Published: Fri, November 10, 2017
Markets | By Noel Gibbs

Bitcoin Reaches New All-Time High Near $7800 as SegWit2x is 'Suspended'

Bitcoin Reaches New All-Time High Near $7800 as SegWit2x is 'Suspended'

The organizers of a controversial bitcoin scaling proposal are suspending an attempt to increase the block size by way of a software upgrade. "Bitcoin remains the greatest form of money mankind has ever seen, and we remain dedicated to protecting and fostering its growth worldwide".

The group, which also included Mike Belshe of BitGo, Wences Casares of Xapo, Jihan Wu of Bitmain, Jeff Garzik of Bloq and Erik Voorhees of Shapeshift, indicated they believe the fork will happen at some point out of necessity, however.

The Segwit2x fork has been canceled.

The lead developer on the team planning to hard fork, Alistair Milne, manager of the Altana Digital Currency Fund, said: "Our goal has always been a smooth upgrade for Bitcoin".

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Known for its strong early support from bitcoin startups and mining pools, the plan, called Segwit2x, or simply 2x, was to trigger a block size increase at block 494784, expected to occur on or around November 16th.

On the other side, there is the developers, who want to maintain the core fundamentals of bitcoin as they are.

He added that with rising fees on the blockchain it will be necessary at some stage to implement on-chain capacity increases.

On the news of the suspension of SegWit2X Bitcoin's price climbed to $7 800 (yet another all-time high for this year) before sliding down a few hundred dollars.

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"In the short term, I think SegWit2x being called off means a huge decrease in potential user confusion in the next several weeks", said Harding. But it risks limiting the cryptocurrency's usefulness as a payment mechanism, as the number of transactions rise and the network struggles to process them in a timely and affordable manner.

After hitting a new high above $7800, Bitcoin prices have again consolidated back in the past 24 hours and is now trading at $7196, according to the CoinMarketCap.

Longer term, Harding doesn't believe the end of SegWit2X will make much of a difference to Bitcoin.

Just when everyone is having a close observation of the latest Bitcoin rally, the cancellation of the hard fork plans puts serious thoughts in the minds of investors as what course of action will be followed further to scale up Bitcoins.

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