Bitcoin Segwit2X Scaling Suspended

The much talked about Segwit2X bitcoin hard fork has been suspended. The hard fork had been plagued with much controversy. The Segwit Hard fork was projected to happen between the 16th and 18th of November on block 494784. It is interesting to note that the price for bitoin surged after the news broke with the currency’s value reaching a new high of $7,900.

The suspension was announced some hours ago in an email written by Mike Belshe, CEO of Bitcoin Wallet BitGo. Mike is one of the leading promulgators of the Segwit2X project. He indicated that the Segwit2X scaling proposal was too controversial to be executed at this point.

The email reads thus;

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.

 Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik Voorhees

Mike Belshe