Bitcoin surges to record high as controversial software 'fork' upgrade cancelled

Bitcoin jumped as much as 11 per cent to $US7,882 after the main architects behind an upgrade to its underlying technology known as Segwit2x, which would have caused the chain to split in what’s known as a hard fork, cancelled their controversial plans.

Bitcoin experts cited a statement on the Linux Foundation website, signed by several high-profile bitcoin entrepreneurs and developers who had backed the plan, that said the “Segwit2x” upgrade would be scrapped for now as it could “divide the community”.

The upgrade would have changed bitcoin’s rules in a so-called “fork”, effectively cloning the existing bitcoin to create another cryptocurrency.

“Our goal has always been a smooth upgrade for Bitcoin,” the statement, authored by Mike Belshe, CEO of blockchain security firm BitGo, said. “Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together.”

Bitcoin surged from just below $US7,500 to a new record high of $US7,888 on the Luxembourg-based Bitstamp exchange in the 20 minutes that followed the statement’s release.

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Source: Bitcoin surges to record high as controversial software ‘fork’ upgrade cancelled – Brisbane Times