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No SegWit2x happening now! Bitcoin to enjoy its supremacy

Nov 10, 2017 Posted /  2874 Views

No SegWit2x happening now! Bitcoin to enjoy its supremacy

SegWit2x withdrawal

Bitcoin recently had shattered its all time high records and surpassed $7,500 price. The much discussed and debated hard fork which was scheduled on November 16, has been cancelled due to which Bitcoin had also crossed the value of $7,888. The reason of this shocking decision which was declared and the reason was circulated via a mail by major proponent Mike Belshe which read that “it was “clear” the project “had not built sufficient consensus for a clean blocksize upgrade at this time.” Hence, SegWit2x which was to be rolled out on 16th November has been called off and there is no news of rescheduling the hard fork.

Official statement by the proponent

The mail which was sent by Mike Belshe read as below:

“The SegWit2x effort began in May with a simple purpose:  to increase the blocksize and improve Bitcoin scalability. At the time, the Bitcoin community was in crisis after nearly 3 years of heavy debate, and consensus for SegWit seemed like a distant mirage with only 30% support among miners.
SegWit2x found its first success in August, as it broke the deadlock and quickly led to SegWit’s successful activation. Since that time, the team shifted its efforts to phase two of the project - a 2MB blocksize increase.

Our goal has always been a smooth upgrade for Bitcoin.  Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together.

Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x.

As fees rise on the blockchain, we believe it will eventually become obvious that on-chain capacity increases are necessary. When that happens, we hope the community will come together and find a solution, possibly with a blocksize increase. Until then, we are suspending our plans for the
upcoming 2MB upgrade.

We want to thank everyone that contributed constructively to Segwit2x, whether you were in favor or against. Your efforts are what makes Bitcoin great. Bitcoin remains the greatest form of money mankind has ever seen, and we remain dedicated to protecting and fostering its growth worldwide.”

Impact on the Bitcoin market

As soon as the news came out bitcoin market saw a tremendous surge and its price came very near to $8,000 which bounced back to $7,103 (at the time of writing), but has been successful to maintain its above $7,000 price position. The hard fork had received a severe backlash from the bitcoin industry which gave a tough time to the people who supported the hard fork. The dearth of replay protection which is a mechanism of preventing coins being inadvertently spent on both chains was the major point for the disapproval of the SegWit2x hard fork. As a result, now that SegWit2x has been cancelled, it has given the investors a sigh of relief that they can invest in bitcoin without any hesitation.




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Tags: bitcoin Bitcoin Market hard fork Segwit2x SegWit2x withdrawal SegWit2x dead

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