Segwit2x was heralded as the next big thing in the world of cryptocurrencies meant to hike up the blocksize was scheduled to happen on block number 494784 and had been at the receiving end of much adulteration from startups worldwide. The project aimed at measuring the increased transactional capacity of Bitcoin which presently is seeming to be a bleak possibility given the controversial software updating rules.
An email sent by Mike Belshe, the co-founder and CEO of BitGo, a Bitcoin wallet software provider announced :
“Our goal has always been a smooth upgrade for Bitcoin. Unfortunately, it is clear that we have not built sufficient consensus for a clean block size 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.”
BitGo had been one of the leaders of this dynamic Segwit2x project however Mike agreed to the fact that the inherent controversies cannot be completely ignored.
(Click here to read the full announcement)
As the fees of transacting in Bitcoins tend to rise, the developer hinted that the cryptocurrency community needs to soon establish a way out. “Until then, we are suspending our plans for the upcoming 2MB upgrade,” he signed off saying.
Also Read: SegWit2X Is Being Rejected By Various International Bitcoin Communities
The note received signatures from other companies who were previously in support of the 2x hard fork such as Bitmain co-founder Jihan Wu, Xapo CEO Wences Casares, Blockchain CEO and co-founder Peter Smith, Bloq CEO and co-founder Jeff Garzik and Erik Voorhees the founder and CEO of Shapeshift.
The group however feels that the block size has possibilities of being increased in the future after gaining positive momentum in the form of shareholder’s agreement. Jeff Garzik a developer recently said during the statements to BTC1 Slack Group that the alternative software shall continue getting developed and is expected to support, “other chains such as bitcoin cash, litecoin and other bitcoin-family chains.”
News of such temporary suspension caused the price of Bitcoin to shoot up on Wednesday by leaps and bounds. Bitcoin price went as high as upto $7879.06. The SegWit2x upgrade was expected to take shape around November 16th. But with more and more developers withdrawing their support from the fork plan, the blocksize future surely is becoming all the more murky on the go.
Given its inherent volatility, investors have been housing negative sentiments regarding Bitcoin split for an entire year now. However its price trajectory following the 1st August hard fork did manage to garner hope amongst crypto enthusiasts that a further split will accentuate the success story of the original Bitcoin. Whenever a split takes place, investors are handed over an equivalent amount of the alternative currency.
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