BitGo Requests Its Users to Convert/Move BSV Assets

BitGo, the digital currency management firm has asked its clients to consider transforming or transferring their BSV (Bitcoin SV) assets. The request to alter any funds held in this altcoin was issued as a result of a compatibility issue.

On December 18th, BitGo, through a blog post noted that Genesis—the hard fork to be performed on Bitcoin SV would come with a change in protocols.

This change would make it hard for digital wallets to receive any BSV related transactions.

BitGo Issues a Warning on the Deprecation of Bitcoin SV

Genesis, the BSV hard fork has been slated to take place sometime in February next year. Once the hard fork is completed, existing BitGo clients will not be able to consent to any incoming trades. They will still, however, be able to use the Bitcoin SV tokens that may be remaining in their wallets.

The blog post went ahead to refer to the hard fork as a “deprecation.” As such, it sought to advise its clients to contemplate transferring all the Bitcoin SV tokens they had in their wallets on to other wallets. Alternatively, clients could also consider converting their tokens into BTC (Bitcoin) tokens. It summarized the announcement by stating that:

“Clients will need to take one of two actions before February 4:

1.Contact BitGo via [email protected] to convert your BSV holdings to Bitcoin

2. Move BSV funds to an external wallet

If you continue holding BSV in your BitGo wallet after February 4th, you will only be able to sweep the wallet and most functionality will be disabled.”

An analysis of the issues arising with Bitcoin SV indicates that the compatibility issues are being occasioned by the removal of the P2SH protocol. Given that BitGo relies on MultiSig addresses, it means that this hard fork will cripple its whole customer base when the protocol is removed.

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Author: Daniel W

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