Bitcoin Cash Will Be Called ‘Bitcoin’ in 6 Months: Classic Declares Victory After SegWit2x Cancellation

Bitcoin Classic declares that bitcoin cash has achieved victory in the scaling wars following the cancellation of bitcoin’s SegWit2x hard fork, and it is celebrating that achievement by shutting its doors.

In a surprise announcement,  Classic release manager Tom Zander stated that the software development project that began in 2016 with the goal of returning bitcoin to its philosophical roots as a peer-to-peer electronic cash system has completed its goal and is no longer necessary.

Classic’s original intention was to promote on-chain scaling within the original Bitcoin network, helping the network scale to accept increasing numbers of users without forcing them to pay excessive transaction fees. Those attempts foiled, Classic ultimately followed the Bitcoin Cash hard fork, leaving the “Legacy Bitcoin” chain behind.

The announcement comes just days after SegWit2x — hard fork that intended to increase the Bitcoin blocksize from 1 MB to 2 MB — was suspended indefinitely by its leading advocates due to a lack of community consensus. Classic cited this development as confirmation that Satoshi’s vision — as supposedly manifested through bitcoin cash — will endure, while those who follow the Legacy chain will “go down with their ship.”

“The fact that the Legacy chain is stuck at 1 MB, and likely always will be, confirms the Cash chain’s viability,” Zander wrote. “And that means that Classic has fulfilled its promise.”

This promise fulfilled, Zander writes that he feels confident shuttering Classic ahead of its upcoming hard fork, which will implement a new difficulty adjustment algorithm in an attempt to bring stability to the network’s wild hashrate and blocktime fluctuations.

Of course, one must wonder if part of Zander’s decision to conclude the project ahead of the hard fork stems from his objection to the specific details of the fork proposal, some of which he says were made for political purposes rather than technical ones. Due to its sudden closure, Classic will not be releasing software that is compatible with the fork.

In any case, Zander believes that the future is bright for bitcoin cash. In fact, he believes that it will soon eclipse Legacy Bitcoin to become the dominant cryptocurrency. “In at most 6 months I’m sure we’ll just drop the “Cash” and call it “Bitcoin,” he concludes.

David Murray

David has been following the development of cryptocurrency technology for several years, and he is optimistic about its potential to democratize the financial system.

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