The proposed hard fork on the bitcoin network “Segwit2x” has been canceled. This highly contentious fork was originally scheduled to happen on November 16 and would have split Bitcoin into two coins : Bitcoin and Bitcoin 2x. Signatories of the original New York agreement made a surprise announcement today, ending their plans to fork Bitcoin (“Segwit2x”).
“it is clear that we have not built sufficient consensus for
a clean blocksize upgrade at this time … Until then, we are suspending our plans for the upcoming 2MB upgrade.” -Mike Belshe
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 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.
This has been verified by Erik Vorhees via twitter:
Confirming the SegWit2x announcement. https://t.co/8gSZyrYlOo
— Erik Voorhees (@ErikVoorhees) November 8, 2017
A lot of traders have been anticipating this split and moved from the alt-coin market to Bitcoin, this way they would get both Bitcoin and Bitcoin2x in a 1:1 Ratio.