Mike Belshe: SegWit2x Will be Suspended Indefinetly

News are surprising the media today. Segwit2x will not occur. It was confirmed by Mike Belshe, CEO at BitGo Inc and Segwit2x project lead.

“As fees rise on the blockchain, we believe it will eventually become obvious that on-chain capacity increases are necessary. When that happens, we hope the community will come together and find a solution, possibly with a block size increase. Until then we are suspending our plans for the upcoming 2MB upgrade,” he said in a statement.

The announcement has been written by Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik Voorhees.

The main reason for the suspension of the upcoming hard fork for Bitcoin is that Segwit2x team does not want to divide Bitcoin community. Even when they do not want that now, they have done it since they have launched the campaign for the hard fork.

“Our goal has always been a smooth upgrade for Bitcoin. Although, we strongly believe in the need for a larger block size, there is something we believe is even more important: keeping the community together,” BitGo CEO keeps writing in the statement.

The Community Has Already Been Divided

Since the Segwit2x plan appeared in the media, different enterprises, platform exchanges and mining companies gave their view on the matter. Most of these visions created a divided community in which the supporters of Bitcoin were “stupid” and those supporting the Segwit2x were the saviours of the cryptocurrency world.

“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 seatback to Bitcoin0s growth. This was never the goal of Segwit2x,” the team says.

Bitcoin price is growing an incredible 8,3% after some days in which the price seemed to change its upward tendency. In addition to it, all the other cryptocurrencies are having a good day with increases that arrive at 18% as the NEO case.

 

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