Coinbase Delisting Bitcoin SV: The Decision and its Impact

In the cryptocurrency world, 2021 witnessed a pivotal decision by Coinbase, a prominent crypto exchange. They opted to delist Bitcoin SV (BSV) from their platform, and more recently, they've escalated their stance by completely discontinuing support for this particular token. This decision didn't come without repercussions, as Coinbase, represented by the ticker symbol COIN, issued a firm notice to its users, compelling them to swiftly withdraw their holdings of Bitcoin SV (BSV) from the platform before January 9. Failure to comply with this directive would result in the liquidation of any remaining Bitcoin SV in a user's Coinbase account.

The message from Coinbase was unambiguous, as it explicitly stated, 

"If you fail to withdraw your BSV funds, Coinbase will liquidate any remaining BSV remaining in your Coinbase account."

 This announcement had an immediate impact on the value of Bitcoin SV, a coin often touted as the embodiment of "Satoshi's Vision" for Bitcoin (BTC). The price of the Craig Wright coin experienced a notable 1.74% decline in response to Coinbase's declaration.

Despite these developments, Bitcoin SV continues to exhibit relatively modest trading activity in the markets, boasting a daily trading volume of $29.5 million and a market capitalization of $945 million.

Notably, Coinbase is not the only cryptocurrency exchange to have taken such action regarding Bitcoin SV. Several other exchanges also chose to delist BSV, citing various reasons. These rationales span from concerns over the behavior of Craig Wright, a controversial figure associated with the coin, to the significant number of 51% attacks that Bitcoin SV endured throughout the year 2021.

For those unfamiliar with the term, a 51% attack is a scenario where malicious miners amass more than half of a blockchain's mining power. This situation empowers them to undermine the network's integrity by invalidating legitimate blocks, effectively replacing them with their own extended chain.

This isn't the first time Craig Wright and Bitcoin SV have faced opposition within the cryptocurrency industry. In 2019, Changpeng Zhao, the CEO of Binance, made a decisive move to delist BSV from his exchange. Zhao didn't mince words, openly denouncing Craig Wright as a fraudulent figure. He emphasized, 

"The real Satoshi can digitally sign any message to prove it. This is as simple as breathing for them. And we have the pub key,"

 in a statement posted at the time. These events underscore the contentious nature of the cryptocurrency landscape and the strong opinions it can elicit from major industry players.

The real Satoshi can digitally sign any message to prove it. This is as simple as breathing for him/her. And we have the pub key.

Until then, everyone is Satoshi, except Craig Wright!

— CZ ???? Binance (@cz_binance) April 15, 2019

Read More: Coinbase Breaks New Ground: US Traders Now Have Access to Crypto Futures