The future of Bitcoin stayed more stable as the very much anticipated Segwit2x hard fork was forthwith cancelled.
The decision that Bitcoin will remain undivided was announced by the lead developer of Segwit2x, Jeff Garzik.
The hard fork idea was to improve scalability of Bitcoin but did not get the support of the Bitcoin community and so, the idea was dead on arrival.
In a rather reflective tone, Jeff sent out his final note to the Bitcoin community on why Segwit2x was cancelled.
The Segwit2x effort began in May with a simple purpose: to increase the blocksize and improve Bitcoin scalability. At the time, the Bitcoin community was in crisis after nearly 3 years of heavy debate, and consensus for Segwit seemed like a distant mirage with only 30% support among miners. Segwit2x found its first success in August, as it broke the deadlock and quickly led to Segwit’s successful activation. 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 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.
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. We want to thank everyone that contributed constructively to Segwit2x, whether you were in favor
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.