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All You Have to Know About the Upcoming Segwit2x Fork

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Last Updated on December 28, 2017

Eventually, the Bitcoin fork that has been cancelled in November will finally take place the 28th of this month, which means that we should expect segwit2x to see day of light in less than a week.

Do you remember the Bitcoin fork that has been cancelled in November?

Eventually, a different team of people have decided to create their own version of Segwit2X. The fork will take place at block 501225, which is estimated to happen the 28th of this month.

What’s Going On

If you’ve been using Bitcoin lately, you’ve surely noticed the extremely high transaction fees and times. Personally, past month I’ve been avoiding any BTC transactions because of that. According to statistics, the average transaction commission is about 15 USD dollars.

This crisis isn’t going anywhere by its own, which is why the community is actively looking for solutions.

One of the available solutions is to implement segwit2x. Back in November, developers were not able to build enough consensus in the Bitcoin community to implement segwit2x. However, the idea has seen its share of support and eventually a team of three people have decided to carry this project on and release the hard fork December 28th.

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To NOT Be Confused with November’s Segwit2X

The team working on today’s fork is not the same that has been working on November’s segwit2x. This also means that the new segwit2x has features a different algorithm than the November’s one.

The fact that the new project is called the same way has is confusing a lot of people, me including. Some community members say that this fact alone is enough to label the new segwit2x as scam.

Scam or Not?

There have been a lot of claims that this new project is scam. Here is why:

1 The Team

First of all, the main concern is the team. Their LinkedIn profiles are either unconvincing or straightforward inexistent. Here are some links to articles where people dig the profiles and find some weird facts. Make sure you trust the facts, not the conclusions the authors make. Make your own conclusions.

https://medium.com/@hackology/segwit2x-comes-back-as-scam2x-c1c71a91f1c9

https://www.reddit.com/r/BitcoinScamCoins/comments/7kumld/b2x_segwit2x_hard_fork_bitcoin_scammers_trying_to/

https://www.reddit.com/r/btc/comments/7metes/back_from_the_dead_segwit2x_fork_announced_for/

2 Project Name

One would expect that a project is named “Segwit2x” should be the same project from November having the same core team members and plans. Well, the fact is that the new segwit2x is a totally different thing. While on their website they do claim that they are “refining the classic segwit2x”, this new segwit2x looks really different from what it was in November. All of this leads me to the thought that this new project has little to do with the segwit2x from November. I’m not jumping into conclusions on why the new developers would want to create this confusion by giving their project this name but we’ve got what we’ve got.

3 Website Issues

On the same links provided above, you can see that there is certain incongruence between what the project is and what the official project website states. No matter whether this new segwit2X is scam or not, the team is definitely having some issues when it comes to community management. While that alone is definitely not a deal breaker, things like that add up at the point they destroy credibility.

4 Troll Accounts

I’ve also noticed that some community members are holding war against the new segwit2x.
Not long ago, two fake, or better said troll accounts have been created to spread fake info about segwit2x.
The accounts are named after the founder and business developer, respectively.

Here you can see all of the posts made by those accounts:

https://bitcointalk.org/index.php?action=profile;u=1524157;sa=showPosts
https://bitcointalk.org/index.php?action=profile;u=1525122

The troll behind Donna’s fake account is asking for people to send them their private keys and claiming that segwit2x team will premine 8000000 coins.
The person behind Jaaps’s fake account is openly trolling the community without even trying to look legit.

I’ve seen that some people on Reddit do take those accounts seriously, even though _segwit2x_ has clearly warned the community about those two fakes:

https://bitcointalk.org/index.php?topic=2595620.msg27033108#msg27033108
All of this is yet another reminder that not everyone who yells “scam” is basing their conclusions on real data.

Again, I am not saying that this new fork is legit. I am just reminding  you do to an in-depth review first and not trust others’ conclusions.

Does all of the above mean that the new segwit2x is scam? It is up to you to make your own conclusions. I mean, some respectable people keep claiming that Bitcoin is a bubble and that it will die anytime, go figure.

While Trezor CEO labeled the new Segwit2x scam, owners of multiple exchangers and news websites do trust this new project.

Make sure you do your own research first – this project definitely got some controversies and whatever is the decision make, it better be a well-informed one.

