Bitcoin down with $1000 after upgrade is called off

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"When Classic started, the decision was to go for the lowest possible upgrade from 1 MB to 2 MB", Tom Zander, release manager of Bitcoin Classic, explained in a blog post.

The offshoot digital currency surged more than 30% to its highest since August 19, and was last trading near $876, according to CoinMarketCap.

Backers of the so-called Segwit2X proposal were considering to split from bitcoin's main blockchain network, but power-brokers behind the plan called off their support for the upgrade on Wednesday.

The terms of the bet were that at least 100 blocks had to be mined on the new chain, but that's unlikely to happen for now after the main proponents of the update on Wednesday said they're suspending the split to avoid deepening divides in the developer community.

SegWit2x was initially expected to speed up the transactions made within Bitcoin's platform.

The fork that had been planned for next week, known as "SegWit2x", had also meant to increase the capacity of the blocks, and could thus have reduced fees for bitcoin transactions.

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A fork in the network would have doubled the number of bitcoins some investors owned.

Gavin Andresen, Satoshi Nakamoto's first choice to take his place as Bitcoin's lead developer, just dropped the gauntlet on Twitter. He wore a gray blazer with a blue t-shirt underneath that read BCH PLS - BCH is the symbol for bitcoin cash.

"Some traders may have been attempting a "dividend play" on the Segwit2X fork and purchasing bitcoin in anticipation", Blair said.

Roger Ver, the man known as Bitcoin Jesus, says bitcoin will have to allow for larger block size to speed up transactions and reduce fees, and called the cancellation more reason than ever to be bullish on what he calls "the real bitcoin".

Another expert told Business Insider backers of the Segwit2X upgrade might be switching over from bitcoin to bitcoin cash, which similarly to Segwit2x has the potential to process more transactions.

"It is now up to you which chain will gain the most traction". The fork's goal was to increase transaction capacity, but many traders also believed it would result in a creation of an alternative currency, as with a couple of previous forks.

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