Bitcoin Classic announces it’s closing its doors because Bitcoin Cash is already doing what they’re trying to do.
In their website, Bitcoin Classic release manager Tom Zander wrote a post announcing that Bitcoin Classic is closing its doors, stating that the coin that Satoshi envisioned has been achieved—although not by them.
“Bitcoin Classic was started in early 2016 with the clear intention of coming back to the coin that Satoshi indicated as his goal. Now this goal has been reached we will step down.”
With the legacy chain (BTC) stuck with SegWit and no block size increase, Zander says all other proposals have failed to solve the scaling problem for BTC. And with the SegWit2x mission aborted, the developers in charge of the legacy chain “would rather go down with their ship,” taking down the legacy chain with them as they refuse to let it grow and instead, steer it away from the vision intended by the Satoshi white paper.
Bitcoin Classic concedes, however, that it is Bitcoin Cash (BCH) that is fulfilling that vision and that is why they are stepping down. Bitcoin Cash was created when a group of miners and developers foresaw that SegWit—which removes data signature from a transaction and allows scaling off-chain, not only violates a primary feature of Bitcoin’s security mechanism but also does not solve the congestion problem for the long term. It was a band-aid at best that primarily served the interests of corporations looking to cash in on transaction fees under the guise of sidechains.
Many believe that the legacy chain, which currently retains the ticker BTC, will at some point soon, end up in the exact same predicament it is in these past years. Adding off-chain scaling solutions in the form of sidechains without strengthening the core infrastructure will bring it back to another scaling debate not too long from now.
Zander says it is now up to the market.
“The fact that the Legacy chain is stuck at 1 MB, and likely always will be, confirms the Cash chain’s viability. Now the market will decide.”
He believes that within the next six months, there will be a flip between BTC and BCH.
It is now up to you which chain will gain the most traction. It is now up to the next billion people to start to use Bitcoin Cash. In at most 6 months I’m sure we’ll just drop the “Cash” and call it “Bitcoin.”