Economy

Bitcoin Classic Announces Closure In Wake of Segwit2x Suspension

Bitcoin Classic Announces Closure In Wake of Segwit2x Suspension

This seems to be the outcome of a recently canceled upgrade to the underlying blockchain technology. Bitcoin is down about 10 percent during the same period. While bitcoin splits are potentially disruptive, they've so far amounted to free money for holders of the cryptocurrency. The main proponents of SegWit2x said in a statement that they chose to call off the hard fork because of this reason.

Experts think bitcoin's crash and bitcoin cash's rise are related to the same thing: an upgrade to bitcoin's network being called off.

Jihan Wu, the co-founder of one of most recognized and valuable bitcoin companies Bitmain, and Roger Ver, Bitcoin angel investor, were also involved in the NYA, but b backed out of the agreement early through their own fork, Bitcoin Cash, a direct response to the User Activated Soft Fork (UASF) which enabled SegWit. That means bitcoin's network will remain intact - at least for now.

Bitcoin cash, on the other hand, reached an all-time high of $1,009 per coin Friday afternoon, according to data from Markets Insider.

More news: Nintendo to Boost Produce Between 25 and 30 Million Switches Next Year

SegWit2x's goal was to double bitcoin's blocksize to two megabytes, which in practice increases speed and reduces fees. "As Bitcoin Cash enjoys much faster transaction speeds, we have started to see a recycling of positions out of Bitcoin into Bitcoin Cash as a outcome".

Despite losing nearly 7 percent this week, bitcoin is still up more than 600 percent so far this year. The house the event was held at resembled a computer coder's version of a frat house; bare furniture, the guts of computers and wires scattered on counter tops, no toilet paper, and the distinct smell of cat urine in several parts of the house. Initially, the news sent bitcoin up near $7,900 per coin.

Now, through bitcoin cash, which allows for adjustable block sizes and a default of 8MB, "Classic has fulfilled its promise", the post states. "It's pretty much all sorts of wrong".


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