Robinhood reveals that it will discontinue support for Bitcoin SV – The Paypers
Robinhood plans to discontinue its support for Bitcoin SV on 25 January 2023, and any BSV coins left over in customer accounts after that date will be automatically sold and account holders will be credited. Users will be able to continue to buy, sell, transfer, and hold BSV until the deadline.
However, there are certain location-based limitations to this, as users living in Hawaii or Nevada will not be able to buy BSV, while New York-based Robinhood users won’t be able to transfer it. Users don’t have to sell their BSV if they don’t want to until the deadline, as they can transfer it to another wallet or crypto platform as long as they live in a state that supports transfers.
BSV is the only coin that will be impacted by the delisting according to Robinhood. The platform currently offers trading on 19 different tokens through the Robinhood Crypto service, including Bitcoin and Bitcoin Cash.
Robinhood was founded in 2014 and its main goal was to expand access to the market by reducing barriers to entry. The platform provides access to assets such as stocks, ETFs, and direct cryptocurrency trading, as well as options trading according to Investopedia.
Bitcoin SV was added to Robinhood’s platform in November of 2018 after a Bitcoin Cash hard fork created the token. Bitcoin Cash itself is the result of a hard fork with Bitcoin’s protocol. A hard fork in blockchain represents an important change to a network’s protocol that makes previously invalid blocks and transactions valid, or vice-versa. In essence, a hard fork can produce multiple digital assets from one.
According to Yahoo, the BSV token is only available on a few exchanges at the time of writing, including OKX, KuCoin, and Huobi. Many exchanges have delisted the token from their platforms over time, including OKCoin, which dropped BSV support in February 2021.
Yahoo reports that BSV ranks 54 among all cryptocurrencies as far as market capitalisation goes. Its USD 745 million market value doesn’t allow it to compete with Bitcoin or Bitcoin Cash, which have market capitalisations of USD 335 billion and USD 2 billion respectively.
What makes Bitcoin SV stand out from other versions of Bitcoin is its larger block size, which can result in reduced transaction fees. Originally, Bitcoin SV’s main goal was to become a more technologically advanced version of the original Bitcoin protocol, a version designed to increase network transaction speeds while supporting scalability.
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