Who is the real Bitcoin after the fork? Xapo chooses the chain with the highest cumulative difficulty

Who is the real Bitcoin after the fork? Xapo chooses the chain with the highest cumulative difficulty

Regarding the upcoming SegWit2x hard fork in November, Bitcoin wallet Xapo released a position statement yesterday. Like the previous Bitcoin Cash hard fork, the wallet will support the chain with the highest cumulative difficulty as the "genuine" Bitcoin. The following is the official announcement of Xapo:

When the Bitcoin blockchain reaches block 494,784 (approximately November 18, 2017), Bitcoin miners will mine a block between 1MB and 2MB (SegWit2x). At that time, some miners may choose to ignore this block and continue working on the original 1MB chain, which may create another branch of the Bitcoin network. Just like how we handled the Bitcoin Cash fork, if you are a Xapo customer, you don’t need to do anything, we will protect your Bitcoin, and you can easily sell or withdraw the newly generated coins from Xapo at that time.

Regarding this fork, Xapo's policy is that when a fork occurs, we always follow the chain with the highest cumulative difficulty, and we will allow customers to sell or withdraw coins from a few branch chains from Xapo.

We will refer to the chain with the highest cumulative difficulty as Bitcoin or BTC. If the minority fork chain is a 1MB chain, we will refer to it as BC1, and if the minority fork chain is a 2MB chain, we will refer to it as BC2.

When a few forks are able to be safely transferred to exchanges, we will allow customers to sell or withdraw these new coins from their Xapo wallets.

We will do our best to continue to provide services during the fork. However, if we believe that doing so may compromise the security of our customers' Bitcoin, we may decide to stop operations for a few days or a week. This is our decision. If you want to ensure that you can access your Bitcoin at any time during the fork, you should withdraw your coins from the Xapo wallet immediately.

If you trust Xapo to securely protect your Bitcoin and allow you to access your own minority of forked coins, you don’t have to do anything, we’ll do it all for you.

Judging from the announcement, Xapo is temporarily in a neutral position and leaves the choice to the market. The problem now is that both Bitcoin Core and SegWit2X claim to represent the true Bitcoin vision and will strive for the official Bitcoin brand.

According to the New York Consensus reached earlier, nearly 80% of the Bitcoin network computing power will support SegWit2X, but the final situation will not be that simple. The Bitcoin market price and computing power will affect each other, and ultimately it depends on market performance.

What do you think?

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