What is Bitcoin Classic?
Bitcoin Classic is a fork of the Bitcoin reference implementation Bitcoin Core, that aims to increase Bitcoin’s transaction processing capacity by increasing the block size limit.
A Short Biography of Bitcoin Classic
The project was started by a group of individuals who believe that Bitcoin Core needs improvement. When it was first launched in 2016, the goal was to increase the transaction capacity of Bitcoin by raising the block size from 1MB to 2MB. Sadly though, it failed to gain any traction among the users of cryptocurrency.
It’s not that Bitcoin Classic never saw any good days. There was a point when approximately one-third of the network was made up of more than 2,000 Bitcoin Classic nodes. But that number kept declining steadily, and now less than 1 percent of the network users run Bitcoin Classic.
What Went Wrong?
As mentioned before, at one point, a massive number of Bitcoin Classic nodes were launched on the network. But even with more than 2,000 active nodes, unfortunately, the project failed to catch the fancy of the cryptocurrency world.
You may be wondering why the number of Bitcoin Classic nodes went down so drastically. Now, even we can’t tell you for sure. But there is this allegation that during the ostensible heydays of Bitcoin Classic, hundreds of nodes were spun up on some cheap VPS to make it look like as if Bitcoin Classic was gaining the trust of a lot of cryptocurrency enthusiasts. But,the way most of these nodes disappeared once it was clear that Bitcoin Classic wasn’t going to replace Bitcoin anytime soon, it is hard to deny the possibility that most of those early supporters were entirely fictitious. Maybe Bitcoin Classic was just one the many political games that keep popping up in the cryptocurrency scene.
Why Pull The Plug?
Although Bitcoin Classic did not manage to gain much traction, it doesn’t mean that it was a complete failure. It did have some merits. But after working on the project for two years with virtually no hope for Bitcoin Classic’s revival anymore, the team behind it clearly wants to move on to better things.
The release manager of Bitcoin Classic, Tom Zander, said in a blog post that in the wake of the suspension of the Segwit2x hard fork, he believes that Bitcoin’s scaling problems are going to persist. He also mentioned that the functionality of Bitcoin Cash is likely to surpass that of Bitcoin.
When Bitcoin Classic was launched in 2016, its stated goal was to improve Bitcoin’s transaction capacity by increasing the block size from 1MB to 2MB. Zander stated in his blog post that with Bitcoin Cash supporting adjustable block sizes and a default size of 8MB, the goal of Bitcoin Classic has been reached.
Zander also cited the cancellation of the hard fork of Segwit2x as a sign that the so called “legacy chain” would rather go extinct than step up their game to match the rising numbers of transactions. He further added that Bitcoin Classic will cease operations “in a matter of days or weeks”, and urged the miners and nodes currently supporting the network to migrate to an alternative.
It’s sad to see Bitcoin Classic bite the dust. On the other hand, whether Bitcoin Cash manages to dethrone Bitcoin remains to be seen. But what deserves a mention is the fact that a lot of the early supporters of Bitcoin Classic have simply switched to supporting Bitcoin Cash. That’s a development which has caught the attention of the cryptocurrency world. In the coming months, it will be interesting to see whether all the developers and supporters of Bitcoin Classic jump aboard the Bitcoin Cash bandwagon or not.