Here we go again.
If you own ANY bitcoin (BTC) come late November, you will hold the same amount of Bitcoin Gold & a second, equal amount of the SegWit2x fork created coin. Lets break this down a bit further...
Bitcoin Gold aside, the real excitement stems from the SegWit2x or the phase 2 in the New York Agreement, which follows the recent instalment of SegWit. This potential hard fork, has become a creeping certainty within the realm of cryptocurrencies expected to take place;
"November 18 — This is around when we can expect block 494784, which is when Segwit2x should hard fork to 2MB blocks."(1)
As this date approaches, it's highly recommended to cease all trading of BTC after block 494784 when the fork occurs, which should land on or around November 18th 2017.
Things to Keep in Mind:
As we move into the winter months here in the western hemisphere- we will witness Bitcoin Gold hit exchanges on November 1st, and we will also see Ethereum roll out their planned hard fork to upgrade it's current code.
The most discussed and highly clouded topic is that of the hard fork to Bitcoin, resulting in a block size expansion from 1MB to 2MB. Simply put- this will result in an additional Bitcoin Token.
In which case- we will have two sets of code:
1: One with modifications (the new)
2: One without modification (the old)
It is completely up to the miners now, which they choose to mine. It is shown that majority of the community supports SedWit2x, and by using it, will not mine the old fork anymore.(2)
Looking at exchanges, we see a wide variety of directions being chosen, from all sides of the spectrum.
Exapo took a the approach in choosing to name the chain with the most accumulated difficulty, making the minority chain available to their customers to sell, trade or withdrawal.
Other chains such as Coinbase; one of the largest exchanges, promise customers access to both coins, yet still has not confirmed the naming of the 2 coins. (4)
Bitfinex however, has taken a completely different approach and has already framed how they choose to name each coin. Stating, "the exchange will continue to list the incumbent blockchain as “Bitcoin” under the ticker symbol “BTC” and will list the SegWit2x blockchain as “B2X”. (5)
Back to the Future:
Looking back to August 1st, with the Bitcoin Cash fork, we saw tremendous volatility with the coin and as they always say- history repeats itself. I would only assume a similar scenario, with existing coin holders wanting to maximize their returns, increasing their BTC holdings prior to the fork. This means we may see BTC prices surging up to the Nov. 18 date, which is still over a month away. That's a lot of room for growth, and just in time for the Holidays !
We can also assume, depending on the wallet provider, some may not see their new coins for quite some time. This has been seen with Coinbase, as users still have not been able to access their Bitcoin Cash until- even until 2018!(3)
As we go into 2018 we will have 3 new additions to the Bitcoin family, including Bitcoin Gold, Bitcoin Cash, and the newest token to come on the 18th. With confusion expected to rise with new investors, we will receive some added benefits that will come with these new coins.
SegWit2x is expected to bring much faster transactions and confirmations times, and much lower fees when transferring funds. This will be a massive relief to those trading the currencies, as well as to the global market, being able to integrate the technology into the economy with reduced resistance from consumers. Many also argue, that will more available options, it opens up room for consumer variety, being more open to the technology with a platform most appropriate to their needs.
Lots of information will continue to watch the news, and keep on top of new information!
Also be sure to Follow and up vote to stay current! Enjoy!
Twitter: @thecryptokidd
sources;
(1) https://medium.com/@jimmysong/segwit2x-what-you-need-to-know-about-the-2mb-hard-fork-27749e1544ce
(2) https://www.wealthdaily.com/articles/essentials-for-the-coming-bitcoin-hard-fork-how-to-prepare-for-the-november-bitcoin-hard-fork/8920
(3) http://www.businessinsider.com/coinbase-adding-support-for-bitcoin-cash-by-2018-2017-8
(4) https://blog.coinbase.com/update-on-the-bitcoin-segwit2x-hard-fork-69426f14bc85
(5)https://www.cryptocoinsnews.com/b2x-bitcoin-exchange-bitfinex-reveals-ticker-for-segwit2x-fork/