Bitcoin has been going through an elongated phase of turmoil as there has been news of a fork in the chain for what can be called the biggest protagonist of the digital currency market. While users do know about the Ethereum fork and how it had affected the cryptocurrency for the last couple of years, the bitcoin fork was expected to create a similar reaction. The price for bitcoins reached a record high during the start of November when news from authentic sources came out that the fork had indeed been canceled.
The hard fork, which was considered as an upgrade to bitcoin, was discussed in the New York Agreement. If the fork had gone ahead, the base block size would have increased to 2 MB. Although the plan had garnered quite some publicity on social media and other forums for discussing bitcoins, the failure of the fork was somewhat expected. Segwit2x, the name given to the fork, was expected to falter since there were no concrete chances of any anomaly happening in the settled bitcoin market. Recognizing the users need for wanting to know more, we have come up with reasons as to why the much hyped bitcoin fork didn’t amount to a lot.
Reasons behind the Failure
Despite receiving a lot of hype during its initial days, the support for the fork was waning off at a rapid pace. Many of the influential stakeholders that had been part of the NYA were seen backing out during early November, 2017. Many of those who withdrew from supporting the fork – including Jeff Garzik the lead developer – cited that the lack of proper anticipation and support from the community was a major reason behind the eventual suspension of their upgrade.
“Our goal has always been a smooth upgrade for Bitcoin… 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.”
Mike Belshe, BitGo CEO
The coordinator of the NYA Barry Silbert had refused from commenting on the issue, but without the presence of a lead developer, with no popular wallet platform willing to be associated with the fork and a large group standing in opposition of the plan; it was imminent that the fork would not be able to achieve the desired results.
Confessions made from the CEO of Bitplay and all other major officials present in the Segwit2x deal, revealed a lot about what really transpired the eventual failure for the fork. Notices from all these stakeholders mentioned that they would be doing nothing but harming the industry if they proceeded with the hard fork. They mentioned that the damage would not be limited to just bitcoin and will encompass the whole blockchain industry and will eventually impede the progress of the industry.