Coinbase has officially announced that its users can now withdraw Bitcoin SV (BSV) to external wallets. This update, released on February 14, marks a notable change in the platform’s policy regarding BSV, which originated from the Bitcoin Cash hard fork in November 2018.
Background of the Bitcoin Cash Hard Fork
The Bitcoin Cash network underwent a significant hard fork in November 2018, resulting in the creation of two distinct cryptocurrencies: Bitcoin SV and Bitcoin ABC. Bitcoin SV, short for "Satoshi Vision," was championed by Craig Wright, an Australian computer scientist who has publicly claimed to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
Following the split, users holding Bitcoin Cash (BCH) received an equivalent amount of Bitcoin SV. However, for years, Coinbase did not permit the withdrawal or trading of BSV. Users could see their BSV balances but were unable to move them off the exchange.
Current BSV Withdrawal Policy on Coinbase
With this latest update, Coinbase enables users to transfer their BSV holdings to external wallets. It’s important to note, however, that the platform still does not support buying, selling, or trading of BSV. This means users cannot convert BSV into fiat currency or other cryptocurrencies directly on Coinbase.
The company explicitly stated:
“Coinbase does not support purchases or sales of BSV, so customers cannot sell their BSV for fiat currency on Coinbase. They may send their BSV balance to an external wallet.”
This move provides long-term holders of BSV with more flexibility in managing their assets, especially those who received BSV as a result of the fork.
Market Performance: BSV vs. BCH
As of the latest data, Bitcoin SV is trading at approximately $62.86, reflecting a 24-hour decline of 2.34%. In comparison, Bitcoin Cash is valued at around $123.25—nearly double the price of BSV. This performance highlights the divergent paths and market valuations of these two fork-originated assets.
How to Withdraw BSV from Coinbase
For users looking to transfer their BSV, the process is straightforward:
- Log in to your Coinbase account.
- Navigate to your portfolio view and locate your BSV holdings.
- Select the “Send” option.
- Enter the destination wallet address (ensure it supports BSV).
- Confirm the transaction details and complete the withdrawal.
Always double-check addresses before sending, as cryptocurrency transactions are irreversible.
👉 Explore secure wallet options for your assets
Other Exchanges Supporting Bitcoin SV
Coinbase is not the only platform that has grappled with how to handle BSV. Other major exchanges have adopted varied approaches since the hard fork.
Kraken, another U.S.-based exchange, supported both Bitcoin ABC and Bitcoin SV shortly after the fork. However, it issued a warning that potential losses from network attacks related to BSV would be socialized among all BSV holders on its platform.
Blockchain.com announced limited support for BSV in January. Its platform allows users to view BSV balances, exchange BSV for other cryptocurrencies like BTC or ETH via its Swap service, and send BSV to external addresses.
A statement from Blockchain.com clarified:
“We have been tracking Bitcoin SV chain closely and will now offer limited, close out transaction support for Bitcoin SV (BSV). You will be able to view your balance, exchange BSV for BTC, BCH, ETH, and XLM through Swap, and send BSV to any address.”
Frequently Asked Questions
Why couldn’t I withdraw BSV from Coinbase before?
Following the Bitcoin Cash hard fork, Coinbase exercised caution due to the contentious nature of the split and potential security risks associated with the new Bitcoin SV chain. This led to a prolonged period where assets were effectively locked.
Can I buy or trade BSV on Coinbase?
No. Coinbase currently only supports the withdrawal of BSV to external wallets. The platform does not facilitate buying, selling, or trading of BSV against other assets or fiat currency.
What is the difference between Bitcoin Cash (BCH) and Bitcoin SV (BSV)?
Both originated from a hard fork of Bitcoin Cash. Bitcoin SV aims to adhere more closely to the original Bitcoin protocol as described in the Satoshi Nakamoto whitepaper, with a focus on scaling through larger block sizes. Bitcoin ABC continued as Bitcoin Cash with a different development roadmap.
Is it safe to move my BSV to an external wallet?
Yes, moving your assets to a self-custody wallet you control is generally considered a secure practice. Always ensure you are using a reputable wallet that explicitly supports the BSV network to avoid loss of funds.
Will Coinbase ever support BSV trading?
Coinbase has not announced any plans to support BSV trading. The recent update only enables withdrawals, indicating the exchange remains cautious about fully integrating the asset.
How do I choose a reliable external wallet for BSV?
Look for wallets with a strong reputation, positive user reviews, and a clear focus on security features like seed phrase recovery and transparency about their operational history. 👉 Compare different wallet features and security models
Conclusion
The enabling of Bitcoin SV withdrawals on Coinbase is a significant update for users who have held these assets since the 2018 hard fork. While full trading support remains unavailable, this change offers greater control over one’s cryptocurrency portfolio. As always, users should conduct thorough research and prioritize security when moving digital assets between platforms and wallets.