Home Editor picks BREAKING: SegWit2X suspends plans for the upcoming 2MB upgrade

BREAKING: SegWit2X suspends plans for the upcoming 2MB upgrade

A group of SegWit2x backers, including Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik Voorhees have released an announcement, that the plans for the upcoming 2MB upgrade are suspended. The markets have responded with a dramatic surge to a new all-time record, reaching $7900 USD mark.

‘Our goal has always been a smooth upgrade for Bitcoin. Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together. Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize 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’, -says the statement. 

The backers of the SegWit2X agreement expressed the confidence that the fees for the Bitcoin transactions will continue to grow, as they believe,  the on-chain capacity increases are necessary. They assert that when this eventually happens, the community will find a solution, possibly with a blocksize increase. Though, until then, the signers of the agreement are suspending plans for the
upcoming 2MB upgrade.