Thursday, October 6, 2022

Coinbase To Stick With Bitcoin Chain During Hard-fork, Credit Customers With B2X

Coinbase To Stick With Bitcoin Chain During Hard-fork, Credit Customers With B2X

Coinbase has officially announced its position on the upcoming Bitcoin fork, declaring that the exchange will continue referring to the incumbent BTC—and not the coming SegWit2x BT2 chain—as the real Bitcoin. As the biggest exchange for U.S. customers, Coinbase’s decision deals a major blow to B2X proponents. 

Also read: Bitcoin Cash set to hard-fork this November, too

In the face of the contentious November 16th “SegWit2x” hard-fork, Coinbase announced their decision to stick with the incumbent Bitcoin chain today on their website. The move has quickly sent shockwaves through the space, to be sure, with NO2xers praising the move and B2X supporters left outraged.

Per Coinbase’s support team:

“Following the fork, we will continue referring to the current bitcoin blockchain as Bitcoin with the symbol ‘BTC’.  We will refer to the new blockchain resulting from the fork as Bitcoin2x with the symbol ‘B2X.'”

In recent days, some crypto-enthusiasts had begun to wonder if Coinbase was beginning to tilt in favor of B2X. Today’s announcement, however, puts that rumor permanently to rest. It also ensures the current incumbent BTC chain will likely remain dominant at least in the United States due to Coinbase’s chokehold on U.S. crypto customers.


Coinbase also confirmed they’ll be crediting every BTC holder on the exchange with the appropriate amount of B2X after Bitcoin forks at block number #494,784.

Moreover, after all is said and done, Coinbase said they’d be willing to reverse course if B2X ends up being more popular in the long run:

“If the Segwit2x change is accepted by most users, we may choose to rename these blockchains at a later date.”

Coinbase Apparently Followed Charlie Lee’s Advice Against B2X From October

Former Coinbase executive and Litecoin creator Charlie Lee came out a month ago saying he’d officially advised his former colleagues at Coinbase to stick with BTC over B2X during the seemingly imminent November hard-fork.

As the former director of engineering at the exchange, Lee’s opinion clearly carried a great deal of weight with the team. He told the Coinbase team to throw their support behind the Bitcoin Core developers:

“It’s the people who use the coin that gives it value, and miners will mine the coin that makes them the most money,” Lee said.

“Right now, pretty much all the Bitcoin Core developers and a large part of the community including a lot of prominent figures in this space have come out against this hardfork.”

What do you think? Did Coinbase make the right decision in going with BTC over B2X? Let us know where you stand in the comments below!

Images via Coinbase

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