Coinbase Now Allows Users to Claim BSV After Three Months of its Hard Fork

Users of the largest cryptocurrency exchange in the US, Coinbase can now withdraw their Bitcoin SV [BSV] after about 3 months of the hark forking of Bitcoin Cash (BCH) to Bitcoin Cash ABC () and Bitcoin Satoshi Vision (BSV) on Nov 15, 2018.

This announcement was made by the exchange in a statement that reads:

“The competing chain, known as Bitcoin SV, resulted in a forked coin now commonly referred to as BSV. When the hard fork occurred, the BSV blockchain used the amount of BCH associated with an address at the time of the fork to determine the amount of BSV that would be allocated to the parallel address on the BSV blockchain. As such, the amount of BSV now available in your Coinbase.com account is the same as the amount of BCH that was in your Coinbase (Coinbase.com and Coinbase Pro) account at the time of the hard fork.”

However, the exchange has been in loggerhead with some of its traders and users who alleged that the delay could be deliberate considering the duration it had taken for them to receive the coin when most exchanges that partook in the hark forking had already released equivalent BSV to the holders of BCH at the time of the fork.

Traders and users of Coinbase only received equivalent number of BSV for the BCH they are holding not minding that the coin had reduced in price by more than 150% considering its present value of $62.90 at the time of writing when it traded at $176.28 on the day of the hard fork according to data available on CoinMarketCap.

Coinbase added that they will not be allowing the coin for trading on the platform due to the unstable nature of its major proponent Craig Wright who is known to always make lawsuits against exchanges.

This will actually tell on the price of BSV since hundreds of towards of Coinbase users out of more than 13 million of the exchange could not be able to trade on the coin. BSV is presently on the 11th position in market capitalization of cryptocurrencies.