Close
View Markets Data →
Forks

Bitcoin’s SegWit2x fork is cancelled, thanks to insufficient support

Mike Belshe has revealed that Bitcoin’s upcoming Segwit2x fork scheduled for mid-November has been canceled due to a lack of community support.

Mike Belshe has revealed that Bitcoin’s upcoming Segwit2x fork scheduled for mid-November has been canceled due to a lack of community support.

Bitcoin was due to experience its most turbulent hard fork yet come mid-November in the form of SegWit2x, and now Bitgo CEO Mike Belshe has revealed that the contentious move will not go ahead thanks to a lack of community support.

The holistic SegWit2x proposal would have upgraded Bitcoin’s blockchain network in two different ways; the proposal would have introduced Segregated Witness – a means to alter how information is stored on the Bitcoin blockchain – and would secondly have increased the network’s block size to two megabytes, up from one megabyte.

Read: Bitcoin forks into two strains; Bitcoin Cash hits $7 billion USD market cap

Segregated Witness was activated in August this year, while the blocksize upgrade was instead scheduled for mid-November.

The plan drew intense controversy in the Bitcoin community – larger mining pools, startups, and several developers supported the plan, while opposition was drawn from several businesses, operators, users, and Bitcoin Core developers.

In a blog post, Belshe elaborated on the decision to suspend the planned fork – quipping that “The Segwit2x effort began in May with a simple purpose: to increase the blocksize and improve Bitcoin scalability. At the time, the Bitcoin community was in crisis after nearly 3 years of heavy debate, and consensus for Segwit seemed like a distant mirage with only 30% support among miners… Segwit2x found its first success in August, as it broke the deadlock and quickly led to Segwit’s successful activation.”

“Our goal has always been a smooth upgrade for Bitcoin.”, Belshe continued. “Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together.” Belshe concedes “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 one might imagine, markets reacted in frenzy – at the time of the announcement, Bitcoin saw a spike in value that roared to nearly a $500 USD growth in the period of one hour, prior to settling back into the $7300 USD range.

Read: Bitcoin Gold begins issuing daily updates, introduces replay protection

What are your thoughts? Be sure to let us know your opinion in the comments below!