Economy

Bitcoin Price Reaches High of $7700 Following Segwit2x Cancellation

Bitcoin Price Reaches High of $7700 Following Segwit2x Cancellation”

Bitcoin surged from just below $7 500 to a new record high of $7 888 on the Luxembourg-based Bitstamp exchange in the 20 minutes that followed the statement's release. The group still gave a hint of meeting again in may 2018, with a hope to increase the block size after the more stakeholder agrees to it.

But despite numerous heated debates, the crypto community is finally starting to see eye to eye on this conundrum: a user-generated survey has indicated that an impressive 84 percent of voters believe the original Bitcoin chain will continue to dominate the market even after the 2X hard fork goes live next week.

The Segwit2x effort began in May with a simple objective: to increase the blocksize and improve Bitcoin scalability.

A controversial software update that would have increased bitcoin's block size to 2MB, was called off after mixed responses from the crypto community.

BitGo CEO Mike Belshe, Xapo CEO Wences Casares, Bitmain co-founder Jihan Wu, BloqInc co-founder Jeff Garzik, Blockchain CEO and co-founder Peter Smith and ShapeShift CEO Erik Voorhees.

But altering the way Bitcoin works requires community consensus from those participating in the project and not enough people were on-board with the change.

However, lack of enthusiasm from the Bitcoin Core developers, among others, has delayed the technical reckoning that Belshe suggests must come.

According to the report from Coindesk, The Suspension was announced over the email.

"As fees rise on the blockchain, we believe it will eventually become obvious that on-chain capacity increases are necessary", said Belshe. "This can lead to significant loses of money, and can quickly erode confidence in Bitcoin". In the long term?

The SegWit2X leaders, who include prominent bitcoin figures like Xapo CEO Wences Casares and Chinese mining pool leader Jihan Wu, said they chose to suspend the project due to a lack of consensus in the bitcoin community. This compares to 2,000 per second for Visa and means that at peak times bitcoin transactions can take hours to be fulfilled, inhibiting the currency.



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