The proposed SegWit2X upgrade of the Bitcoin payment system has been postponed
The proposed SegWit2X upgrade of the Bitcoin payment system has been postponed. A decision has finally been made over the much anticipated question on the scaling of the Bitcoin system. A group of the biggest Bitcoin companies (major mining pools and online exchanges) announced that they are postponing a fork (change in software) which would increase the block size to 2 megabytes (MB). Even though the SegWit update in August increased the information related to the block size to 4MB, SegWit2X was a planned fork which aimed to change the 1MB limitation from Satoshi’s initial Bitcoin proposal. This fork however did not gain widespread support needed among Bitcoin users, and due to a lack of consensus, it has been cancelled.
A joint statement of the group behind this proposal, also known as a New York Agreement, can be found here.