Published: Fri, November 10, 2017
Economy | By Shawn Conner

Bitcoin drops SegWit2x hard fork after community objects

Bitcoin drops SegWit2x hard fork after community objects

Bitcoin's price briefly surged to a new high of $7,848, compared to less than $1,000 at the start of the year.

As you may have seen, the upcoming bitcoin scaling attempt SegWit2x has been cancelled in the wake of increasing controversy and disagreement among developers and miners. However, in light of an insufficient consensus for "a clean blocksize [sic] upgrade", as Belshe writes, "continuing on the current path could divide the community and be a setback to Bitcoin's growth".

BitGo CEO Mike Belshe, Xapo CEO Wences Casares, Bitmain co-founder Jihan Wu, BloqInc co-founder Jeff Garzik, Blockchain CEO and co-founder Peter Smith and ShapeShift CEO Erik Voorhees.

On the one hand, the hardfork was meant to solve a problem with mining difficulty levels for Bitcoin Cash.

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However, there are some experts from the industry that believe the plans of SegWit2x to have not been properly formulated and if implemented in rush would pose a formidable risk to the security of Bitcoins.

Bitcoin's popularity has led to network congestion and higher transaction fees.

So for now at least nothing changes but we think this is a great example of what Bitcoin is capable of.

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On the other side, there is the developers, who want to maintain the core fundamentals of bitcoin as they are.

The executive says that as transaction fees are on the rise - estimated to have increased by 1289 percent since March 2015 - on-chain capacity increases will eventually become necessary.

"When that happens, we hope the community will come together and find a solution". The Bitcoin community welcomed the cancellation of Segwit2x with a huge price spike. It has since dropped and is now trading at around US$7,350. "Your efforts are what makes Bitcoin great".

Two previous forks of the bitcoin blockchain have been successful, but they must have majority support among the community due to the de-centralised nature of cryptocurrencies.

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The abandonment of SegWit2x, Harding contends, will provide the Bitcoin community with more time and more incentive to address technical challenges rather than kicking them down the road.

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