In a move that has sent shockwaves through the cryptocurrency market, Coinbase has announced that it will no longer support Bitcoin SV (BSV).
The popular cryptocurrency exchange made the decision public in a blog post, citing concerns about the stability of the blockchain and the controversial actions of its creator, Craig Wright.
For those who are new to the world of cryptocurrency, BSV is a fork of Bitcoin Cash (BCH), which itself is a fork of the original Bitcoin (BTC) blockchain. Bitcoin SV emerged in 2018 as a result of a contentious hard fork of Bitcoin Cash, with the “SV” standing for Satoshi’s Vision, a nod to the belief held by some in the Bitcoin community that BSV’s development team was staying true to the original vision of Bitcoin’s enigmatic creator, Satoshi Nakamoto.
However, the coin has been marred by controversy since its inception, with many in the crypto community questioning Wright’s motives and accusing him of engaging in fraudulent behavior. In 2021, Coinbase delisted BSV, but now it has taken the additional step of completely removing support for the token.
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According to Coinbase, the decision was motivated by concerns over the blockchain’s stability, particularly in light of a recent 51% attack that has called into question the security of the network.
The news has had a negative impact on BSV’s value, with the coin falling below $50. Although it’s difficult to determine whether this drop is directly related to Coinbase’s announcement or part of a larger trend, it’s clear that the coin is facing significant headwinds.
Despite the setback, Coinbase has reassured customers that they will still be able to access their BSV funds and withdraw them from the platform. However, trading and other services related to BSV will no longer be available. The implications of Coinbase’s decision are significant for BSV, which was created just three years ago as a hard fork of the Bitcoin blockchain.
While it initially gained some traction, the coin has faced numerous challenges in recent months, including delistings from several major exchanges and criticism from prominent figures in the crypto space.
Only time will tell if BSV can weather this storm.
Some experts believe that the coin may struggle to survive without the support of a heavyweight like Coinbase, while others argue that the damage to its reputation has already been done.
Regardless of what happens next, one thing is certain: Coinbase’s decision to drop BSV is a severe blow to the embattled cryptocurrency.
