2x Called Off: Bitcoin Hard Fork Suspended for Lack of Consensus

10 November, 2017, 02:06 | Author: Terri Saunders
  • Bitcoin Price Goes Bananas as Currency Avoids Split

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

"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 said. "Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time".

The group, which also included Mike Belshe of BitGo, Wences Casares of Xapo, Jihan Wu of Bitmain, Jeff Garzik of Bloq and Erik Voorhees of Shapeshift, indicated they believe the fork will happen at some point out of necessity, however.

The abandonment of the Segwit2x fork is a major victory for proponents of bitcoin as a kind of digital gold by maintaining the status quo.

Sighting the lack of consensus, the developer community who was pushing for the hard fork in order to increase the block size has completely suspended any further plan of action for the upgrade.

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

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However, given how the decision was taken by corporate entities without the community's support or involvement from Bitcoin's core development team, it became controversial, and the subject of much debate.

The explanation for reneging on the fork expresses the hope that, eventually, the necessity to invoke on-chain capacity increases will become self-evident, as fees rise on the Bitcoin blockchain. The Bitcoin community welcomed the cancellation of Segwit2x with a huge price spike. Had this been say a bank trying to change how it parses transactions we the customers would never have a say but Bitcoin has really shown us how we the community of users actually have a say in how our transactions are handled. "This can lead to significant loses of money, and can quickly erode confidence in Bitcoin". "Your efforts are what makes Bitcoin great".

Bitcoin has had many forks in its short history. But it risks limiting the cryptocurrency's usefulness as a payment mechanism, as the number of transactions rise and the network struggles to process them in a timely and low-cost manner.

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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