The Company Behind Bitbit and BuyBitcoin.ph Announces Position on Segwit2x

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Bitpinas. Satoshi Citadel Industries (SCI), the company behind PH bitcoin sites Bitbit and BuyBitcoin.ph recently published its position on the upcoming Segwit2x fork.

SCI Segwit2x Opposition

In a post on its blog, SCI stated its opposition to the Segwit2X hard fork due to the following reasons:

  • No BIP Process. SCI believes Bitcoin Improvement Proposals should be the way to move forward for the entire community.
  • No overwhelming user support and consensus. SCI doesn’t see this with Segwit2x.
  • No 100% Technical Confidence with the Dev team. SCI thinks that, as seen in the code repositories, the tech team behind Segwit2x is not as robust as the team in Bitcoin Core. A hard fork needs total confidence when it is implemented so technical issues must be addressed properly and not be rushed.
  • Replay Protection. The dev team behind Segwit2x are going back and forth in their position on replay protection. A similar thing was an issue in the recent Bitcoin Gold fork and we discussed replay protection in an article about it.

In the beginning, the segwit2x group claimed that they would offer no replay protection to Bitcoin users. Then they changed their mind and offered a weak proposal. Then they changed their mind and took it back as soon as serious issues were pointed out by the community. – Satoshi Citadel Industries on Medium

Consumer Protection First

SCI wants to support customers and users first and the Segwit2x hard fork is putting the community under stress.

We at SCI wish only to continue building products and services using Bitcoin technology and will support our customers and users first above everything else. We have a responsibility to these people, as well as our stakeholders and the Philippine Bitcoin community, to carefully assess and evaluate any new developments in the technology.

What will SCI do about the Fork?

Ultimately, SCI will accommodate users who will request to access both chains as needed.

SCI is a fintech company building products using blockchain. Among its products include

  • Rebit – a way to send remittance to the Philippines using bitcoin
  • Bitbit – a mobile bitcoin and peso wallet
  • BuyBitcoin – where you can buy and sell bitcoin in PH.
  • Prepaid Bitcoin – think of prepaid cards in the past, but this time, it’s like a bitcoin prepaid load.

The other major bitcoin site in PH – Coins.ph has not yet announced its position on Segwit2x.

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A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]