If you are a Coinbase user, you may have seen some new tokens in your account. The Bitcoin Cash chain split into two different chains in November. It means that if you had Bitcoin Cash on November 15, you converted the lucky owner of Bitcoin SV and Bitcoin ABC. And Coinbase has just started distributing Bitcoin SV to its users if it is involved in the split.
The split happened because Bitcoin Cash the developers couldn’t agree on an update. Some developers backed an update to the code called Bitcoin ABC, while others advocated a more conservative update called Bitcoin Satoshi Vision (Bitcoin SV).
Some groups of miners decided to adopt one of those forks, while others adopted the other, leading to a split. All miners started with the same chain, which means that a wallet address containing 2.7 Bitcoin Cash was credited with 2.7 Bitcoin ABC and Bitcoin SV November 15.
Shortly after the split, it became clear that Bitcoin ABC had more support than Bitcoin SV. So it quickly became what we now call Bitcoin Cash again (I know, it’s a disaster).
If you control your own private keys, you may have sent and received BCH and BSV in the last few months. But if you kept your BCH on Coinbase, your BSV could not be found, that is, until today.
Coinbase does not plan to support BSV trading for now. Therefore, you can only withdraw your BSV from your Coinbase account, but you cannot buy an additional BSV. The BSVs are currently worth $ 63 per coin, while the BCHs are worth $ 122. The company says there is no deadline to withdraw the BSV.
It took Coinbase three months to allow it to control its own cryptocurrencies. Proof once again that you shouldn’t leave your crypto assets on an exchange. It is better to control your own wallets using a hardware device or at least a secure software wallet.