bitgo bitcoin sv
BitGo Requests Users To Swap Bitcoin SV For BTC Due To A Compatibility Probelm
December 18, 2019
bitgo bitcoin sv
BitGo Requests Users To Swap Bitcoin SV For BTC Due To A Compatibility Probelm
December 18, 2019

Digital currency management company BitGo requests users to move or to convert funds they hold in altcoin Bitcoin SV (BSV) due to a compatibility problem.

On Dec. 18 a blog post was published by BitGo stating that BSV’s upcoming hard fork- Genesis contained a protocol change which would mean its wallets will be unable to receive transactions.

Request To Move Their BSV Wallets Or To Sell Or Convert Into BTC

The hard fork is set to occur in February 2020. After that time, the users of BitGo will only be able to spend remaining BSV tokens and not accept incoming transactions.

The company has advised users to move their BSV to another wallet or to sell it and convert it to Bitcoin (BTC).

The post said:

“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.”

Genesis has removed support for wallets that use a specific protocol known as Pay-to-Script-Hash (P2SH). BitGo uses P2SH-based multi-signature, or MultiSig, addresses, meaning the upgrade will paralyze its entire client base.

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Source: Cointelegraph


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Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.