Robinhood delists BSV, bitcoin maximalists show gratitude

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Altcoins Exchanges
Robinhood delists BSV, bitcoin maximalists show gratitude

In a recent update, the U.S.-based financial service provider, Robinhood Markets, has announced the removal of BSV, also known as Bitcoin Satoshi’s Vision.

According to the update, Robinhood will stop supporting BSV on Jan. 25, 2023, adding that other digital currencies will not be affected. The company has 19 cryptocurrencies listed on its platform, including bitcoin (BTC), ethereum (ETH), and BSV’s rival fork, bitcoin cash (BCH), among others.

The update states that users can still trade, buy and sell BSV until the deadline based on their location. After Jan. 25, Robinhood will convert the remaining BSV tokens to “Robinhood buying power” and credit them to their owners, per the statement.

The removal update from Robinhood comes just two weeks after Bitfinex delisted BSV from its platform. The British Virgin Islands-based crypto exchange removed BSV on Dec. 29, 2022.

Following the removals, bitcoin maximalists have been mocking BSV on social media, calling it “fake bitcoin.” 

Moreover, the largest crypto exchange Binance announced the delisting of BSV in 2019, citing a “variety of factors,” including the “commitment of [the] team to [the] project,” “level and quality” of its development, and the network “stability,” among other aspects.

BSV’s vulnerability problems surfaced less than a month after its creation. On Dec. 8, 2018, a user showed that he could spend two BSV tokens in a “0-confirmation transaction” twice. While the feature that transacted the tokens instantly was marketed as a feature for the network, the Vimeo user Reizu found the major flaw in the network and demonstrated the vulnerability in his 11-minute video.

Furthermore, BSV is down by 6.7% in the past 24 hours and is trading at $41.45 at the time of writing. The bitcoin fork has dropped 91% from its all-time high of $491 in Apr. 2021, per CoinMarketCap (CMC) data.

Robinhood delists BSV, bitcoin maximalists show gratitude - 1
BSV/USD chart. Source: CoinMarketCap
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Wahid Pessarlay

Wahid is an experienced writer, interested in everything decentralized since 2019. Before joining Crypto.News, he wrote for some of the top DeFi and CeFi outlets, bringing in millions of views and educating readers with his knowledge of the industry.