Tuesday, October 24, 2017

Coinbase Just Reported Its Naming Intentions Post-Fork

The ongoing situation surrounding Bitcoin and the Segwit2x Fork is a hot topic in the space right now, with a large degree of uncertainty affecting sentiment in the sector. The bitcoin price has generally been a bellwether for the sector as a whole and, as an action has demonstrated over the past few weeks, sentiment has been adversely impacted to a large degree, but there remain questions as to exactly how things are going to play out once the change comes around.
One of the biggest companies in this sector right now, Coinbase, has been looked to for an advice and information on how it intends to deal with the shift as and when it takes place. To date, we haven’t seen too much in the way of clear information from many of the entities that comprise this sector and Coinbase was one of those that remained relatively quiet in terms of concrete information.
That is, until today.
Coinbase just published guidelines on how it intends to approach the hard fork and – importantly – how it intends to label and treat the two forks once they take place.
And it looks as though things are as the wider community had hoped – at least for the most part. The company has outlined that it intends to continue calling the original chain, what's currently known as BTC, by the same moniker – BTC – and that the second chain, for the purposes of labeling, will be referred to as B2X.
The company has also assured users that their bitcoin will be safely stored throughout the fork process and – if the community decides to adopt one chain in favor of the other – that there's room for alteration going forward as far as the naming conventions are concerned.
The fork will take place when block #494,784 is mined, which is projected to happen on November 16.
Source Coinbase

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