Friday, December 9, 2022

Bitcoin Classic Shuts Down: Another Victim of the Scaling War

Bitcoin Classic Shuts Down: Another Victim of the Scaling War

Bitcoin Classic, at one time the main competitor to Core Bitcoin, has announced that it is shutting its doors. Now, the big block supporting coin has deferred to Bitcoin Cash as the project most likely to dethrone Core and Blockstream.

Also read: Bitcoin Price Reaches High of $7,700 Following SegWit2X Cancellation

Bitcoin Classic: The Former King of Big Blocks

Starting in early 2016, Classic set out to develop a version of Bitcoin with bigger blocks, with the intention of proving that on-chain scalability is a better solution than Core’s vision of off-chain solutions.

Announcing the shutdown in a blog post, the Classic team explained the original purpose of their project:

“When Classic started, the decision was to go for the lowest possible upgrade from 1 MB to 2 MB. It would avoid any technical complications and would lower the bar so far that we could not logically go any lower. It was the last, best, offer for peace.”

Roger Ver, the face of the big block movement, quickly put all his support behind Bitcoin Classic by launching an awareness campaign on his news and education website.

Bitcoin Cash: Classic but Better

However, when the Bitcoin Cash chain emerged from a contentious hard fork, Classic began pulling back as the Bitcoin ABC team got to work developing the newest big block coin.

For a while, Classic supported the chain. “Classic was right there on the front line when Bitcoin Cash started,” the blog post said, “having the most up-to-date releases. . .and the best and easiest migration strategies for users to sell their Legacy coin for Cash coin.”

And while Bitcoin Cash progressed and proved big blocks were viable, the blog post continued, “Bitcoin Legacy” remained stuck with 1 MB blocks.

To Classic, that means their mission had ended. “It is now up to you which chain will gain the most traction,” the team wrote on their blog.

“It is now up to the next billion people to start to use Bitcoin Cash. In at most 6 months I’m sure we’ll just drop the ‘Cash’ and call it ‘Bitcoin.’”

bitcoin cash
Bitcoin Cash is king, Classic says

In closing, the team urged people running Bitcoin Classic to migrate to alternative nodes and wallets, because Classic “will stop following the main chain in a matter of days or weeks.”

So now, Bitcoin Cash is the one true big block king. And with the cancellation of the SegWit2X hard fork, more attention will come to Cash as a serious alternative to the SegWit chain, whose blocks remain capped at 1 MB.

What do you think about Bitcoin Classic shutting down? Share your thoughts in the comments section. 

Images via Pixabay, Bitcoin Cash

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