users can now withdraw their $BSV coins (if they held $BCH at the time of the last hard fork) to another wallet/exchange
… no trading available on Coinbase itself pic.twitter.com/xRdxMCjtFn
— Alistair Milne (@alistairmilne) February 14, 2019
It was a drama filled hard fork that was the talk of crypto communities at the end of 2018. The constant battles between notable figures such as Roger Ver and Bitmain CEO Jihan Wu against Dr. Craig Wright and Calvin Ayre. Many believe this constant batteling and bad mouthing on twitter is one of the reasons that both coins suffered drastically after the fork.
Most exchanges have already distributed Bitcoin SV to its holders, but Coinbase decided to wait 3 months before dropping it.
While many will now be happy to hold the BSV they were given, you will need to take note that you cannot trade or cash them out on Coinbase or Coinbase Pro. You will need to transfer them to another exchange in order to do so.
We have now begun emailing customers that held Bitcoin Cash (BCH) at the time of the hard fork with instructions on how to withdraw their corresponding Bitcoin SV (BSV). Read more here: https://t.co/2PLKq2Kjcd
— Coinbase Support (@CoinbaseSupport) February 14, 2019
Here is the message that traders are seeing from Coinbase:
Access your BSV balance
In mid-November, Bitcoin Cash (BCH) underwent a hard fork, resulting in two chains. On November 20th, we announced the “ABC” chain would retain the designation of Bitcoin Cash (BCH) on Coinbase.
The competing chain, known as Bitcoin SV, resulted in a forked coin now commonly referred to as BSV. 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 your Coinbase.com account is the same as the amount of BCH that was in your Coinbase (Coinbase.com and Coinbase Pro) account at the time of the hard fork.
Coinbase does not support purchases or sales of BSV, so you cannot sell your BSV for fiat currency on Coinbase. You may send your BSV balance to an external wallet following instructions here.
As of right now, there hasn't been any movement in the market due to the message. The price of BSV is still sitting at $63.27 and is currently down 1.99% over the last 24 hours.