November 16, 2017, 7:20 am EST
Frequently Asked Questions about Segwit2x
The Segwit2x fork calls for a specific change in the rules of the Bitcoin blockchain. It particularly aims to change the size of the network’s blocks from 1MB to 2MB. The actual increase in block sizes will however not be immediately witnessed. It is to be effected 3 months after Segwit is activated.
Segwit was originally proposed by Bitcoin Core developer Pieter Wuille at the end of 2015. His aim is to help reduce the time and cost of Bitcoin transactions by ensuring that there is an increase in the volume of transactions that can fit into each block without the need to increase the parameters of blocks.
When will Segwit be activated?
Segwit is expected to be activated on block number 494,784 and at current transaction rate it is predicted to happen between the 16th and the 18th of November.
Will a new cryptocurrency be created?
There is a high likelihood that a new cryptocurrency will be created. This is because the bitcoin blockchain is expected to split into two – Segwit1x and Segwit2x. The interesting bit is that it is unlikely that both chains will exist simultaneously because they will both share the same proof-of-work (PoW).
What Happens to the Original Bitcoin?
There are 4 things that could happen to the dynamics of bitcoin economics;
Scenario 1: Bitcoin Cash becomes the dominant bitcoin variant blockchain and Segwit1x continues to exist with an emergency hard fork to a new Difficulty Adjustment Algorithm (DAA) or PoW and Segwit2x dies.
Scenario 2: Segwit2x survives and becomes the most powerful bitcoin variant. Segwit1x changes its PoW and Bitcoin Cash still exists.
Scenario 3: Segwit 1x dominates and Segwit2x become eclipsed and eventually dies out whiles bitcoin cash remains functional.
Scenario 4: Bitcoin maintains its market and operational dominance and the hard fork just goes into the annals of history as “just one of those events”.
What happens to the Bitcoin in Your Wallets?
Some wallets have indicated their support for segwit2x and as such will be giving free B2X coins that will likely arise as a result of the blockchain split. Holders of bitcoin in these Segwit2x supportive wallets will get a corresponding number of B2X as the number of BTC they had as at the time of the activation of the hard fork.
Those interested in getting free B2X should do their research and possibly move their coins to wallets that support the hard fork. It is important to take note however that the value of B2X is unknown at this point.
Popular Wallet Support Info: