Support for Bitcoin Hard Fork Loses More Ground

The latest block data from Bitcoin miners show a steady falling trend of support signals for SegWit2X. For the past 1,000 blocks, support has fallen to 84.3%, just a bit above the 84% cut-off level planned for the hard fork. At one point, support for the network split was 97%.

But support signaling is not a binding agreement, and for months the New York Agreement was seen as a fixture in the Bitcoin future. This is no longer the case, as the whole Bitcoin ecosystem is rethinking the potential benefits of a SegWit2X, or larger block size Bitcoin version.

One of the latest concerns at the Bitcointalk forum is that buying interest for Bitcoin is very high. New investors may end up buying the forked coin instead of the Bitcoin Core Version, simply based on how the exchange has decided to name the networks.

The other metric is that Bitcoin Core still has more nodes running- which means that after a hard fork, very few nodes will support and verify the new network.

But still, everyone is bracing for a fork, hoping it goes through safely.

The Exodus wallet team released the new version carrying Bitcoin Cash, and at the same time has issued a statement to calm down users that their funds would be safe. But even Exodus does not know the exact name of the new assets:

"You have full control of your private keys. With these private keys, you control both sets of coins if or when a fork takes place.Since Exodus is a light-wallet that depends upon information from other services like ShapeShift, BlockCypher, and Bitpay Insight, Exodus' stance is, to some degree, dependent upon their decisions."

And while the Exodus wallet is technically correct, there would still be confusion about the new assets and perhaps their market price. While Exodus users were waiting for the Bitcoin Cash update, the price sank toward $300 from a peak of nearly $900.