One of the biggest exchanges out there, Coinbase, has still not given Bitcoin SV to its Bitcoin Cash (BCH) holders following the hard fork that occurred in November last year and split the altcoin in two new versions – a story that is everywhere in the latest digital currency news.
The fork away from Bitcoin Cash by Craig Wright and Calvin Ayre’s preferred chain which was called Bitcoin SV or “Satoshi’s Vision” happened on November 15th and was widely reported across all media outlets including our DC Forecasts crypto news site.
Just like the original Bitcoin Cash hard fork, users who had money on the Bitcoin Cash chain would now by right have money on the Bitcoin SV chain as well. However, Coinbase has yet to give the Bitcoin SV earnings to the BCH holders.
Poloniex led the way in this manner, giving the BCH holders their well-earned share with simply depositing the tokens to their BCH wallets as soon as the fork went live. However, users who are trading on Coinbase are frustrated since Coinbase hasn’t done this yet.
According to one user’s message sent to Coinbase:
“I already read that generic update before I wrote you. Your team hasn’t updated us for 5 weeks since then. It is about time for a further update. Please provide something better than just rehashing what you already have on your website, we deserve better.”
To this, Coinbase responded:
“Thanks for contacting Coinbase Support. I understand the importance of your digital currency and thank you for your patience with us.
I’ve taken a look at your case and am working with a specialist to address your issue properly. Please note that these reviews are typically completed within 5-7 business days.
Thanks again for your understanding.”
The exchange also said (on the same day):
“Following the BCH hard fork and conclusion of the hash war, Bitcoin SV has confirmed the creation of a new coin, BSV. Coinbase intends to allow customers to withdraw BSV at a future date, though we do not currently intend to support trading, buys or sells.
We will provide additional updates as they are available. We anticipate development work for BSV withdrawals will take at least a few weeks, but may take longer.”
However, users are still frustrated since it is more than 7 weeks after the fork and their complaints are getting serious, especially because Bitcoin SV’s value is changing. Reddit users have also been wondering for some time when they will receive their BSV.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement. Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”Bithumb still hasn't responded to the requests for comment. However, many speculate that this move is right because of the crypto winter which led to a lot of minuses all over the market. Still, what's interesting is that Bithumb has been preceded by many other firms in the sector - such as the mining giant Bitmain, the blockchain software company ConsenSys, the decentralized social network named Steemit as well as the similar crypto exchanges Coinsquare and Huobi - all of the companies which have decided to make significant cuts in the recent months. According to data from CoinMarketCap (CMC), Bithumb has seen more than $1.3 billion in trades over the past 24 hours. The exchange, however, was removed from the CMC global exchange rankings in January 2018 mostly because of the concerns that the site had over the reportedly "extreme divergence in prices from the rest of the world" and its fellow exchanges in South Korea. Currently, everyone is waiting for an official confirmation about the layoff from Bithumb. The respected exchange hasn't confirmed anything yet but will probably do that over the next couple of days.
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