Bitcoin SV need to sell?
Today, representatives of the large company BitGo said that all accumulations in Bitcoin SV (BSV) should be immediately withdrawn or exchanged. What is the reason for such an unexpected statement? Let’s get it right.
Essential Bitcoin SV theory
BSV capital owners may skip this section, but for everyone else it will be very useful to get acquainted with this famous cryptocurrency in more detail. Bitcoin SV was created as an alternative to modern Bitcoin (BTC). Coin developers see in BSV the best version of Satoshi Nakamoto’s idea. The main idea is even visible in the name. Because SV stands for “Satoshi Vision”.
BSV is hard fork from hard fork. As often happens, a large cryptocurrency (in our case, BitcoinCash) was divided into two branches due to disagreements of the community. On November 15, 2018, BSV became an independent cryptocurrency and still remains the leading digital currency on the market. This 11th coin by capitalization, at the time of writing, cost $ 98.5. Thus, Bitcoin SV is a good representative of the cryptocurrency market.
What happened to the coin and what should the owners do?
In fact, nothing bad happened. A major service for placing digital currency, BitGo reminded its customers that soon they will stop working with the algorithms underlying BSV. Thus, all BitGo users who have capital in Bitcoin SV need to get rid of their savings as soon as possible. Otherwise, they will simply settle on servers without the possibility of output.
By February 4, 2020, you should either exchange BSV in BTC, or completely transfer BSV from BitGo storage to another resource. Take care of the operations right now in order to manage to withdraw savings from BitGo servers.
We recommend exchanging part of the funds in BTC. With all the nuances, the first cryptocurrency is still more in demand than its counterparts. Which is why the right decision would be to purchase BTC in exchange for BSV. Balances from transactions can be withdrawn to a third-party wallet and left there until better times. But only you can make the final decision.
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