We have been on a Middle East tour this week. Everyone is serious about Blockchain and want to get into it. Most don’t understand in depth BUT will learn along the way.
Lot of people have been asking us about upcoming SegWit 2X. I thought we write in simple terms what it is and how one can benefit from this.
SegWit 2 X simply means doubling the current Block capacity on Bitcoin from a 4MB block size to 8MB block size - scale the capacity - scalability in other words. Current rules (also called Consensus Rules or just Consensus) do not allow this. Hence the term HardFork - that is to say a new COIN will be born.
Scalability - 4MB —–> 8 MB
Consensus - No ——> Hard Fork
Coin - New Coin ——> B2X
Date ——-> Around 18th November (Block 494,784)
This is similar to recent BCH (Bitcoin Cash Forking on 1st August) except that B2X does not have strong replay protection (aka You could lose funds if not implemented properly!!!!!). But fortune favours the brave so where there is risk, there is rewards as well and good returns could be made. Let’s explore.
Replay Protection - What is it really and how to protect yourself?
When B2X is born, split your coins right away. You don’t want to send both coins accidentally to someone. There would be hacks on exchanges and individual accounts who do not understand. Here is a simple video explanation: