Segwit2x Has Been Cancelled Indefinitely, Here’s How It Affects Bitcoin

The Segwit project has officially come to a standstill as developers announced the project is on hold indefinitely. Citing various reasons such as a weak consensus, a newsletter was sent out to many Segwit2x supporters which confirmed the suspension of the project as support was pulled by a number of key individuals including Erik Voorhees and Jihan Wu.

Segwit cancelled

The project initially developed to be the future scaling solution to bitcoin, came under scrutiny from the majority of bitcoin users, as the technology having no replay protection allowed many vulnerabilities to be exposed if the rollout was completed. Furthermore, many doubted the true intentions of the Segwit2x token, as being based in china and heavily invested and supported by Chinese companies, prompted possible situations which would have seen a much less decentralized token.

“Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together,” Belshe wrote. “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.”

Bitcoin prices :

The impact on Bitcoin prices was limited surprising despite many new investors simply increasing their bitcoin holdings to maximize on Segwit2x profits. While with many other hard forks, a sell off would ensue after the fork occurs, currently selling off to exit the market has become a tricky process considering swings of over $200 occur on a hourly basis, leaving many investors vested into the crypto market much longer,. Considering the current situation, prices are set to remain above the $7000 mark for at least 14 days according to current market signals.

To conclude, segwit2x is over. While the project has not officially been canned, with no date set to resume development it is unlikely we see the project being completed in the future. Further reinforcing the ideology that bitcoin is the one true cryptocoin, prices of the coin recovered swiftly following the Segwit suspension. Although markets did edge closer to the $7000 mark over the last 24 hours but has rebounded nicely to current price range of $7200. While this may be largely due to the abrupt cancellation of the Segwit project which has essentially left short term investors with no free tokens to make instant profit.

Written By

Hi I'm Aleppo Allesadero a experienced bitcoin user and educator. Having worked for over a year in the bitcoin journalism ive seen bitcoin grow from strength to strength asserting its power against fiat currency. Hopefully you too can learn about this exciting new prospect which may help transform the way we see finance and economy on a daily basis.