About a week back, the Coinbase cryptocurrency exchange announced that
About a week back, the Coinbase cryptocurrency exchange announced that users would now be able to withdraw their BSV (Bitcoin Satoshi’s Vision) from their Coinbase accounts to external crypto wallets.
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Why could users not withdraw Bitcoin SV before this? What are the steps involved in the process of withdrawal? Let us find out.
Bitcoin SV and Coinbase: A Brief Background
Bitcoin SV was born out of a hard fork of the Bitcoin Cash blockchain, which itself was a fork of the Bitcoin Core Client. Now, after the long-drawn-out hash wars that rocked the crypto world, Bitcoin SV or BSV was introduced to the crypto world as a brand new cryptocurrency.
Coinbase decided to not list BSV for training and allowed the original ABC group to retain control of the Bitcoin Cash (BCH) on Coinbase. Now, based on the number of BCH coins that were held by users at the time of the fork, BSV coins were allocated to these users on the parallel blockchain.
Since Coinbase was not ready to list BSV, customers could not sell these for fiat currency or any other cryptocurrencies, leading to a confusion.
As the Coinbase blog explains:
“In mid-November, Bitcoin Cash underwent a hard fork, resulting in two chains. On November 20th, we announced the “ABC” chain would retain the designation of Bitcoin Cash (BCH) on Coinbase. 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.”
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However, lately Coinbase reached out to the users and allowed them to have their BSV coins moved to other wallets so that they can trade them on exchanges that do support them.
The blog further notes:
“As such the amount of BSV now available in respective customers’ Coinbase.com accounts is the same as the amount of BCH that was in their Coinbase (Coinbase.com and Coinbase Pro) account at the time of the hard fork.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, following instructions.”
How To Transfer Your BSV To External Wallets?
(Please note the following steps are directly sourced from the Coinbase support webpage and can be viewed there directly as well.)
Web
- Navigate to the Accounts link on the main navigation bar
- Select the Send button for the digital currency wallet that you’d like to send from
- On the send dialog, select Wallet Address if you’re sending to a digital currency wallet external to Coinbase or Email Address if you’re sending via email.
- Enter the amount of digital currency you’d like to send in the Amount field. Alternatively, you can specify the amount you would like to send in your local currency. Note that the funds will always be sent as digital currency, not your local currency
- Click Continue.
- Confirm the details of the transaction and complete the send
iOS
- Tap the menu icon near the top left of the screen to open the Navbar.
- Select the wallet you wish to send from, located in the Navbar.
- Tap the paper airplane icon in the upper right hand of the screen.
- Enter the amount you wish to send. (Tap the up/down arrows to switch between currencies.)
- Press SEND
- Enter the email or wallet address and any notes you wish to include.
- Review the details of your transaction and tap ‘Send’ in the upper right corner of the screen.
Or if you have been provided a QR code:
- Tap the QR icon in the upper right.
- Take a picture of the QR code.
- Enter the desired amount and press ‘Continue’
- Review the details of your transaction and tap ‘Send’ in the upper right corner of the screen.
Android
- Tap the menu icon near the top left of the screen to open the Navbar.
- Select the wallet you wish to send from, located in the Navbar.
- Tap the ‘+’ icon near the lower right hand of the screen.
- Tap ‘Send’
- Enter the amount you wish to send. (Tap the up/down arrows to switch between currency selection.)
- Enter the email or wallet address and any notes you wish to include.
- Review the details of your transaction and tap the “forward arrow” in the upper right corner of the screen.
Or if you have been provided a QR code:
- Tap the QR icon in the upper right.
- Take a picture of the QR code.
- Enter the desired amount and press ‘Continue’
- Review the details of your transaction and tap the ‘forward arrow’ in the upper right corner of the screen.
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