SEGWIT2X CANCELLATION LEADS TO BITCOIN PRICE GROWTH

Updated: 11/09/2017 11:21
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segwit2x cancellation bitcoin grows
The bitcoin rate rose sharply to 7800 USD against the background of news about the cancellation of the SegWit2x
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The bitcoin rate rose sharply to 7800 USD against the background of news about the cancellation of the SegWit2x

According to Coinmarketcap, the weighted average bitcoin rate at the moment of publishing the article is $7214; capitalization of the first crypto currency - $120.3 billion.

In May 2017, key players in the bitcoin industry, including Bitmain, Bitfury, F2Pool, Genesis Mining, ShapeShift, Xapo, etc., signed behind the closed doors the New York Segregated Witness activation and hard-fork agreement, implying an increase in the block size to 2 MB. However, the community could not come to unity, which led to the cancellation of SegWit2x.

The appeal for the cancellation of SegWit2x was distributed by Mike Belsh (BitGo), Ventses Casares (Xapo), Cihan Wu (Bitmain), Jeff Garzik (chief developer of SegWit2x), Peter Smith (Blockchain.info) and Eric Vorkhes (ShapeShift).

The Segwit2x initiative began in May with the simple goal of increasing the block size and improving the scalability of bitcoin. At that time, the bitcoin community was in crisis after almost 3 years of difficult discussions. Consensus on SegWit with about 30% miners' support seemed nothing more than a mirage. The first success of Segwit2x was expected in August, when the deadlock was overcome and the activation of SegWit was quickly and successfully implemented. Further it is noted that since then the developers have tried to increase the block size to 2Mb.

Their main goal was a smooth bitcoin upgrade. But, although being adhere to a firm belief in the need to increase the size of the block, there are more important things to belive in: the preservation of the community unity. Unfortunately, it is quite obvious that on this day it is not possible to reach a sufficiently strong consensus regarding the increase in the size of the block. Continuing further movement in this direction, the community may split and the growth of bitcoin may stop. This was never the goal of Segwit2x, as it's been reported in the Segregated Witness – ForkLog report.


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