Coinbase users can now withdraw Bitcoin SV balances to external wallets
Coinbase Finally Makes Bitcoin SV Funds Available for Withdrawal
If you’re a Coinbase user, you may have seen some new tokens on your account. The Bitcoin Cash chain split into two different chains back in November. It means that if you held Bitcoin Cash on November 15, you became the lucky owner of Bitcoin SV and Bitcoin ABC. And Coinbase just started handing out Bitcoin SV to its users if you’re involved in the split.
The split happened because Bitcoin Cash developers couldn’t agree on an upgrade. Some developers backed an upgrade to the code called Bitcoin ABC while others defended a more conservative update dubbed Bitcoin Satoshi Vision (Bitcoin SV).
Major American cryptocurrency exchange Coinbase now allows its users to withdraw Bitcoin SV (BSV) balances to external wallets, according to an announcement published on Feb. 14.
BSV appeared following a hard fork in the Bitcoin Cash (BCH) blockchain in November of last year. The for resulted in two new coins; Bitcoin SV and Bitcoin ABC. The camp for Bitcoin SV (Satoshi’s Vision) was lead by Australian computer scientist Craig Wright, who has previously declared himself to be Bitcoin creator Satoshi Nakamoto.
After the hard fork, Coinbase users holding BCH received an equal amount of BSV, however the exchange has, until now, not provided an option for...
5 Things Needed for the Mass Adoption of Bitcoin
It’s been ten years since Satoshi Nakamoto published the Bitcoin White Paper and introduced cryptocurrencies to the world. His radical vision of a decentralized peer-to-peer electronic cash system was groundbreaking, as it sought to rebuild the structures that upheld our global financial institutions. A decade on, the cryptocurrencies market is now worth $209 billion globally, and there are more than a thousand separate tokens in circulation.
[Note: This is a guest op-ed article submitted by Samuel Leach, Founder of Yield Coin]
Despite this success, Nakamoto’s vision is yet to be fully realized. Although “cryptos” and associated phrases have entered the popular language, and awareness of them is at an all-time high, uptake has been restricted to a narrow subset of society.
Bloomberg estimates that around a thousand users own approximately 40 percent of all bitcoin currently in circulation and cryptos have failed to supplant fiat currency. Before we see the mass adoption of cryptocurrencies, there are a number of obstacles that first need to be overcome.
While regulation is often treated as a pariah among many in the crypto community, if executed properly, it will bring beneficial change for all. Cryptocurrencies have only been in existence for a relatively short amount of time meaning many governments are still figuring out the best way to regulate them. The result of this has been a crypto market structured in a laissez-faire fashion. While it can be argued that this has fostered further innovation, it has undoubtedly led to several negative side effects.
At present, anyone could set-up a new cryptocurrency and raise significant capital without having to face repercussions if they fail to implement their plans. This has reduced overall confidence in the market, as it can be difficult to differentiate legitimate projects from nefarious ones. This is also preventing many institutional investors from entering the market, as the lack of regulatory guidelines will lead to compliance issues on their part.
A daily price swing of 10-20 percent is not uncommon among most cryptos, making them exceptionally volatile in comparison to fiat currencies; in comparison, the pound lost 4 percent of its value against the dollar on the infamous Black Wednesday. Finding a way to temper this instability would go some...
Ukraine Has No Plans to Regulate Crypto Mining
Ukranian miners can now be at ease, as officials have stated they have no intention of regulating the popular crypto mining.
Up until now, cryptocurrency miners in Ukraine have been living in fear and uncertainty. Crypto mining companies worried they would be fined, eventually, or that somehow their equipment could be seized.
However, officials from the State Service for Special Communications and Information Protection of Ukraine have clarified the department currently has no interest in issuing regulations for cryptocurrency mining. A representative from the Office of Effective Regulation, Igor Samohodsky, emphasized crypto miners have been operating in the shadows, fearful of the repercussions.
Ukrainian crypto miners are allegedly generating more than $100 million a year which would generally attract authorities, but not in Ukraine. The country has proven to be extremely crypto-friendly, going as far as erecting a statue in Satoshi Nakamoto’s honor. The plans were announced earlier this month, and the statue is expected to be where once Lenin’s stood.
There have been reports of a proposed stated-issued cryptocurrency, earlier this year. In a statement released by Ukraine’s security council, The National Bank...