SegWait-a-Minute? Coinbase Appears To U-turn On Bitcoin Hard Fork

Coinbase has appeared to significantly alter its position on the upcoming SegWit2x Bitcoin hard fork, saying it will not unconditionally support the BTC chain.

Cointelegraph reported yesterday that the largest US exchange would continue to refer to BTC as the ‘real’ Bitcoin, with SegWit2x getting a ‘B2X’ ticker tantamount to an altcoin.

The decision sparked wide support from the cryptocurrency community with many commentators seeing it as the nail in the coffin for 2x’s integrity.

In an update, however, both Coinbase and CEO Brian Armstrong confirmed that they would in fact “call the chain with the most accumulated difficulty Bitcoin.”

With majority consensus, the 2x chain could thus gain Coinbase’s support as the ‘real Bitcoin.’

“It’s important for us to keep a neutral position in any fork. We believe that letting the market decide is the best way to ensure that Bitcoin remains a fair and open platform,” the new post reads.

The exchange thus joins the likes of Xapo, which was among the first Bitcoin businesses to signal formal position of 2x and confirmed it would potentially rename the 2x chain ‘BTC’ in the event it had “the most accumulated difficulty.”

Unsurprisingly, consumers reacted with frustration at what seemed to them to be a U-turn by Coinbase on the hard fork.

“Doesn't seem to clarify anything. Seems almost contrary to what was said previously,” a top Reddit response to the issue begins.

Armstrong apologized for the lack of “clarity” contained in the original blog post.


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