For those who are not familiar with SegWit2x, it is a project to fuse Bitcoin as a narrow patch with the aim of resolving the ongoing conflict among various political stands concerning Segwit activation, who are against an increase in the on-chain Blockchain.
As it stands, more than 95% of companies who are into Bitcoin mining, as well as exchanges, have reaffirmed that they will support SegWit2x. Currently, Segwit consists of SegWit2x in Bitcoin 0.14+. This also includes a hard-fork that was activated to bring forth an increased Blockchain of 2MB.
The main aim of this proposal is to bring the Bitcoin community together again and prevent a split in Cryptocurrency. However, SegWit2x isn’t aiming at becoming the best solution to solve the technical limitations of Bitcoin.
Countries unite against Segwit2x
Not everyone is accepting SegWit2x in total, as various groups from some countries, especially from Latin America, have expressed their deepest concerns over SegWit2x in a joint letter. About 50 supporters from Bitcoin marketers in Brazil and Argentina recently signed the letter.
There were certain factors influencing their decision, and they listed about eleven concrete factors. These factors show that they won’t be in support of any Bitcoin chain split.
In a similar fashion, Bitcoin’s largest gathering in South Korea released a public statement in condemnation of SegWit2x.
How to survive Segwit2x
In an attempt to speed up the Blockchain, there was an increase to about 4MB of the maximum block size of SegWit, which was activated back in August.
Although the name looks suggestive, SegWit2x doesn’t have much to do with the activation of SegWit earlier. The aim of SegWit2x is to enable block sizes to reach a maximum of 8MB.
With current evaluations, there will be a hard fork on block 494,784 that will be a direct result of SegWit2x, and which will be due around the 18th of November.
Now how do you survive SegWit2x? There are two steps to protect your Bitcoin:
1: Hold Your Own Keys
You should abide by the most important rule for Cryptocurrency holders, which is that you only own your coins when you own your private keys.
What this entails is that one should avoid keeping your Bitcoin and other coins on exchanges, especially in times of uncertainties. You should have a secured wallet, which you own the keys to, and use it to store your coins.
2: Don’t Move Your Bitcoin on or Around November 18th
With the upcoming SegWit2x hard fork, replay protection won’t be supported, unlike the fork, which gave rise to Bitcoin Cash (BCH). Replay protection is vital because just like in the case of BCH, it will protect users from malicious parties who will want to copy and monitor their transactions across the chains. It will also stop users from spending their coin both on the BCH and BTC chains. Since replay protection won’t be supported on SegWit2x, it is advisable not to move your Bitcoins on or around the expected fork date, which is set for November 18th.
Possible security issues with Segwit2x
With the contentious hard fork of Bitcoin, users are shifted by supporters of the agreement to an Altcoin that isn’t compatible with Bitcoin. These supporters have a wrong belief that with the hard fork, the currency created will eventually become Bitcoin. In light of this, it is strongly recommended that one does not store any BTC on Xapo, Bitpay, Coinbase and other related services. Should you store your BTC on these services, after the hard fork, you might come to realize that the name of your BTC has been changed, or even replaced totally with the new Altcoin. So how do you protect your valuable BTC? The best way is by downloading Bitcoin Core’s latest version, and other reliable services that have signed the agreement of this hard fork, then transfer your stored BTC.
Segwit2x influences Bitcoin prices
Although Bitcoin is trading at an all-time high, experts are still wondering what could be the cause of it.
There are several opinions on Bitcoin trading gains, with some saying that Bitcoin traders are irrational investors. This is because of what the uptick in buying has been, and it is taking place mostly because of the coming fork that is scheduled for November. Unlike zealous investors, most experts are shocked that people would put in large amounts of money in something that is about to undergo a hard fork.
Nevertheless, with the last hard fork in August, investors believe that the momentum is warranted, since it divided the network into two, and on a safer side, gave rise to a new asset known as Bitcoin Cash.
During the time of the fork, suddenly, all investors were given an equal amount of valuable Cryptocurrency. Rather than risks, investors see the extra value they received from the hard fork as for free, created out of thin air.
However, even as developers have an idea that the politics and mechanisms the upcoming fork may bring are different, investors are hoping for the same results. Surprisingly, these investors have been in the world of Cryptocurrency for so long, and they are well established.