CAPE TOWN - The price for Bitcoin, a form of digital currency, has reached another record high at (R113 366) $7,882.
The reason for this increase comes after a technology upgrade that was threatening to disrupt the biggest cryptocurrency never happened.
The main architects behind a change to its software, known as SegWit2x, cancelled their plans, saying they wanted to avoid any further disagreements in the community.
“Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together. Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time,” developers and industry leaders including Jeff Garzik, Jihan Wu and Wences Casares wrote.
SegWit2x’s goal was to double bitcoin’s blocksize to two megabytes, which in practice increases speed and reduces fees.
However, many of bitcoin’s core developers opposed it and most miners and many businesses supported the change. These diagreements lead to public battles.
The lack of consensus lead to upgrade not being implemented. The main proponents of SegWit2x said in a statement that they decided to call off the hard fork because of this reason.