You read it correctly! After all the fuss and news around October 25th hard fork in Bitcoin, which we’ve previously discussed, there may be yet another split you should be interested in. We’re talking about SegWit2x.
As the deadline is fast approaching, we shall witness the effects of the two transaction velocity-boosting proposals that have garnered the most attention and approval from the most technical, inside part of the start-up and mining community.
SegWit2x is a new protocol for the creation of blocks in the Bitcoin Blockchain: in practice, it aims at doubling the capacity of each single block, so as to allow for more transaction storage space within them. This turnaround is the natural consequence of the first SegWit protocol, implemented last August, which allowed for the most relevant information of transactions to be stored on blocks, leaving aside less relevant pieces of data.
Understanding the problem that these two protocols are trying to solve can become troublesome. While technical, the proposition is also political and philosophical:
Since the current consensus system of bitcoin does not allow for these rules, a spin-off currency called SegWit2x coin (B2X) was created. This is likely to lead to significant price volatility, and therefore good investment opportunities. Previous Bitcoin owners shall receive an amount of B2X that matches in number their previous holdings in BTC.
The split is expected to happen at block 494.784, that is approximately on November 18th, 2017. Should you want to seal additional B2X coins before it is time, futures are already trading daily on https://hitbtc.com/B2X-to-BTC, while prices can already be found on https://coinmarketcap.com/currencies/segwit2x/.
Lorenzo M. Zorzi Chiarioni
Masters’ in Management Candidate
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