Today's SegWit2X Bitcoin fork and everything you need to know about it

rums (26)in #cryptocurrency • 7 years ago

SegWit2X: The Bitcoin fork that features 4 MB block size

Today is a great day for Bitcoin: Another fork will happen as of block size 501451 (currently: 501397). Most likely this block will be reached later today (maybe as of 20 pm CEST).
In this post I will tell you everything you need to know about the fork and SegWit2X (B2X) as well as how to get it and how to make profit out of it.
(Picture by TheBitcoinTutor.com)

What is SegWit2X?

SegWit2X is the newest fork of Bitcoin. It's short form is B2X. From block 501451 it will copy Bitcoins state of the blockchain and will continue it on it's own with new rules. Some of the features are:

X11 encryption algorithm (same as Verge uses)
block size of up to 4 MB (original Bitcoin uses 1 MB)
block generation rate of 2.5 minutes per block
recalculation of the block complexity at every new height
replay protection
new address format (wallet address will look different than the one from Bitcoin)
21 millions coins at maximum

Remember: This SigWit2X fork as NOTHING to do with the canceled one in November!
(Picture by Cryptovest.com)

Wait, another Bitcoin fork?

Yes, that is correct. It is only one of many in this wave of forks and might just fall down under. In the next days I will do an analysis about all new forks and if its coins are really worth their market prices and if you should buy or sell them.

How to get the new SegWit2X?

As soon as the block 501451 is reached, every holder of Bitcoins at that block (this is saved in the blockchain) will get an equal 1:1 amount of SegWit2X as he owns in Bitcoins. Make sure that your coins are on a wallet when that block is reached and not on-hold in a transaction. You should receive the new B2X in every wallet you have your Bitcoin in, as long as it supports the new currency. The website lists the following wallets that support the fork:

freewallet
zumminer

What to do with B2X?

Well, that is up to you. My advice would be to keep it at least for the first day of the fork. We will most likely experience heavy break downs and ups so you should wait for the price to reach a stable level. In addition, the creators of the new fork promise to add Lightning Network Support in January, which should let the price go up.
Before the fork you were able to trade Futures of the new B2X on a new Exchanges. The prices for B2X went up to 0.1 BTC (about 1500$ per B2X) and stabilized at about 300-500$ in the last day.
Note: I will write another breakdown of all forks, their worth and how to trade them to make profit in the next days so follow me and stay tuned!