The attention-grabbing SegWit2x Hard Fork Date is now postponed, while previously, markets have been expecting to witness it on the 16th of November. What happened and what can markets expect now?
9 November, AtoZForex – All crypto market participants are anxiously awaiting the upcoming SegWit2x Hard Fork. The event is most likely to cause a lot of uncertainty in the digital currency world. Many speculate that SegWIT2X Hard Fork will most likely affect the price of Bitcoin largely. Yet, when is it exactly going to happen?
SegWit2x Hard Fork Date postponed: What next?
Previously, markets have been pricing for SegWit2x Hard Fork to take place on the 16th of November. However, the latest news from the organizers of this controversial Bitcoin software update suggests a different date. The team behind the SegWit2x Hard Fork has informed the public that the event is going to be postponed.
As the attempt to scale up the block size of Bitcoin via hard fork is going to be postponed, markets are getting nervous. What exactly is going to happen during the event?
Segwit2x is aiming to trigger a block size increase at block 494,784. In fact, the key purpose of the hard fork is to use the measure to improve Bitcoin’s transaction capacity. As of the moment, the transaction capacity of BTC is restrained by the nature of software’s rules.
The announcement by the organizers of SegWit2x has appeared as an email by Mike Belshe. Mr. Belshe is a co-founder of Bitcoin wallet software provider BitGo.
Why was the Segwit2x postponed?
As one of the possible reasons to postpone, one of the leaders of the project has stated that the scaling proposal is way too controversial to go ahead with the increase. He has stated:
"Unfortunately, it is clear that we have not built sufficient consensus for a clean block size upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x.
Until then, we are suspending our plans for the upcoming 2MB upgrade.”
As a matter of fact, the present note was also inked by the companies that have backed the plan initially. The plan was agreed upon this May at the meeting between companies’ representatives. These include Xapo CEO Wences Casares, Bitmain co-founder Jihan Wu, Bloq CEO and co-founder Jeff Garzik, Blockchain CEO and co-founder Peter Smith and Shapeshift CEO and founder Erik Voorhees.
The team has also highlighted that it still hopes the block size will eventually be increased, as soon as they get more agreement from stakeholders.
Think we missed something? Let us know in the comments section below.