More and more companies openly voice their concerns on SegWit2x. It is evident there are some tough decisions to be made in this regard. Even though not everyone may agree with all companies, exchanges are announcing their stance well in advance. UnoCoin, one of India’s leading exchanges, will support the chain with the majority of mining and community support. However, they will credit user balances with the new altcoin in any case.

It is good to see the exchanges clarify their position on SegWit2x. With the hard fork taking place soon, important decisions need to be made. Unocoin has done exactly that and in a rather concise manner to boot. More specifically, they will credit user balances with S2x coins regardless of whether it becomes the largest chain. However, they will not call it Bitcoin unless it gains majority support from the community and miners. The decision makes a lot of sense, to say the least.

An Interesting Call by Unocoin

Moreover, Unocoin users won’t have to undertake any action whatsoever. Everything will be handled by the company as professionally as possible. People who have BTC in their account during the fork will receive coins automatically. However, the company encourages users to redeem said coins within four weeks after the fork. This confirms Unocoin has no long-term support plans for SegWit2x whatsoever. An interesting position, although it is understandable.

The naming of SegWit2x remains a bit of an open-ended question. We do know it will not necessarily become BTC unless things change dramatically. More specifically, BTC is the name for the chain with the most mining and community support. Whether or not that will be SegWit or SegWit2x, remains to be determined. All options are still on the table in this regard. This approach is similar to how most exchanges will handle the upcoming hard fork.

It will be interesting to see how other exchanges handle this hard fork. More specifically, the support of the minority chain will always be controversial. Unocoin caps it off at just four weeks, which is rather short, all things considered. Then again, it is evident all exchanges want to sort out this situation as soon as possible. Without enough support, SegWit2x will never become the main blockchain. Then again, a lot can happen between now and mid-November. An interesting future lies ahead, that much is certain.

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.

Get the latest Bitcoin News on The Bitcoin News
Our Social Networks:
Facebook Instagram Pinterest Reddit Telegram Twitter Youtube