Bitcoin Price Rebounds to $7,400 as SegWit2x Support Declines

Earlier today, on November 8, the bitcoin price recovered to over $7,400 after dipping briefly below $7,000, as the market continued to show support for the original bitcoin blockchain over SegWit2x.

Charlie Lee, the creator of Litecoin and former Coinbase executive, revealed that Nick Szabo, blockchain, bitcoin, and smart contracts pioneer whom the bitcoin community considers as a figure closest to bitcoin creator Satoshi Nakamoto, has publicly expressed his opposition against SegWit2x.

Scaling is a sensitive but important topic to bitcoin developers, community, and the industry. But, the community has been adamant that developments within the bitcoin protocol and other currencies should be executed and conducted in a decentralized manner, like any other open-source project.

Over the past few months, the conflict between SegWit2x supporting businesses and the bitcoin community has been portrayed as a battle between small block supporters and the so-called “big blockers,” and that has certainly not been the case. The community has rejected SegWit2x because of various technical reasons, beginning with closed-source development, opaque agreement made between a restricted group of businesses, developers, and miners, and the SegWit2x development team’s refusal to implement strong replay protection.

As such, the demand for SegWit2x and support for the software has declined in the past few weeks, even from the mining community. Bitcoin journalist Kyle Torpey noted that hashrate support for SegWit2x has substantially decreased in the past week as well. More to that, an increasing number of mining pools in the industry have started to terminate their support for SegWit2x.

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