Coinbase has made some interesting decisions regarding SegWit2x. More specifically, they first denounced this chain as a pure altcoin. This is still a valid approach, but things need to be rectified. In a new post, the company explains how they will call the chain with the most accumulated difficulty Bitcoin. This leaves everything on the table regarding the official Bitcoin moniker.

It is evident any discussion related to SegWit2x is highly volatile. The number of different opinions is pretty much divided on this front as we speak. Especially the exchanges planning to support this new chain have some difficult decisions to make. Coinbase is taking an interesting stance on things, to say the least. In fact, they had to talk themselves out of “problems” already.

Coinbase Rectifies SegWit2x Statement

Yesterday afternoon, the company explained how SegWit2x is an altcoin.for all intents and purposes, that explanation is still valid right now. Until the chain is established and gains traction, it can never be more than an altcoin either. As of right now, this fork will take place in about three weeks from today. As a result, there will be two Bitcoin blockchains for quite some time to come.

However, Coinbase has to label SegWit2x as an official currency as well. It will not gain the Bitcoin moniker automatically, though. That can only happen if the chain has the most accumulated difficulty. Otherwise, it will be traded as B2X, like it should be. It will be interesting to see whether or not this forked altcoin can effectively become Bitcoin. Right now, that seems highly unlikely.

Rest assured this is not the last time we hear discussions regarding this hard fork. The SegWit2x solution is creating a lot of confusion and controversy so far. That situation will not change anytime soon either, though. The fork is an opportune time for the community to make their stance known. It will be a matter of supporting either BTC or B2X. There doesn’t appear to be a middle path right now. The next few weeks will prove to be quite exciting, for various reasons.

Header image courtesy of Shutterstock

About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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