News

Bitgo CEO says Segwit2x hard fork will not take place

Brief: Mike Belshe indicate in a blog post that planned Segwit2x hard fork has been canceled. Since the dramatic response from the market regarding the all-time high record of $7100.00.

Mike Belshe, Bitgo CEO has published a post indicating that the Segwit2x hard fork scheduled will be not occurring due to lack of community support.

However, the post states that “the Segwit2x will begin in May with an easy go purpose. As to increase the blocksize and improve Bitcoin scalability. Meantime, the Bitcoin community was in crisis after almost 3years of debate and consensus for Segwit. Thus, it seems like a distinct mirage only 30% support among miners”.

Related Coverage: Bitcoin is Digital Gold, Not a better PayPal: SegWit2x failure

Belshe states,

“Our goal has always been a smooth upgrade for Bitcoin. 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”.

The response of market with a dramatic surge into all-time highs

Mike Belshe predicts that “as blockchain fees increases, we believe gradually it becomes noticeable that increase on-chain capacity is must. In this case, we hope that together with community finds a solution, perhaps increase in a blockchain. Till then, we are appending our plans for the future 2MB upgrade”.

Moreover, the market has responded with a dramatic surge all-time high records. In regards to declaration, Bitcoin saw a point of around $500 USD within one year. At the time commencing, the price of Bitcoin price is consolidating $6910.14.

Read Next: Bitcoin price could hit $10000 in just few months

Tags
Show More

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also
Close
Back to top button
Close
Close