Bitcoin’s Future Now That Segwit2x is CANCELLED!!!

Hello Steemaliens

So by Now I’m sure A lot of you have heard about the cancellation of the upcoming fork for Segwit2x. For those of you that have not here’s the news. Yesterday November 8th one of the leaders of the project broke the news that the hard fork is canceled basically due to lack of consensus.

The fork was supposed to occur on November 16th or at block 494,784. And with that Segwit2x is created and increases the block size which would then increase bitcoins transaction capacity. This would have been good since the transactions can be very slow.

To sum it up basically now is not a good time for a fork. It creates a lot of uncertainty in the market and confuses a lot of new investors coming in the market. Not saying that a hard fork will not occur in the future. Right now it is not what is best for the bitcoin community as it could divide it and slow it’s growth.

Since the news was announced bitcoin has been staying around $7,150 average. There Was a selloff after the news which was most likely from all the people that bought the bitcoin just wanting to acquire the Segwit2x coin and take advantage of the profit. However it does not seem to be affecting the price or hurting it in anyway. We should see the price continue to rise in the coming weeks with new news coming out which will be very exciting.

Thanks for stopping by and leave your thoughts in the comments below.

Steem On :)