Key Highlights:
- π Coinbase to cease Bitcoin SV support; liquidation by 2024 looming.
- β° BSV holders face a deadline: withdraw or have assets auto-converted.
- π‘οΈ Post-51% attack: Coinbase’s final stance on Bitcoin SV’s future.
In the ever-evolving landscape of cryptocurrency, Coinbase stands as a prominent exchange, poised to make a significant move by January 2024. The platform has announced its intention to liquidate Bitcoin SV (BSV) holdings, a derivative of Bitcoin (BTC), solidifying the coin’s delisting process which began in 2021.
What does this mean for BSV holders on Coinbase? Letβs unpack the details. π§
Coinbase finally saying goodbye to BSV π pic.twitter.com/o1FxAqgy6J
— Alex Gladstein π β‘ (@gladstein) November 6, 2023
The Implications for BSV Investors
Coinbase users have been given the heads-up via email that support for BSV will come to a halt on January 9, 2024, at the stroke of noon ET. This gives BSV investors a clear deadline to either withdraw their coins or face liquidation. π
“Upon liquidation, your BSV will be converted to the then-equivalent market value of another supported digital asset and credited back to your account, minus any transaction costs,” Coinbase has clarified. A crucial move that underscores the importance of prompt action for users to avoid potential losses. πΌ
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The Fallout from the 51% Attack on BSV βοΈ
Understanding the 51% Attack Phenomenon
The security of Bitcoin SV came into question following a 51% attack in August 2021, which led to Coinbase halting BSV trade activities. But what’s a 51% attack? It’s a malicious scheme in blockchain where miners command more than half of the network’s mining power, creating a security hazard. π‘οΈ
The Cost of Blockchain Vulnerabilities
Bitcoin SV’s series of attacks in 2021 reflect the potential costliness of blockchain vulnerabilities; according to Crypto51, a single hour of an attack on the Bitcoin network could cost about $1.3 million. π€―
Nevertheless, Bitcoin SV can still be traded on platforms such as OKX and KuCoin, though U.S. dollar pairings are notably absentβpointing to a selective market presence for the cryptocurrency. π±
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