Bitcoin leaders agree to suspend the controversial Segwit2X hard fork

Ethereum Price Technical Analysis ETH USD

SegWit2x, or Segregated Witness 2x, has always been touted as the solution to solving bitcoin's scaling issues, increasing the blocksize from 1MB to 2MB.

Following the news of the suspension, bitcoin's price reached a new all-time high, according to CoinMarketCap.

"It is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time", the executive says.

He added that with rising fees on the blockchain it will be necessary at some stage to implement on-chain capacity increases.

Bitcoins are systematically produced from something called the "blockchain". When that happens, we hope the community will come together and find a solution, possibly with a blocksize increase.

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On November 8, 2017, CEO of Bitgo, Inc., Mike Belshe, sent out a message to the blockchain community indicating that the upcoming Segwit2x fork, which had been previously scheduled to take place on or around November 16, has been called off.

We want to thank everyone that contributed constructively to Segwit2x, whether you were in favor or against. The SegWit2x hard fork was a proposal to overcome these issue by increasing the block size and hence pave the path for further scalability of bitcoin. The hard fork would have split Bitcoin into two competing blockchains, and the fight for supremacy would have been ugly. "It would have been great for bitcoin to prove its resiliency once again and to strike this scenario off the "fear list".

The significance of this latest development has triggered a number of reactions and from the Bitcoin community. Cryptocurrency, he notes, is still experimental and repeated forks can fracture the community into tiny siloes and undermine the very concept of non-governmental money.

And the upgrade would have changed bitcoin's rules in a "fork", effectively cloning the existing bitcoin to create another cryptocurrency. The proposal was contentious because of the way the changes would be imposed, which would have changed the "block size", a cap on bitcoin's transaction rate set by its creator, Satoshi Nakamoto. Every small mitigation of a risk enhances value, and this event is no different.

Bitcoin's rapid price swing indicates a potential conflict between the short- and long-term impacts of SegWit2x cancellation. "Furthermore, seeing the spike in bitcoin after the announcement shows that this move is welcome by the broader crypto community".

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