Bitcoin’s Upcoming SegWit2x Hard Fork, Put in Layman’s Terms
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Segwit2X leaders bitcoin split november 16 that they are suspending their plans for the upcoming 2MB upgrade of Bitcoin. The Segwit2x effort began in May with a simple purpose: Since that time, the team shifted its efforts to phase two of the project - a 2MB blocksize increase.
Our goal has always been a smooth upgrade for Bitcoin. Although we strongly believe in the need for a larger blocksizethere is something we believe is even more important: Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time.
This bitcoin split november 16 never the goal of Segwit2x. 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 bitcoin split november 16 will come together and find a solution, possibly with a blocksize increase. Until then, we are suspending our plans for the upcoming 2MB upgrade.
We want to thank everyone that contributed constructively to Segwit2x, whether you were in favor or against. Your efforts are what makes Bitcoin great. Bitcoin remains the greatest form of money mankind has ever seen, and we remain dedicated to protecting and fostering its growth worldwide. As a result of this, the Bitcoin hard fork, initially planned for November 16, will not take place. Segwit2X was initially backed by many miners and bitcoin companies, but it failed to gain support from Bitcoin Core developers and other community members.
Furthermore, prominent figureheads such as Bitcoin split november 16 SzaboCharlie LeeAlex Morcos and others, have been openly against it. This development changes a lot, as the risk of a Bitcoin chain-split is eliminated, and Bitcoin's price reflects this capitalizing on the news.
Jeff Garzik, Segwit2X project lead, has not commented yet. Recently, Garzik had reassured S2X proponents that the BTC1 client he developed will see continuing development after the now-cancelled hard fork. Segwit2x hardfork has been called off! Let's now work together towards scaling safely. We may need something like a 2x bitcoin split november 16 in the future, but let's do it when there's consensus and not rushed.
Please click here if you are not redirected within a few seconds. On the other hand, Charlie Lee was relieved when the news broke. This article should not be taken as, and is not intended to provide, investment advice on Bitcoin, Cryptocurrencies or finance in general.
What Is A Hard Fork? How Bitcoins Are Distributed? What Is An Empty Block?
