BitGo Will Stop Supporting BSV Due to Compatibility Issues

December 19, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The custodial service BitGo on Wednesday notified users of the impending cessation of support for the Bitcoin SV cryptocurrency. The decision is due to the Genesis hard fork, which will take place on February 4, 2020, and will make receiving transfers in BSV on BitGo multi-signature wallets impossible.

“This consensus rule change will make Pay-to-Script-Hash (P2SH) outputs invalid. Since BitGo’s BSV wallets use P2SH-based multi-signature addresses, the protocol change will render BitGo BSV wallets unable to receive funds,” the company explains.

After the hard fork, BitGo users will still be able to spend the assets on their wallets in BSV. However, BSV transactions received in BitGo wallets will be deemed invalid, including those used to return part of the funds in the transaction output after it is sent from the BitGo wallet.

As a possible solution, the company offers users to contact them via email to convert BSV to Bitcoins. Alternatively, they can withdraw their assets in a BSV to a third-party wallet.

Bitcoin SV appeared as a result of the Bitcoin Cash hard fork on November 15, 2018. BitGo decided to give its users access to assets in BSV this February and promised then that it will support cryptocurrency for at least three months.

Author: Marko Vidrih