[Segwit2x Cancelled] The Battle for Bitcoin’s Future is Over, For Now

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Bitcoin wins.

In an email, Mike Belshe, CEO of BITGO and one of the main organizers behind Segwit2x, explained that the project was suspended due to lack of consensus to proceed:

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.

segwit2x suspension

The Beginnings of Segwit2x

Segwit2X began as a project with a mission to increase the block size, thereby improving bitcoin’s scalability. In the simple sense, the Segwit2x can make transactions faster. (Read: What is Segwit2x)

Opposition

But the supposed upgrade was not without shortcomings. As explained by Satoshi Citadel Industries, a pioneer blockchain company in the Philippines, Segwit2x has no overwhelming consensus from the community and there’s no confidence from its dev team. Lastly, the dev team could not make up its mind on replay protection, a key feature that will protect customers from losing their coins. (Read: The Company Behind Bitbit and BuyBitcoin.ph Announces Position on Segwit2x)

Reaction to Segwit2X Suspension

Reactions are of course mix. In the Philippines, key industry leaders seemed to welcome this news on Twitter. “No More Bitcoin Fork! Now We Can Spoon”, said Miguel Cuneta, founder of Satoshi Citadel Industries. Luis Buenaventura of Bloom Solutions welcomed the news with his NO2X fan arts. #NO2X was the hashtag used by users on Twitter to express their opposition to the project.

The Future

This is not going to be the last time that there will be talks of forks or splits. After all, bitcoin is decentralized. No single entity can control its value. If there’s one thing we learn here, it is that any changes to the underlying code behind bitcoin must at least have a consensus of a sizeable majority of the community. Or else it will never push true, unless its really really very critical.

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[…] Of course with the increase in transactions comes the increase in transaction fees. It is for this reason that many proposed to have a fork, which did not occur due to resistance. […]

Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]

Michael Mislos
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