The BITGO wallet has warned it will not support the Genesis hard fork for Bitcoin SV (BSV). The protocol change will mean the wallet can no longer carry the asset, as it will not be able to receive funds.
The reason for the discrepancy is the decision of Bitcoin Satoshi’s Vision to take up a new consensus protocol, explained BitGo. As the wallet cannot use the new consensus approach, it will be unable to send and receive coins.
The wallet team has issued a warning that the asset will not be movable from February 4, and there is no intention to upgrade or continue to carry BSV.
“You will NOT be able to receive funds for your BitGo BSV wallet. Transactions attempting to send funds to BitGo wallets will be invalid, including transactions from a BitGo wallet attempting to return change back to the same wallet,” the team warned.
The two options available are to request an exchange into Bitcoin (BTC), or send the coins to an external wallet.
Calvin Ayre, one of the Bitcoin SV proponents, claimed the BitGo team required a payment of $15 million to support the Genesis hard fork. The refusal has led to the loss of a widely used wallet for the coin.
BSV stopped its recent price drop to $80.03, as the markets turned down once again on Wednesday. The coin is winding down toward the end of the year, despite promises to boom in 2020. The asset also faces the halving of the block rewards, which may affect miners and the market price.
The Genesis upgrade will turn BSV into an entirely new type of coin, with the immediate removal of block size limits. The fork is scheduled to happen 11 years, 1 month and 1 day after the Bitcoin Genesis block, and aims to build a new approach to on-chain scaling.
However, the upgrade is yet to prove if BSV has the potential to replace Bitcoin (BTC) as the leading asset, and compete anywhere near in terms of price or mining activity.
