The highly controversial hard fork anticipated to take place a few days from now on the Bitcoin blockchain has been suspended. The upgrade, named SegWit2x, was aimed at increasing block size.
Early on there was strong support for the from Bitcoin startups and mining pools. The upgrade was anticipated to happen on November 16th and occurring on block 494,784. 2x’s goal was to increase bitcoin’s transaction capacity, which is currently held back by the nature of the current software’s rules.
This halt in the upgrade was announced to the public today via email from BitGo’s CEO Mike Belshe. He was one of the main leaders of the Segwit2x project.
“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. Until then, we are suspending our plans for the upcoming 2MB upgrade.”
Due to this halt, the price of Bitcoin hit another record high of $7,848.31 according to CoinDesk. Although, by the afternoon it hit a session low of $7,078.96.
As fees continue to rise in Bitcoin Transactions, the developers are hoping the community can come together for a solution to this problem.
Featured Image: Depositphotos/© ulchik74