Segwit2x, also called the New York agreement, is an accord between the whales in the world of Bitcoin.
It is supposed to enable higher transactions.
Because of this, there is a chance that another new Bitcoin clone will be brought to life.
Not long after the Bitcoin hard fork Segwit in August, which created Bitcoin Cash and the recent split into Bitcoin Gold, Segwit2x may just become the annoying little cousin in the Bitcoin crypto-world.
There is a lot of noise around Segwit2x, but to some it is crystal clear: Segwit2x is unnecessary and possibly a hostile takeover of Bitcoin that could endanger its open, decentralized and censorship-resistant nature.
The fact that this scaling solution is backed by a few big companies in the business—as well as a segment in the mining sector—doesn’t give the average Joe a warm, fuzzy feeling.
But there is also good news: Bitcoin holders can once more cash in some free coins.
Just like with the hard fork in August and the one a few days ago, everyone who holds Bitcoin will be able to claim the new coin after the split.
Too much, too soon?
While there are of course some supporters of the proposed Segwit2x, quite a few are openly opposing the idea.
All skepticism has varying degrees of validity, but one of the most important cons is that Segwit2x is unnecessary.
According to supporters, though, Segwit2x a compromise that is meant to enable Segwit as well as larger blocks.
However, the first Segwit already solved both these issues.
The August Segwit already creates blocks larger than two megabytes.
At the time, these large blocks were necessary because the Bitcoin network was overloaded and transactions were taking too long to go through.
If the pro-Segwit2x crowd implements their plans, the truth of their intentions might finally come to light.
It seems that their end-goal is not larger blocks or Segwit, but in fact to gain more control of the Bitcoin network.
The core developers will possibly be shoved to the sidelines, which could be Bitcoin’s downfall since it is those same developers that are making sure the cryptocurrency has been working properly for the past eight years or so.
Will the real Bitcoin please come forward?
What makes the Segwit2x sage even more complicated is the claim that Bitcoin will simply be upgraded.
According to those behind the agreement, it will be the real Bitcoin and not a fork, and the question will be who is going to play the “real Bitcoin” game along with them.
Of course, the players will ultimately have to decide for themselves if they feel that the Bitcoin we have now is the real deal or if it’s the fork, but it can surely cause problems on the exchanges.
If Segwit2x happens, Bitcoin will be split in two, creating a new cryptocurrency clone.
It will depend on the community and miners to determine which coin will be considered the original Bitcoin.
Furthermore, there is a chance that Segwit2x supporters will use their mining calculating power to attack the Bitcoin network by means of increasing or decreasing mining power.
But of course, this is a worst-case scenario.
At the moment, Segwit2x doesn’t have replay protection covered either, which could mean that you could send BTC instead of the B2x coin, or the other way around.
All in all, this is enough to worry about for all people involved.
The light at the end of the tunnel
Where there are cons, we also see advantages.
Segwit2x’s potential implementation seems to be more of a reality than before since Jeff Garzik, Segwit2x lead developer, recently stated that he expects the hard fork to commence in mid-November.
But the growing number of opponents have to be taken in account too.
If mid-November brings a hard fork, Bitcoin holders will automatically become the proud owners of the new player in the game.
And this is something that could be quite profitable.
When Bitcoin Cash came to life in August, every Bitcoin could earn the owner 1 Bitcoin Cash.
Briefly on August 19, the coin rose to over $700 and is still worth about $400.
Not too shabby.
The newly developed Bitcoin Gold has shown a price of $150 and portrays a stable $100 for the past few days.
This may be a lot less than Bitcoin Cash, but either way: it is free money, and who doesn’t like that?
Holding the key is key
To be able to claim these free coins after mid-November, it is important that Bitcoin holders own their own private keys.
Before the hard fork, Bitcoin holders are encouraged to hold their own private keys.
It is the safest way to ensure receiving and keeping both the original coin and the newly forked coin.
Not every exchange will support the fork, so it’s essential to check this before that fork.
Due to potential problems, experts advise not to buy, spend or move any Bitcoins around that time.
The Future Of Bitcoin: What Is Expected?
So far, Bitcoin has survived two hard forks just this past year.
There will always be people for and against any changes and before the actual hard fork happens in November, there is a lot of speculation on which coin will eventually be considered the original or legacy coin and which will be the clone.
It will depend on many factors but at the moment, only time will tell.