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Hard fork Segwit2x canceled: what are the forecasts for the bitcoin course now?

The crypto community rejoices - the Bitcoin split due to Segwit2x, which everyone was so afraid of, is canceled and the holders of the main cryptocurrency can breathe a sigh of relief. The news was a big surprise for everyone and created a complete mess in the cryptocurrency market, and besides that, it left a lot of questions about what awaits bitcoin next?

Segwit2x - what is it and why was it needed?

For three years in the bitcoin community there were endless disputes, and the reason was the problem of scalability of bitcoin. Overcrowded blocks did not suit anyone, but the developers of the cue ball and the miners could not come to a single decision. And since these two forces indirectly have a considerable influence on the entire crypto-currency market, all crypto-enthusiasts watched with fits of heart the skirmishes of the two opposing camps. Somehow the opponents managed to come to an illusory consensus in the form of Segwit, which was introduced in August 2017-th. The problem of scalability of the cue ball was decided to be postponed for a while, by carrying out a soft fork. As a result, out of the blocks, they took out unnecessary information beyond their limits, thereby slightly unloading them, which was a temporary solution to the problem.

But the miners, in the face of companies with the largest capacities in the network Bitcoin, this decision was not satisfactory and, without the approval of developers, in the person of Bitcoin Core, an agreement was signed on Segwit2x. The date of this update was scheduled for the middle of November 2017, and the last time the crypto community lived in anticipation of this day.

Segwit2x - hard fork in the bitcoin network, which was supposed to solve the scalability problem by expanding the block size to 2 MB. Mineram, who live not only due to the production of the cue ball, but also serving the network, such an upgrade was on hand, so they actively promoted their ideas to the masses. The developers of the same bitcoin with such a decision were completely disagree and defended the conservative position of leaving everything as it is. The community has nothing left to choose either side or keep silent, and those who moved to the supporters of Segwit2x only added fuel to the fire.

In short, the split was not avoided, so it became obvious that as a result of the hard fork, another bitcoin would be born. This time the classic cue ball would be waited for by the most uncertain fate, because it was clear that choosing between the VTS1 and the VTS2 and the miners, and investors will support that bitcoin, which will have more power, and therefore, a higher rate. The situation was also aggravated by the fact that the organizers of Segwit2x did not plan to add protection to erasure in the code, which would in effect lead to the replacement of one coin by another. And if in the case of bitcoin cache holders of the cue ball just got free coins, then with a hard fork it would be worth expecting the loss of the real cue ball. 

Hard fork Segwit2x will not be

And the community was in the most vague moods and feelings - the segment of 2x was approaching, from which one could expect anything. But then, quite unexpectedly, 8 November there was news that the event was canceled. Many took the news for the duck, but, as it became known later, the statement was official and was signed by a number of supporters of the hard fork. It turned out that in fact "there will be no kin" - the active destabilization of the network of bitcoins resulted in the surrender of its positions. In addition to the official version of what happened, other assumptions about the reasons for the failure of the segment 2x have spread in the network.

Why was it canceled?

According to supporters of the increase in bitcoin blocks, Seqwit2x will not forge, because they do not want to lead to a split of the network. Miners who own the largest hash say that they do not at all give up their idea, they just temporarily put it off. Such an unexpected nobility on the part of the hard supporters of the hard fork was perceived by the public in two ways, but unequivocally, there is some benefit in such a decision for miners. Which is - perhaps, we will find out very soon, but it is unlikely that it will provide the community with something good.

The reaction of the market and Bitcoin to the news about the cancellation of Segwit2x

Bitcoin was the first to react to the news. As soon as it became known about the cancellation of Segwit2x, Exchange an incredible jump in the growth of the cue ball, the course of which came close to 8000$. In a short period of time, the coin went up immediately to 300$, but very soon began to fall, fixing in the area of ​​7200$. And if bitcoin holders could get a profit from what happened, there were a lot of those who suffered a loss.

Firstly, traders were affected, who, in anticipation of the unknown, began to merge the altcoyins at the bottoms; Secondly, investors who bought into the trick of exchanges and started buying futures of the nonexistent fork bitcoin lost. Since no one could have thought that Segwit2x would not exist, then the market began selling coins futures, which in fact there and now, apparently, will not. Were such dummies of the order 1000$, and after a sensational statement their price fell by 70%. Unfortunately, the crypto-currency market is very unpredictable and at times even its experienced participants suffer deep drawdowns. In this case, we have a colorful case, when investors decided to take a chance and get a super profit, but the situation played against them.

What is waiting for bitcoin after the cancellation of Segwit2x?

The Segwit2x hard drive did not take place and the news was received with enthusiasm in the crypto industry. Now nothing threatens bitcoin, it will not split into forks and, it seems like, the prospects for the main crypto currency open the most rosy. But there is no consensus about what awaits bitcoin in the near future:

  • Wait for the active growth of the coin. According to the logic of things for bitcoin should be a golden time, when investors will begin to actively buy a coin in anticipation of the further aspiration of the course "to the Moon". The fact that bitcoin will be in price is an obvious truth, but when - right now or later - for many a big mystery.
  • There will be a correction course. The fall in the price of crypto-currencies can be observed in connection with a variety of events, and although in general the cancellation of Segwit2x is a positive phenomenon, not the fact that the price tag will not encourage many investors to merge coins and gain a profit.
  • Segwit2x will actually be. A certain mining pool called bitPico, which allegedly controls 30% of the hash in the network of bitcoins, said that it will still hold a hard fork. Whether there is such a pool and whether he will do what he said is not known. In any case, one should expect that for bitcoin such a turn does not mean anything good.

So, there will be no split in the Bitcoin network. Proponents of hard fork stated that community cohesion is more important for them than fundamental, albeit necessary, changes. Indeed, this is their real motive - it is difficult to say, it can only be stated unequivocally that the large miners and their retinue could not choose an unfavorable solution for themselves. Perhaps all the recent events related to Bitcoin are links of a single chain, artificially created to get huge benefits. As things really are, time will tell, it remains for us to state that at the moment there are good conditions for the cue ball and it is possible that very soon we will hear about new records of its course.