Can We Really Lose Bitcoin In The SegWit2x?

vnyrox (9)in #cryptocurrency • 7 years ago

Can We Really Lose Bitcoin In The SegWit2x?

SegWit2X is a fancy derivative name given to a combo of scaling solutions (i.e SegWit and 2MB block size increase). It simply means implementing SegWit first, and then within 3 months of SegWit activation, it aims at implementing a 2MB block size for the Bitcoin network.

Bitcoin's price has retreated by a significant $600 after reaching a new all-time high recently. After reaching a record $7,800 in price, Bitcoin retracted to $7,123 in time of writing. .

This seems to be the consequence of a recently canceled upgrade to the underlying blockchain technology.

The Segwit2x upgrade, also known as a 'fork' in the community, was called off because there wasn't enough support in the community. The fork's goal was to increase transaction capacity, but many traders also believed it would result in a creation of an alternative currency, as with a couple of previous forks.

As CCN reported, Mike Belshe, chief executive of bitcoin wallet service BitGo and project lead for SegWit2x, announced today that the controversial Bitcoin protocol upgrade had been suspended indefinitely due to a lack of consensus and the near-certainty of a blockchain split following its activation.

I know some of you might wonder why this is happening because Bitcoin has already scaled, activated SegWit, and Bitcoin Cash supporters have already parted their ways with bigger block sizes.