It ain't easy being Bitcoin. The cryptocurrency has undergone several forks in the course of the last year while simultaneously skyrocketing in value and was on course for potentially anotherfork set to take place in mid-November. It's that last part which has run into a pretty serious speed bump.
Known as Segwit2x, the plan was to both double the Bitcoin block size to 2MB and to move some transaction data off the blockchain. To many in the Bitcoin community, the move was controversial. So controversial, in fact, that the backers of the plan announced in a November 8 email they would be backing down.
SEE ALSO:How to make sure you don't get swindled in an ICO"Although we strongly believe in the need for a larger blocksize, there is something webelieve is even more important: keeping the community together," the email from Mike Belshe, CEO of the bitcoin wallet software BitGo, reads. "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."
The email was signed by other noted luminaries in the world of Bitcoin, including Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik Voorhees.
Tweet may have been deleted
So what does this mean for Bitcoin? In the short term, it means the immediate possibility of a hard fork is no more. In the long term? Will the block size forever remain at 1MB — limiting transactions and increasing fees along with it? That's unclear, but Belshe hopes this isn't the last we've heard of doubling the block size.
"As fees rise on the blockchain, we believe it will eventually become obvious that on-chain capacity increases are necessary," he added. "When that happens, we hope the community will come together and find a solution, possibly with a blocksize increase."
The announcement comes as the price of Bitcoin passed $7,700 and seemed to be on its way to $8,000. It was only last week, on November 2, that Bitcoin hit $7,000 in value for the first time.
TopicsBitcoinCryptocurrency
(责任编辑：熱點)
Florida hurricane forecast remains uncertain, but trends in state's favor
Now you can virtually explore Disney parks without spending a buck
Watch Apple's colorful new HomePod ad directed by Spike Jonze
Bro responsible for Fyre Festival pleaded guilty to fraud
Felix the cat just raised £5000 for charity because she's the hero we all needIs Samsung's Galaxy Note7 really the best phone?
On this week's 。 MashTalk 。, Lance, Pete and I talk about the new hot smartphone in town: Samsung's Ga
...[详细]Wednesday's nor'easter could spark rare, widespread thundersnow event
Just like each of us has our own personality, each nor'easter is different, with its own idiosyncras
...[详细]Now you can virtually explore Disney parks without spending a buck
It's no secret that Disney vacations are crazy expensive these days.There's some good news—if
...[详细]Microsoft's Paul Allen finds lost WWII aircraft carrier USS Lexington
Microsoft co-founder Paul Allen led a team of deep sea explorers to quite the discovery off the coas
...[详细]Pokémon Go is so big that it has its own VR porn parody now
Behind every great entertainment property there's a cheekily named porn parody. Super Hornio Bros. G
...[详细]Microsoft's Paul Allen finds lost WWII aircraft carrier USS Lexington
Microsoft co-founder Paul Allen led a team of deep sea explorers to quite the discovery off the coas
...[详细]Watch Apple's colorful new HomePod ad directed by Spike Jonze
The opening of a new "short film" advertisement for Apple's HomePod may feel all too familiar to man
...[详细]'A Wrinkle in Time' review: Ava DuVernay fantasy is a stunner
Meg Murry isn't cool. And she isn't uncool in a secretly-cool way, like how teen girl protagonists f
...[详细]Aly Raisman catches Simone Biles napping on a plane like a champion
Simone Biles is exhausted. She won five medals at the Summer Olympics in Rio, posed for selfies with
...[详细]Microsoft's Paul Allen finds lost WWII aircraft carrier USS Lexington
Microsoft co-founder Paul Allen led a team of deep sea explorers to quite the discovery off the coas
...[详细]Sound the alarms: Simone Biles finally met Zac Efron
Watch Apple's colorful new HomePod ad directed by Spike Jonze