Understanding Bitcoin is a complex matter. There are numerous branches of the Bitcoin network that have been developed to optimize the cryptocurrency and make it more viable for the market. One such example is Bitcoin Classic, which was launched in early 2016 in hopes that it will revolutionize bitcoin by improving its processing speed and increasing the block size from 1mb to 2mb.
The currency failed its primary objective and numerous other competent people tried to come up with their own branches of Bitcoin. All forks were aimed at increasing the block size and making the bitcoin market more viable. None have been able to achieve this objective so far.
The SegWit hard fork is just another example of a failed approach to increase the block size as the market never followed the new chain. Less users accept the forked chains, making the new branches of bitcoin very unviable and not profitable.
Tom Zander, the release manager of Bitcoin Classic, while in dismay with the performance of the Bitcoin Classic and its repeated failed attempts at increasing market viability, stated in his final statement:
“…all failed to move the Legacy Bitcoin chain towards a scaling solution. Any scaling solution! With the New York agreement failing just this week, we can be certain that the people that control the Bitcoin Legacy chain would rather go down with their ship.”
He further explained that what Bitcoin Classic set out to achieve has been completed by Bitcoin Cash. Bitcoin Classic users should immediately migrate to other wallets to avoid loss. He commented on the viability of the Bitcoin Cash that, “the fact that the Legacy chain is stuck at 1 MB, and likely always will be, confirms the Cash chain's viability.” Bitcoin Cash’s price shot up more than 35% in anticipation of the hard fork that was dated for the 13th of November, and it brought the relatively sidelined cryptocurrency into the mainstream.
Now more and more public figures related to crypto market, such as Rick Falkvinge, are supporting Bitcoin Cash and dumping Bitcoin Classic.
How the situation plays out, and whether Bitcoin Cash will become the new Bitcoin, cannot yet be seen.