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Bitcoin SegWit2x Hard Fork Suspended

The much anticipated and controversial Bitcoin hard fork, Segwit2x, which was set to take place on or around November 16, 2017, has been suspended by the organizers. In an email written by Mike Belshe, CEO of BitGo, Inc., he stated:

“Unfortunately, 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.”

Belshe further goes on in his email to say:

“As fees rise on the blockchain, we believe it will eventually become obvious that on-chain capacity increases are necessary. When that happens,we hope the community will come together and find a solution, possibly with a blocksize increase. Until then, we are suspending our plans for the upcoming 2MB upgrade.”

Others who supported and signed the email include:

  • Wences Casares (CEO of Xapo)
  • Jihan Wu (Co-founder of Bitmain)
  • Jeff Garzik (CEO of Bloq)
  • Peter Smith (CEO of Blockchain)
  • Erik Voorhes (CEO of Shapeshift)

It is very important to note that Segwit2x is not cancelled, but suspended until they come up with a better solution. However, the storm has calmed for now.

Richie Lai (Co-founder of Bittrex) sounded relieved to hear the news.