Bitcoin Fork Suspended, Digital Currency Value Goes Up

Like Bitcoin wasn’t reaching peak after peak, its investors received another great news when it was announced that proponents of the controversial “hard fork” had suspended their plans to create a parallel version of the digital currency. As a result,  Bitcoin was trading near $7,700 on Thursday, up nearly 10 percent in the past 24 hours, informs FORTUNE.

The leaders of the fork project spread the news via email, within the group, which includes prominent Bitcoin figures like Xapo CEO Wences Casares and Chinese mining pool leader Jihan Wu, saying that the lack of consensus in the Bitcoin community is the reason why they’ve decided to have a second look on this big change.

Miners weren’t fancying the hardfork

Many longtime Bitcoin developers blasted the SegWit2X plan, an idea that got the market boiling these past months. If this fork got through, users would have been in serious trouble, with no way to distinguish which one is the “real” Bitcoin.

“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,” could be read in the email send to inform the public.

The split will eventually happen, but it’s still unknown when

Developer Charlie Lee received the news with great joy, as he shown on Twitter. He wrote that common sense has finally prevailed and that he can now move the “NO2X” symbol from his biography.

On the other side, developer Jeff Garzik revealed that the alternative software would continue to be worked on and that it may support other chains such as Bitcoin Cash, Litecoin and other Bitcoin-family chains.