SegWit2x fork, the much anticipated effort to fork Bitcoin has been called off by advocates of Bitcoin on Wednesday. Owing to this move, Bitcoin reached a new height in the market going as high as $7,879. One faction of Bitcoin has been pushing hard for this particular initiative and they have come to abandon the initiative as they think it would divide the community.
Some of the most popular and well-known advocates of Bitcoin community like Blockchain.info, Xapo and Bitmain have come together and sent out a written statement that they called off this move which is set to create a huge barrier for all those are involved.
About CEOs of various companies together signed a joint statement and sent it out through SegWit2x mailing list. “Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of SegWit2x,” they say.
We want to thank everyone that contributed constructively to Segwit2x, whether you were in favor or against. Your efforts are what makes Bitcoin great. Bitcoin remains the greatest form of money mankind has ever seen, and we remain dedicated to protecting and fostering its growth worldwide.
Bitcoin has been gaining popularity slowly and steadily over the years and it is looked upon as a new face of online wealth management. It is even expected to become trader’s hot favorite and would be considered equal to stocks, gold, petrol and other valuables. The group has come together and announced this particular move in order to help grow the potentials of Bitcoin in world market. The importance of this step is already proved as the value of Bitcoin has reached a new high after the announcement as it shot up to $7,879 from $7,078.
The SegWit2x proposal would be doubled up the transaction capacity of Bitcoin which is only about 7 transactions per second, however, it would have also provided the decision making position to business tycoons and miners. The abandoning of SegWit2x would hold Bitcoin in its esteemed position and would keep it special as always.