Bitcoin Fork ! Are You All Ready ?
A group of bitcoin exchanges recently released a statement to clarify their position with respect to the ongoing Bitcoin scaling controversy. As most in the community know, there has been an ongoing debate regarding the best way to scale Bitcoin and increase its transaction capability. These exchanges have now announced that if the current debate between the Bitcoin Core and Bitcoin Unlimited groups results in a hard fork and two competing currencies, the Bitcoin Unlimited coin would be listed under the ticker symbol BTU, while Bitcoin Core maintains the current BTC symbol.
According to the exchanges’ statement:
"As exchanges, we have a responsibility to maintain orderly markets that trade continuously 24/7/365. It is incumbent upon us to support a coherent, orderly and industry-wide approach to preparing for and responding to a contentious hard fork. In the case of a bitcoin hard fork, we cannot suspend operations and wait for a winner to emerge."
That announcement has sparked a new controversy, of course. Many Bitcoin Core supporters claim that the exchanges have effectively signaled their preference for the existing Core option by choosing to retain Core’s present ticker symbol. Representatives from the change have disavowed any preferential treatment, arguing instead that they are merely expressing their openness to allowing the marketplace to resolve the issue.
According to at least one Bitcoin notable, however, the exchange’s actions are a clear signal that the marketplace is not prepared to accept a Bitcoin Unlimited alternative to their beloved Core currency. As BTCC’s former COO notes:
"Mining pools may signal Bitcoin Unlimited, but this letter makes it crystal clear that the economy won't accept it – the best outcome they can hope for is to have their BTU token listed."
That view may be backed up by economic realities when all is said and done, since miners will likely end up following the economic base of the community. If the momentum favors the Core SegWit solution and the exchanges, processors, and users follow suit, then miners will almost certainly do the same to ensure that they get paid.
Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.