Coinbase Announces Delisting of BitcoinSV (BSV) by January 2024

Coinbase, a remarkable figure in the crypto exchange industry, has recently made public its plans to delist the cryptocurrency BitcoinSV (BSV). This disclosure, conveyed via email to its valuable user base, has stirred up mixed feelings within the crypto community. Originated from a hard fork from the Bitcoin Cash protocol, BSV is slated for removal from Coinbase’s services and platforms by the 9th of January, 2024. As a form of precautionary measure, Coinbase is advising its customers to transfer their BSV assets to other platforms before the indicated delisting date elapses.

BitcoinSV to be Phased Out of Coinbase’s Services by Early 2024

By the year 2024, the cryptocurrency known as Bitcoin SV (BSV) will gradually disappear from the roster of cryptocurrencies embraced by Coinbase. The San Francisco-based exchange has affirmed that the delisting process will commence by the 9th of January, 2024. Subsequently, the cryptocurrency will undergo a “liquidation” and “conversion” stage, with Coinbase warning its customers about possible tax impacts from such developments. BSV investors are given until the stipulated date to initiate and complete withdrawals, leaving them with a 63-day window to make informed decisions.

Here’s an abridged version of the delisting process as stated by Coinbase:

“Following the liquidation, your BSV assets will be exchanged at the then-circulating market value of an alternative supported digital asset and credited back to your account, less any incurred transaction fees. It should be noted, after deducting transaction fees, and subject to market variations, you may receive insignificant or no compensation once the remaining BSV in your account is liquidated.”

BitcoinSV (BSV) is not alien to controversy, especially considering its roots from a bifurcation with Bitcoin Cash and links to Craig Wright, who controversially claims to be Satoshi Nakamoto, the initiator of Bitcoin. Over time, BSV support has dwindled, with notable key exchanges choosing to remove it from their services.

In a move triggered by serious security concerns, exchange platforms paused BSV transactions in July 2021 due to a sole mining pool dominating 78% of the network’s hashing power. In addition, in August of the same year, a huge 100-block restructuring led to the invalidation of over 500,000 confirmed transactions.

The following year brought more unease for BSV, when an anonymous mining entity conducted a 51% attack on its network in October 2022. This onslaught, along with a series of subsequent empty block activities, rendered the network entirely unreliable.

Interestingly, despite a 41% rise in the previous month, the value of BSV dipped by 3.5% two weeks before this report. As of November 7, 2023, BSV value plummeted by a whopping 90% from its all-time high price of $489 per coin, recorded on the 16th of April 2021. On Tuesday, November 7, the spot market price of BSV fluctuated between $47.89 and $50.52 per coin.

How do you perceive Coinbase’s decision to delist BitcoinSV on the 9th of January, 2024? Your thoughts, views, and opinions on this subject will be greatly appreciated in the comments section below.

Frequently asked Questions

1. Why is Coinbase delisting BSV Crypto?

Coinbase has decided to delist BSV Crypto due to a combination of factors, including low trading volume, lack of developer activity, and concerns over the project’s leadership.

2. When will Coinbase officially delist BSV Crypto?

Coinbase has set a deadline of January 2024 for the official delisting of BSV Crypto from its platform. This provides sufficient time for users to manage their holdings accordingly.

3. How will this delisting affect BSV Crypto’s value?

The delisting by Coinbase may have a significant impact on BSV Crypto’s value, as it will restrict its availability and accessibility to a large portion of the cryptocurrency market. This could potentially lead to a decline in its value.

4. Are there any alternative platforms where BSV Crypto will still be available for trading?

While Coinbase is one of the most popular cryptocurrency exchanges, there are still other platforms where BSV Crypto will be available for trading. Users can explore alternative exchanges that continue to support BSV Crypto.

5. Will Coinbase provide any assistance to users during the delisting process?

Coinbase will provide necessary support and guidance to its users during the delisting process. They will communicate the necessary steps to withdraw, sell, or transfer their BSV Crypto holdings before the delisting deadline.

6. Can Coinbase’s decision to delist BSV Crypto be reversed?

At this time, Coinbase’s decision to delist BSV Crypto is considered final. However, circumstances may change in the future, and Coinbase may reassess its position based on market developments or the progress of the BSV Crypto project.

7. What can users do if they still hold BSV Crypto after the delisting deadline?

If users still hold BSV Crypto after the delisting deadline, they will no longer be able to trade or transact it on Coinbase. It is recommended that users explore other platforms or wallets that support BSV Crypto to manage their holdings effectively.