Everything You Need To Know About The Bitcoin Segwit2X Hard Fork
Here’s what you need to know and understand about what is going to happen with the Bitcoin Hard Fork Coming Up November 16th, 2017.
The short version:
1) Bitcoin is going to fork between Bitcoin BTC on Segwit1x software and Bitcoin2X B2X on Segwit2x software, initially creating two coins.
2) Bitcoin has split before creating Bitcoin Cash BCH and Bitcoin Gold BTG.
– Bitcoin Gold is not widely used or accepted yet as it is still unsecured and unstable.
– Bitcoin Cash is doing fine and able to exist side-by-side with Bitcoin BTC
3) This Hard Fork will most likely not be like the previous bitcoin forks where the newly created coin can easily coexist alongside Bitcoin BTC.
– Because this is a software issue dealing with the future of Bitcoin, developers, miners, users all have to make a choice on which software to push forward with… segwit1x or segwit2x.
– Most likely one coin, either BTC or B2X will dominate the market and destroy it’s counter part.
– The winning coin will be dubbed the real Bitcoin while the other one goes away.
– There is a possibility, because many large players view Bitcoin Cash as the “Real” Bitcoin, that there will be a large-scale dumping of Bitcoin BTC and Bitcoin2X B2X, with a re-investment into Bitcoin Cash BCH.
– Whales will dump Bitcoin at $7,000 and B2X wherever it falls, and re-invest those large sums into Bitcoin Cash at $600, thus decimating the two new coins and spurring Bitcoin Cash into becoming the dominating currency.
– Those who had previously invested in Bitcoin BTC but who did not own Bitcoin Cash BCH would watch in horror as their holdings went down to virtually nothing and Bitcoin Cash skyrocketed while they tried to buy back in.
These are all distinctly possible outcomes with the Hard Fork.
I’m not a Bitcoin investing expert, but this is the information I gathered from listening to some of them out there.
You may want to protect yourself against all of these potential outcomes and make sure to make informed decisions with your money and investments.