This week, the cryptocurrency community has been buzzing about Bitcoin SV, a cryptocurrency that came into existence through a contentious hard fork of Bitcoin Cash on November 15, 2018. When talking about Bitcoin SV, we have to mention Craig Wright and Calvin Ayre, who are likely the most influential supporters and promoters of this cryptocurrency.
The Bitcoin SV project claims it is following the original vision of Satoshi Nakamoto. One of the main differentiating characteristics of BSV is its high maximum block size limit, which is currently at 128 MB. Increasing the block size limit is one of the main mechanisms Bitcoin SV uses to try and ensure scalability for its network.
Even though Bitcoin SV has been a controversial cryptocurrency since the very start, the controversy really ramped up this month. The main point of contention is Craig Wright’s claims of being Satoshi Nakamoto, which is the pseudonym used by the inventor(s) of Bitcoin.
Legal threats against critics
Many members of the cryptocurrency community have labeled these claims as fraudulent, and Wright has retaliated by threatening legal action through his legal representatives. One of the critics that has been threatened with a libel suit is Hodlonaut, a pseudonymous Twitter user.
In response, the Bitcoin and wider cryptocurrency community have rallied in support of Hodlonaut and against Wright’s legal threats. This includes cryptocurrency trading and wallet platforms, some of which have decided to remove support for Bitcoin SV.
The first to make this move was Binance, one of the most influential companies in the cryptocurrency space. ShapeShift followed soon after, and Kraken announced it will delist the coin after a community poll showed overwhelming support for delisting BSV. Cryptocurrency wallet provider Blockchain.com says it will discontinue Bitcoin SV support by May 15.
Huobi, OKEx and BitForex are some examples of exchanges that opted to keep offering BSV trading.
BSV dropped 15% despite positive week for crypto market
The delistings have had a noticeable impact on the BSV market, as the token lost 15% of its value in the last week. The losses are even more apparent because most other cryptocurrencies with a comparable market cap have increased in value in the same time period.
Bitcoin SV was trading at around $71 before Binance announced the delisting. After a sharp drop that found support at $56, BSV stabilized and it has been trading roughly between $55 and $60 since.