Bitcoin SegWit2X called off

Ethereum Price Technical Analysis ETH USD

Segwit2x developer Jean-Pierre Rupp stated, "I guess I can now pay more attention to more fruitful technical pursuits than following the news and fighting trolls online".

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

He said that as fees rise on the blockchain, it will become "obvious that on-chain capacity increases are necessary".

A unanimous decision has been taken by some prominent Bitcoin companies like Bitmain, Xapo, BitGo Blockchain.info and its six CEOs have signed a letter announcing the cancellation.

"When that happens, we hope the community will come together and find a solution".


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. SegWit2x would have doubled the size of the bitcoin "blocks" on the blockchain, the record of bitcoin transactions, essentially making it easier to process more trades as more people join and trade bitcoin. "It would have been great for bitcoin to prove its resiliency once again and to strike this scenario off the "fear list". "If you have 5 Bitcoin stored on Coinbase before the fork, you will have 5 Bitcoin and 5 Bitcoin2x following the event".

The significance of this latest development has triggered a number of reactions and from the Bitcoin community. "The case was made by the immediate price increase when 2x was called off".

The first implementation has occurred; however, the alternative software, which would also change Bitcoin rules and boost the size of blocks from 1MB to 2MB, has not been embraced by every trader and enthusiast. 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.

The bitcoin price experienced a almost $1,000 flash crash after reaching a new all-time high just below $7,900 in the wake of the cancellation of SegWit2x.

The price of bitcoin sky rocketed on the news. "Furthermore, seeing the spike in bitcoin after the announcement shows that this move is welcome by the broader crypto community".

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