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Coincheck to sell its Bitcoin SV [BSV] holding and reimburse users with Japanese Yen

Priya

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Coincheck will sell its Bitcoin SV [BSV] holding and reimburse users with Japanese Yen
Source: Unsplash

Earlier today, Coincheck, a digital asset exchange platform based in Japan, announced that they will be selling the BSV generated via the hard fork, which took place in November 2018, for fiat.

According to the recent announcement, users of the platform were made aware of this step a day after the hard fork, i.e., November 16, 2018. All eligible users who owned BSV in their accounts following the hard fork, will now have Japanese Yen in their trading accounts. The fiat so issued will be in accordance with the BCH held by the user.

The exchange stated that only users with BCH in their “Trading account” and “Lending virtual currency account” will not be granted with Japanese Yen. It also added that the fiat so sent to customers could be lower than the market price of the coin, and that there would be a withdrawal fee charged for JPY.

Further, the platform stated that they won’t be releasing information pertaining to the date and time of the sale, as it could affect the market price of the currency. The exchange also clarified that such action was being taken only for BSV, and not any other token.



PaidSockPuppet, a Redditor, said,

“So, they’re either selling the BSV on the market and then giving the customers fiat, which means the exchange is deciding when and how to sell their customer’s property, or they are buying up their customer’s BSV with no chance for the customers to choose. Either way, it sounds like a pretty shitty deal for the customers. They should get to choose.”

Mitsuki Yoshizawa, a Twitterati, said,

“I feel that there is no credibility of Coincheck anywhere to dispose of human property.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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1 Comment

1 Comment

  1. Avatar

    Fan Xia

    March 19, 2019 at 9:56 PM

    Exchange has no place in the world of Bitcoin. In the future, crypto exchange will be smart contracts. Only fool would invest into Crypto exchange today. The middle man and control of our money is everything Bitcoin is against. The removal of intermediaries is inevitable. Old ways and corruptions find its way into Crypto. Only fools would still trust a third party over their money.

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Ethereum

Ethereum [ETH]: Samsung planning to create its own ETH-based blockchain; may issue own token soon

Akash Anand

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Ethereum [ETH]: Samsung in the works to create its own ETH-based blockchain, may issue own token soon
Source: Pixabay

The mainstream adoption of cryptocurrencies and blockchain technology has come a long way, with many financial and non-financial institutions now entering the mix. Technology giant, Samsung, is not new to the field, as the South Korean organization previously blew up the cryptosphere by meshing crypto with the launch of the company’s latest flagship device, the Galaxy S10.

Latest reports now suggest that Samsung is getting more serious about virtual assets, as the company might be on its way to create its own Ethereum [ETH]-based blockchain network, with the prospect of launching its own cryptocurrency token in the near future. An anonymous official from the organization stated,



“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid—that is, a combination of public and private blockchains.”

Sources from within the company added that blockchain technology is being developed by the wireless technology division of Samsung. Despite the fact that it has not been confirmed as to what devices will provide support for the blockchain, a company official revealed that “some models are being tested for it.”

Samsung’s tryst with Ethereum has been ongoing for quite some time now, with previous developments suggesting that Ethereum could be vulnerable on the S10 device. This was evidenced by a video put out by a user ‘darkshark’ on Imgur, in which it was shown how easy it was to crack the phone. Darkshark stated,

“This brings up a lot of ethics questions and concerns. There’s nothing stopping me from stealing your fingerprints without you ever knowing, then printing gloves with your fingerprints built into them and going and committing a crime.”





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