Bitcoin Developers Suspend Plan to ‘Fork’ the Digital Currency
Bitcoin hit a record high just off of $8,000 Wednesday after a coalition of developers and investors suspended a software upgrade planned for next Thursday that could have split the digital currency in half.
Bitcoin is currently trading of that high at $7,150.9648 Vs USD
In an e-Mail Wednesday, the lead developer of the team planning to carry out the upgrade said “Segwit2x” would be scrapped for now as it could “divide the community.”
The e-Mail by Mike Belshe, CEO of blockchain security firm BitGo, was also signed by some of the biggest names in the Bitcoin world.
SegWit2x is an agreement among high-profile figures in the Bitcoin world aimed at upgrading the network’s capacity. It received significant support when it was announced in May but many Bitcoin developers have withdrawn support for the upgrade.
The upgrade would have changed Bitcoin’s rules leading to a “fork”, effectively cloning the existing Bitcoin to create another crypto-currency.
Segwit2x was supposed to be the 2nd step in a broad 2-step process to enhance transaction capacity. The 1st step occurred over the Summer of Y 2017.
“Indefinitely postponing the fork is a healthy move for crypto assets,” said Guy Zyskind, CEO and co-founder of Enigma, a data-driven, crypto-investment platform.
“The ability of the bitcoin community to self-correct and avoid a contentious fork inspires confidence and shows how the ecosystem is entering a more mature phase,” he added.
Bitcoin surged to a record high of $7,888 on the Luxembourg-based Bitstamp exchange in the 20 mins that followed the statement. .
“Our goal has always been a smooth upgrade for Bitcoin,” BitGo’s Belshe said in his email. “Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together.”