Bitcoin Payment Processing System BitPay Will Support SegWit2x

BitPay, the automated payment processing system for Bitcoin which enables online merchants to accept bitcoins, has just announced its support for SegWit2x via the company blog.

The statement indicated that the BitPay platform would remain in sync with the majority chain of Bitcoin. Based on the miner signals for SegWit2x, BitPay is assuming that the block size increase will occur, and must therefore be prepared. Founder Stephen Pair said:

“We need one Blockchain to serve as a backbone. That Blockchain must be secure and its asset must be liquid. The backbone network must also be highly available. This high-availability requirement means that we must remain in sync with the hash-rate majority chain. Block production on a minority fork of Bitcoin would be inconsistent, and it may cease to operate without emergency measures. Such a service interruption is unacceptable for us and for our users.”

The announcement also acknowledged that the Bitcoin Core platform does not accept SegWit2x.

Core vs. miners?
The internal debate between Bitcoin Core and miners has grown to a fever pitch, with wallets like Bitwala now refusing to support the New York Agreement (NYA) for SegWit2x.

However, other wallets like Breadwallet have indicated their intention to follow the majority chain like BitPay.

Should SegWit2x activate and increase block size, per the NYA, the implications for Bitcoin are still to be determined. Whether it ends with a ‘three Bitcoin’ solution or is accepted remains a point of risk and will continue to hamper price increases and stability.