Coinbase to Stop Supporting Bitcoin SV by 2024

Find out why Coinbase is bidding farewell to Bitcoin SV and what it means for cryptocurrency investors.

The End of an Era for Bitcoin SV

In a surprising move, cryptocurrency exchange Coinbase has announced that it will be removing Bitcoin's hard fork, Bitcoin SV (BSV), from its platform. This decision follows the delisting of BSV earlier in 2021.

The Timeline for BSV Removal

In an email letter sent to its customers, Coinbase revealed that it will stop supporting BSV on January 9, 2024, at or around 12 p.m. ET. Users are strongly advised to withdraw their BSV coins before the deadline to avoid potential losses.

“Upon liquidation, your BSV will be converted to the then-equivalent market value of another supported digital asset and credited back to your account, minus any transaction costs.”

Coinbase

Potential Risks and Complications

Coinbase warned that failure to withdraw BSV by the deadline may result in the liquidation of the coins. However, users may not receive the full market value of their BSV due to market fluctuations and transaction costs. It is crucial for investors to take action promptly to protect their assets.

This decision by Coinbase comes after a 51% attack against the Bitcoin SV network in August 2021. This attack, the fifth in a series since June 2021, caused simultaneous mining of three versions of the chain. Although BSV is still available for trading on other exchanges, such as OKX and KuCoin, it is worth noting that these platforms do not support the U.S. dollar.

The Dangers of a 51% Attack

A 51% attack refers to a malicious attempt to gain control of more than 50% of the hash power in a blockchain. Such attacks can result in network vulnerabilities and potential manipulation of transactions. According to Crypto51, a one-hour attack on the Bitcoin network could cost approximately $1.3 million.