Coinbase Exchange Users Can Now Withdraw Bitcoin Cash Fork BSV

The largest US-based cryptocurrency exchange Coinbase has allowed its users to withdraw BSV three months after the hard fork.

AccessTimeIconFeb 14, 2019 at 9:30 p.m. UTC
Updated Aug 18, 2021 at 10:45 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Coinbase, the largest US-based cryptocurrency exchange, is finally allowing users to withdraw bitcoin Satoshi vision (BSV) – the cryptocurrency created in a hard fork of the bitcoin cash blockchain on Nov. 15.

On that day, bitcoin cash was scheduled to implement upgrades to its blockchain, as it is programmed to do every six months, but contention ultimately led developers and miners to adopt two different incompatible versions of the software: bitcoin cash ABC (BCH) and BSV, which now operate as separate cryptocurrencies with separate values.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • Coinbase users who held bitcoin cash in their accounts at the time of the fork were given BSV coins at a 1:1 ratio, and the exchange notified its users today, three months after the fork, that their BSV balances could now be accessed.

    Since Coinbase does not support BSV trading at this time, users will need to export their BSV balance to an external wallet if they wish to trade it for another cryptocurrency or for fiat.

    In the email, the exchange made note of the circumstances and provided instructions on how to do so:

    “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.”

    On Nov. 20, Coinbase announced the competing bitcoin cash blockchain called bitcoin cash ABC would retain the BCH ticker and compatibility with Coinbase’s trading infrastructure.

    At the time of writing, BSV is trading across exchanges at an average price of $62.58 while its competitor BCH costs nearly twice the price at $120.23, according to pricing data from CoinDesk.

    Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.

    Coinbase phone image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.