The Bitcoin Hard Fork, Segwit2x, Has Been Suspended

Bitcoin rose to new record highs yesterday, rallying to $7,848.31 before falling to a low of $7,058 today. As of writing, the bitcoin-US dollar (BTC/USD) exchange rate is trading at $7,195.56. BTC began losing altitude soon after the markets were alerted that a controversial software update, known as Segwit2x, had officially been suspended. The software, which would have required a fork of the blockchain, had attracted a lot of attention in the media, and rightly so, as it could have led to chain split and the creation of free assets for BTC holders.
The hard fork suspension may not be unconnected with the uncertainty and a lack of consensus among the organizers to pull the plug on the split.

In a surprising, yet seemingly welcome move, the organizers of the next hard fork in Bitcoin’s lifespan have suddenly decided to suspend their plans to start increasing the block size of the cryptocurrency. The plan was originally scheduled to commence around November 16th.

In an email, Mike Belshe, the CEO and co-founder of a bitcoin wallet software said ‘Segwit2x hardfork has been called off! Common sense prevails. Let’s now work together towards scaling safely. We may need something like a 2x hardfork in the future, but let’s do it when there’s consensus and not rushed’. 🚀

Another 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.”

The price of Bitcoin has been volatile this week, with more new records followed by significant dips and renewed rallying.

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