Technology 3 min read

Bitcoin Hits New Record High as Developers Drop SegWit2x Fork

Geralt |

Geralt |

The highly anticipated SegWit2x fork will no longer happen this month, and Bitcoin soars to a new all-time high!

On Wednesday, Bitcoin developers pushing for the November 16th SegWit2x fork set the Internet abuzz with an announcement suspending the upgrade. The fork which began in May was said to be a part of an effort to increase the blocksize and improve Bitcoin’s scalability.

However, the passing months saw more and more prominent Bitcoin developers dropping their support for the SegWit2x upgrade. In a short announcement released late afternoon yesterday, Bitgo CEO, Mike Belshe, said:

“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.”

Original announcement of the SegWit2x fork suspension
Original announcement of the SegWit2x fork suspension
#SegWit developers suspended the upcoming November #SegWit2x fork. #Bitcoin Click To Tweet

The Impact of the SegWit2x Fork Suspension

While some people rooting for the SegWit2x fork were left disappointed by the decision, the majority of the Bitcoin community expressed positive reactions to the news in a thread on Reddit.

A Reddit user that goes by the handle bitusher was quoted as saying:

“Looks like the segwit2x fork has been suspended.

This is great news, and represents the community coming together and not splitting more. It also represents bitcoin being resistant to attacks from those that wish to impose changes without the consent of the economic majority of users.

Some may be disappointed that they won’t be getting their B2X coins but consider all the market uncertainty holding bitcoin price back and now how we can really grow together as a united community. I expect a very bullish future for bitcoin.

Congratulations Everyone.”

Reddit user congratulating everyone after the cancellation of the SegWit2x fork
Reddit user congratulating everyone after the cancellation of the SegWit2x fork | Reddit |

The markets also responded with a dramatic surge in the value of Bitcoin. Following the announcement, the embattled cryptocurrency reached its newest all-time high at approximately $7,900 USD.

Aside from Belshe, the SegWit2x fork suspension announcement was also signed by Xapo’s Wences Casares, Bitmain’s Jihan Wu, Bloq’s Jeff Garzik, Blockchain’s Peter Smith, and Shapeshift’s Erik Voorhees. The alleged advocates of the hard fork were previously reported to have met in New York earlier this year to agree on a two-part Bitcoin split plan.

The first part of the plan, the Segregated Witness soft fork, was executed successfully in August. SegWit allows all data to be stored differently in each block, thus improving the transaction capacity of the blockchain.

While the second part of the plan, the SegWit2x fork, will no longer happen, SegWit will not go anywhere and is here to say.

What can you say about the cancellation of the SegWit2x fork? Let us know your thoughts in the comment section below!

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Chelle is the Product Management Lead at INK. She's an experienced SEO professional as well as UX researcher and designer. She enjoys traveling and spending time anywhere near the sea with her family and friends.

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