Xapo Receives Criticism Over its Plan to List Bitcoin as BC1 if it Becomes Minority Chain
The probability of the original Bitcoin blockchain or legacy chain becoming the minority chain after the November SegWit2x hard fork is slim, but Xapo has received criticism from experts in the cryptocurrency sector over its intention to list the original Bitcoin blockchain as “BC1” if the SegWit2x chain turns out to be the majority chain.
Bitcoin Investor Describes SegWit2x Support as “Commercial Suicide”
Earlier this week, prominent BItcoin investor and Atlanta Digital Currency Fund partner Alistair Milne explained in an analytical blog post that expressing public support for SegWit2x from Bitcoin and cryptocurrency startups will be an act similar to committing “commercial suicide.” Milne wrote:
“Businesses will not commit commercial suicide. The largest Bitcoin companies are already showing they will support both tokens in the interim and therefore allow the market to decide the victor. A new token cannot practically be called Bitcoin / BTC as that name is already taken and it would invite chaos.”
As Cryptocoinsnews previously reported, Bitfinex and Coinbase, two of the largest Bitcoin wallet and exchanges in the global market, have revealed their intentions to integrate support for SegWi2x, but allow the market and users to decide which chain becomes the majority chain. The Bitfinex development team went as far to explain that the original Bitcoin blockchain or legacy chain will be listed as “BTC” and “Bitcoin” even if SegWit2x gains more hashrate.