Coinbase customers can now get their Bitcoin SV off the exchange.
Last November, Bitcoin Cash underwent a hard fork, with two coins emerging: Bitcoin Cash ABC (now just Bitcoin Cash, or BCH, on most exchanges) and Bitcoin SV (BSV).
But some exchanges have chosen not to support the latter coin, which has been promoted by nChain's Craig Wright (best known for stating he is Bitcoin creator Satoshi Nakamoto, a claim he reiterated this week). Coinbase is one of them.
On November 20, Coinbase posted on its blog that it had bestowed the BCH symbol on the rival ABC chain. It explained: "Coinbase has made this decision based on a number of factors including the fact that ABC has a higher hashrate and a longer proof-of-work chain." While Coinbase could have continued listing BSV, it intimated that there were security issues with the blockchain, stating, "We will continue to evaluate the safety of the BCH SV chain. Our current intention is to support withdrawal services for the BCH SV chain so that our customers may withdraw funds at a future date."
That day has now come. Coinbase customers who held Bitcoin Cash when the split occurred now also have an equivalent amount of BSV. At first glance, that appears to equate to a sizable windfall – though only worth half of BCH at press time, BSV is nonetheless a top-10 currency in terms of price at $62.29 a coin. Upon closer inspection, however, Bitcoin Cash holders have yet to be made whole: Before the hard fork, the cryptocurrency was trading above $400, about double the going price for BCH and BSV combined today. (Then again, that's been the general trend across crypto markets.)
Regardless, Coinbase still doesn't intend to list BSV, so the exchange is asking customers to send their BSV holdings to a non-Coinbase wallet. It has provided no deadline for doing so.