It seems as if today is the day of Bitcoin-related announcements by exchanges. NovaExchange is one of the more prominent altcoin exchanges right now. The company has to make some tough calls when it comes to Bitcoin hard forks now and in the present. Their stance is pretty clear in this regard, though. They are not supporting any future forks, which means SegWit2x is not welcome on this platform.

In a way, it is not surprising to see this decision by NovaExchange. They want to ensure everything is alright on the Bitcoin front. Right now, that means supporting Bitcoin Core first and foremost. They did enable support for BCH, although that is an exception rather than a  rule No upcoming or future Bitcoin forks will be supported or endorsed by this smaller exchange. Not good news for the people who have high hopes for SegWit2x.

NovaExchange Rejects Future Bitcoin Forks

Although it remains to be seen which chain will become BTC, it is doubtful SegWit2x is the candidate. Granted, there is enough intent to support from miners and a few service providers. However, once the hard fork goes live, the situation will be very different. Bitcoin Cash had a lot of support as well and that turned out to be far less spectacular. This doesn’t mean SegWit2x won’t survive, but it will most likely be an altcoin at best.

Assuming that is the case, it means S2X will not be supported by NovaExchange. An interesting decision, although one that can be warranted. LocalBitcoins has announced a similar stance not too long ago. Slowly but surely, traction for this upcoming fork is dwindling. This is an interesting development, although it remains to be seen how things play out in the long run. We expect more exchanges to make their SegWit2x decisions in the near future.

A lot of companies will remain loyal to Bitcoin Core. That is only normal, given the developers’ track record. Change can be a good thing as well, though. However, if the majority rejects this change, not much will happen. SegWit2x is, for all intents and purposes, nothing more than an altcoin right now. Until it effectively becomes the supported Bitcoin chain, no one should label it otherwise. There are plenty of people who consider this to be the “real SegWit upgrade”. Only time will tell if that is the case or not.

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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