In a surprise turn of events, Coinbase has suddenly stated that it might call the forked chain Bitcoin (BTC) instead of Bitcoin2X (B2X). This came after Coinbase had put up a blog post to indicate that the forked chain will be called BTC.
The previous proclamation created uncertainty among Bitcoin investors given that Coinbase had signed the New York agreement (An important agreement that led to the activation of SegWit2x). Similar to other NYA signatories, it was assumed that the term Bitcoin would be relegated to the chain with most accumulated difficulty (which proponents had already assumed to be SegWit2x).
Therefore, the announcement by Coinbase that it would instead call the forked chain Bitcoin2x left a lot of people confused and uncertain with Coinbase’s decision.
Coinbase also came out to clarify that it will be floating both BTC and B2X. This post rattled the entire cryptocurrency industry with some observers calling the announcement as a “nail in the coffin” for SegWit2x. Many critics argued that an altcoin will not perform as well as BTC because of its lack of the already trusted “brand name”.
The Beginning of Trouble
This whole situation started when the director of communication in Coinbase, David Farmer, published a blog post indicating the company’s stance on the SegWit2x fork. The blog post implied that Coinbase would continue calling the current blockchain Bitcoin and the forked one Bitcoin2x.
In a bid to remove any uncertainties that were in the public sphere, Coinbase communicated afterwards that the chain with the most accumulated difficulty would be named Bitcoin. This statement was a roll back of its initial stance. They also indicated that they would use factors such as community support and market cap to determine the stability of the two coins.
However, even before they were able to correct their previous post, many people went to Twitter to protest the decision. Some of the people who commented on the issue included Charlie Lee, Litecoin creator and former employee at Coinbase as well as Marek Palatinus, founder of SlushPool. They were quick to fault the decision by Coinbase and indicate that neutrality was the best option when it came to cryptocurrency.
With criticism coming from every corner, the Coinbase chief executive finally admitted that stability as a condition still was a judgement call much in the same way as calling SegWit2x, Bitcoin2x. It’s therefore expected that they will communicate to the public on the best way forward with Bitcoin.
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