With the news that the Segwit2X hard fork that was scheduled for November has been cancelled, the Crypto world has been buzzing. Here is what went down:
Remind me what’s been happening…
In May this year, the Crypto world was introduced to the Segwit2X concept that was aimed at increasing the Bitcoin Blockchain to 2MB. This would improve the scalability of Bitcoin and would be, “in a manner of speaking”, an upgrade for Bitcoin. Segwit2X would have been implemented, now, in November. Leading up to this event, the price of Bitcoin has been reaching record high after record high making a lot of Bitcoin holders extremely happy.
What happened now?
Social Media platforms and the media have been set alight with the news that the Segwit2X hard fork has been cancelled. This follows Mike Belshe, the CEO for Bitgo making this announcement, adding that the reason behind this sudden change is due to a lack of community support for the activation for Segwit2X. Apparently, Segwit2X only got 30% support from the mining community. In a very patriotic manner, Belshe said that the original goal was to have a smooth upgrade for Bitcoin but that it is more important to ‘keep the community together’ than to upgrade the Blockchain size. He went as far as to say that the upgrade could split the community and Bitcoin could suffer a major blow. This was not in line with the aim of Segwit2X and its implementation has thus been cancelled.
What does the future hold?
According to Belshe the Bitcoin on-chain capacity will eventually increase when necessary. This will be in line with fees rising on the Blockchain. When such time comes, Belshe believes the Crypto community will come together once again to find a solution and possibly find a way to increase the size of the Blockchain. But until such time, their plans for the upgrade that would see the Blockchain increase to 2MB has been suspended.
Now is the time to turn to Altcoins. The price of various Altcoins has suffered during this time and has dropped significantly. Since the news broke, the markets have slowly but surely been turning around to see Altcoins rise again. But not before Bitcoin increased with a further $500 to signal a bull market. Since it has dropped to about $7 200. Various Altcoins have seen increases of between 13 – 60%.