SegWit2x Hard Fork Has Been Officially Cancelled

The expected Bitcoin hard fork, which was supposed to happen this month, was cancelled due to lack of consensus, apparently. The information appeared in the public space just a few hours ago and it was already confirmed.

An email sent by major proponent Mike Belshe, announces that SegWit2x was called off with information about a future attempt. Belshe stands for the necessity of a bigger blocksize but he understands that can’t be done, at least not for now.

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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 community will come together and find a solution, possibly with
a blocksize increase. Until then, we are suspending our plans for the
upcoming 2MB upgrade.

SegWit2x had received huge opposition from across the Bitcoin industry, and lack of consensus was only one of the problems with this hard fork. The necessity of the fork couldn’t be justified properly by its supporters. Even Mike Belshe seems to have doubts., or was afraid of not becoming just another altcoin.

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.

You can find the full and official Bitcoin SegWit2X Statement on their Development channel on Linux Foundation.


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