Leading Canadian Bitcoin companies, service providers and economic node operators have come to a consensus to reject Bitcoin Unlimited.
The vast majority of the Canadian Bitcoin market and industry believe that Bitcoin Unlimited as a contentious hard fork shouldn’t be executed or forked for various reasons. Major companies including Honey Badger, Bitcoin PoS and Opendime manufacturer Coinkite and Bitcoin broker Yuri Yerofeyev stated that Bitcoin Unlimited goes against almost every criterion of a healthy and beneficial hard fork.
Similar to the statement of Bitcoin wallet Armory lead developer Andrew Chow, better known as Goatpig, the Canadian Bitcoin Embassy explained that Bitcoin Unlimited is being rejected by the industry for the following six reasons: 1) unpredictable hard-fork activation and disruption of business processes, 2) remote shutting down of nodes leading to unavailability of funds, 3) replay attacks leading to loss of funds, 4) reorganization back to original chain leading to loss of funds, 5) unpredictable increases in network resources leading to increased operational costs, and 6) spontaneous network splits due to varying block-size configurations across the network.
Bitcoin Unlimited is not a viable solution
For both technical and economic reasons, Canadian businesses have emphasized that Bitcoin Unlimited shouldn't and will not be forked, despite the threats of some miners that shared their plans to launch a 51 percent attack on the Bitcoin Network to fork the Bitcoin Unlimited software.
To protect the brand of Bitcoin, Francis Pouliot, the CEO of Satoshi Portal and Director of the Bitcoin Embassy, who released the joint statement on behalf of the above-mentioned Canadian companies, stated that Canadian businesses will refuse to integrate the token of Bitcoin Unlimited (BTU) in their products and services, refrain from listing BTU even as an alternative cryptocurrency and will not enable trading of BTU.
Canadian businesses are taking a different approach toward Bitcoin Unlimited and the small probability of the software being forked. Even in the event that Bitcoin Unlimited is forked and BTU is introduced to the market, they will not allow the trading of BTU and doesn’t plan to consider it as an altcoin.
Most global Bitcoin exchanges including Bitfinex, Bitstamp and BTCC have clarified that if BTU is released, it will be credited to users and open for trading on their platforms as an altcoin, a currency separate from that of the Bitcoin network’s BTC.
However, Canadian businesses simply don’t perceive Bitcoin Unlimited as a part of the Bitcoin network any longer due to the principles of the software and its development team that conflicts with that of Bitcoin.
In addition, Pouliot and the Canadian Bitcoin market encouraged others to clarify their stance on hard fork contingency and reassured users of Bitcoin that the digital currency will be stronger than ever after moving past this point.
“We believe that Bitcoin will emerge from this period of contention and controversy stronger than ever. We remain committed to facilitating the adoption of Bitcoin, providing value and usefulness to our users’ Bitcoin holdings and to contributing constructively to the Bitcoin ecosystem. We encourage economic nodes all around the world to make their stance clear and to assert their role as core components of the global Bitcoin consensus.”