Earlier this week, the Brazilian and Argentinian Bitcoin communities expressed their concerns over the SegWit2x hard fork in November, firmly opposing the proposal. The decline in support for SegWit2x hard fork in November could lead to a mid-term surge in the BItcoin price.
In a signed open letter to the global Bitcoin community entitled “Why the Brazilian and Argentinian Bitcoin communities oppose SegWit2x,” some of the largest Bitcoin and cryptocurrency businesses, investors, and entrepreneurs in Argentina and Brazil including Coinkite, CoinBR, Bitcoin Brasil, Bitcoin Argentina Meetup group, and Rodolfo Novak rejected the SegWit2x hard fork in November. Most Bitcoin communities including the South Korean Bitcoin community, which also publicly condemned the SegWit2x proposal earlier this month, is concerned with the closed-door establishment of the NYA “agreement.”.
As the Brazilian and Argentinian Bitcoin communities wrote: “The NYA narrative framed the situation as a scaling gridlock that needed be solved, thus an agreement between relevant actors (developers, miners, exchanges, payment processors) was sought after. Possibility of SegWit2x Hard Fork Not Occurring in November, Impact on Bitcoin Price At this point, it is likely that the SegWit2x hard fork will run as planned in November.
But, there is still a slim probability that the hard fork does not happen in November, due to the lack of support from users, investors, businesses, developers, and most importantly, miners. The strong rally of Bitcoin demonstrates the confidence of the market and investors over the mid-term future of Bitcoin, and the high probability of Bitcoin remaining as the majority chain after the SegWit2x hard fork, if it occurs.Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full