The open-source developers behind bitcoin cash appear to be sticking to their word & it is about to undergo a split.Bitcoin split in two in August when the digital currency officially forked creating Bitcoin Cash.Bitcoin gold was created when bitcoin forked again in October. And now the SegWit2x fork is looming.Meanwhile, bitcoin continues to hit new record highs.
Segwit2x
The Bitcoin Segwit2x fork is projected to take place on November 16th and will result in two bitcoin blockchains. SegWit2X is a fancy derivative name given to a combo of scaling solutions (i.e SegWit and 2MB block size increase). It simply means implementing SegWit first, and then within 3 months of SegWit activation, it aims at implementing a 2MB block size for the Bitcoin network.And since SegWit2x’s first leg (i.e. BIP 91 (SegWit)) was already put in place on July 21, 2017, the last and final leg is still pending.
Gold Fork
The Bitcoin Gold fork occurred on October 23rd. Information about this fork has been limited and there are concerns about its security and stability. As a result, we do not believe it is safe to allow support for Bitcoin Gold at this time. If the blockchain proves to be secure and valuable, Coinbase may choose to support it.
If You are Holding Coin?
If this fork happens, then everyone who was holding Bitcoin before the fork will have an equivalent number of these new SegWit2x coins.Please Note: This doesn’t mean that your value of coins will double. Those who were present at the Bitcoin Cash hard fork ceremony will surely understand this.
Why do Fork happen?
There are a few reasons why a fork can happen. For example, when a change is proposed to a digital currency protocol, users need to show their support for the new version and upgrade — in a similar way to people regularly update applications on their computer. In order for these changes to get approved many people need to agree, just as changes to cellphone networks require many phone companies to agree.
When will this Fork happen?
This fork is happening on the 16th of November 2017.The exact time is not known yet, but it is scheduled to go live from block height 494784.
Let’s also not ignore some notable Bitcoin pundits who claim that SegWit2x will be far more successful in gaining the majority of hash power and are betting millions on its success.
