Nail in the Coffin: Coinbase to List SegWit2x Chain as Bitcoin2x

Bitcoin Exchange Coinbase has reaffirmed its intention to provide support for both Bitcoin blockchains following the SegWit2x hard fork in November. Significantly, the forked blockchain will be listed as Bitcoin2x under the B2X ticker symbol.

Therefore, Coinbase will list the forked blockchain as ‘Bitcoin2x’. As you know, Coinbase made the announcement in a post from its blog, providing some clarity on how it plans to handle the contentious SegWit2x hard fork that will likely result in a blockchain split. As you will recall, earlier this month, Coinbase had announced that it will support both blockchains, but it did not reveal its naming scheme for the two chains both of which claim to be “Bitcoin”.

Coinbase is a signatory of the New York Agreement (NYA), the proposal that put SegWit2x activation into motion so many people speculated that, like other NYA signatories, Coinbase would delegate the “Bitcoin” label and “BTC” ticker to the chain with the most accumulated difficulty (indicating more miner support), which proponents believe will be the SegWit2x chain.

However, the company, which also operates the GDAX order book exchange, will continue to list the incumbent blockchain as Bitcoin under the BTC ticker, while the forked blockchain will be labeled “Bitcoin2x” under the ticker “B2X”. Having said that, the company also posted a SegWit2x FAQ stating that it could decide to rename the blockchains in the future if “the SegWit2x change is accepted by most users.”

It is mentioned that “This is the nail in the coffin for SegWit2x,” Blockchain Capital’s Spencer Bogart wrote on Twitter, implying that the forked blockchain will not succeed if exchanges and services list it as a de fact altcoin rather than “Bitcoin”.

Then it will be: No support for Bitcoin Gold. Coinbase also announced that the company does not currently have plans to support Bitcoin Gold, a soon-to-launch altcoin that will share a blockchain history with bitcoin. Citing concerns about security and stability, Coinbase stated it will reconsider its decision in the future if the cryptocurrency proves to be both valuable and secure.

In that case, the company will credit users with Bitcoin Gold equal to their bitcoin balances at the time of the blockchain snapshot, which took place Tuesday morning.

In summary, as the date of the possible fork approaches users, they are full of questions, about blockchain-bitcoin, the time is inexorable and the answer is already approaching, but we have to wait, the possibilities are diverse, there is no fall into despair the health of the ecosystem, is based on the trust and credibility of this technology, which came to stay, the good sense is on  Bitcoin Core developers side. New announcements are expected.


Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and/or services. This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest.

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