Why Bitcoin Price Soar To $7,900 All Time High
The price of Bitcoin soars more than 10% after the expected hard fork controversial SegWit2x (Segregated Witness ) was suspended due to unreachable agreement.
The plans of the hard fork was to issue an update on the core underlining technology behind bitcoin with an increase in blocksize from 1MB to 2MB to increase the amount of transaction given at a time of completions.
Leaders or bigger proponent of this initiative were largely miners of bitcoin as it take lot of resources to harvesting bitcoins. other leader includes Xapo CEO Wences Caseres and Chinese mining poll leader Jihan Wu.
The reason for them given up has do with no clear consensus data in the bitcoin community as said by Jihan Wu.
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.
SegWit2X is another failed attempt to split Bitcoin after Bitcoin XT, Classic and Unlimited.
Bitcoin Cash still exists and could serve as an alternative for those who dislike Bitcoin.
The time secdule for the implementation of the hard fork was this month Novermber 16.
Bitcoin was trading near $7,700, which is up nearly 10 percent in the past 24 hours–a big jump even for the notoriously volatile currency.