Why Segwit2x?

A Bit More on the New Segwit2x

According to the team, segwit2x is a backward-incompatible fork. This means that a new altcoin (B2X or S2X) will be formed; the altcoin will have up to 4MB blocks, segwit support and protection against repeated transactions.

In theory, this should notably lower transaction time and costs. Compared to Bitcoin Cash, segwit2x is also expected to provide a long-term solution to the issue, whereas BCH is basically kicking the can down the road, meaning that they will eventually face the same issues again sooner or later.

That being said, the fork will follow Bitcoin Cash’s scenario, which means that every Bitcoin user will receive 1:1 ratio of B2X coins in their Bitcoin wallets, or that is what the team promises. The new coin will also enjoy unique address format.

What is interesting is that the team has also promised to keep working on improving Bitcoin after releasing segwit2x. Their plans include the implementation of Lightning Network support, instant transactions and anonymous transactions, among others.

Another interesting fact is that they’ve promised that “all BTC holders will receive not only B2X in the ratio of 1 to 1, but also a proportional number of Satoshi Nakamoto`s Bitcoins as a reward for their commitment to progress.”

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What to Expect and What to Do

There is no consensus on what this fork will bring.

As always, there are many sides and many opinions, though as we can see with both Bitcoin Cash and Bitcoin Gold, things tend to go better than pessimists claim. People who don’t like the altcoin can simply sell their B2X coins for BTC once the fork is completed.

The most important thing here, in my opinion, is to avoid losing your actual BTC during the fork. Here are some general advice I follow during forks, thought you might find them useful too:

  1. First of all, it is a good idea to avoid any transactions during the day of the fork. This is quite important especially since nowadays, Bitcoin transactions might take several hours to be confirmed. There is no warranty that pending transactions won’t be corrupted during the fork.
  2. If you want to receive your B2X, make sure you move your existing BTC to a hardware/software wallet. Try to avoid keeping your funds on exchanges.
  3. Talking about B2X, you will receive your tokens automatically. DO NOT trust any website that asks you for any personal information in exchange of B2X coins. More than one person has been scammed during previous forks, so make sure you don’t fall for a scam mail or website, no matter how official those might look like.

You can also go to several exchanges listed on the official project site to trade B2X futures.

In Conclusion

I like the way the community is actively working on making Bitcoin better. Yes, there are certain individuals who only care about their own pocket, as well as there are projects that are not viable. That being said, as long as Bitcoin community is active, there are chances Bitcoin will keep moving forward no matter what.

Here are the sites you can visit to know more about the fork:

I like the way the community is actively working on making Bitcoin better. That being said, not all community members have the best intentions. This new Segwit2X is quite a controversial project, which means that I cannot really give you any advice on this. The team is active on the forums and their telegram but at the same some of their LinkedIn accounts do not look credible enough. They do answer emails yet at the same time they apparently cannot manage to keep their main website up to date.

Do your own research before doing anything.

In the article, I’ve left you some links you can check. Here are some more websites you can visit to know more about the fork:

http://b2x-segwit.io

https://bitcointalk.org/index.php?topic=2595620

https://t.me/Segwit2Xfork

https://t.me/Seg_wit2X

https://twitter.com/Segwit_2X

Please remember that by no means I am endorsing or recommending this project. Make sure you do your own research on this before taking any actions.

Thank you for reading. As always, your comments, suggestions and questions are welcome.

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  • Koin Koin

    Tyvm for this article 🙂

  • Avavava3

    Does that mean you are effectively getting a 2:1 deal – old BTC as well as segwit2x?

  • Jason Dela Cruz

    Hi Ciprian? x11 Algo?.. does this mean i could use D3 Antminer for this right?

  • Technically it will fork at block 501451, not specifically on 28th December. That date is an estimated. Let’s hope that estimated is better than Bitcoin God’s estimated of 25th December for block 501225 – which looks like it’s going to be many days out! We’re currently on block 501099: https://blockchain.info/blocks/

  • frogmanlover6

    Fake news

    • frogmanlover6

      The fork wont be successful but you dont cover that in the article, boooo

  • frogmanlover6

    Bad article is bad there is no consensus from miners about the fork, fork will fail again bade code like cancer die

  • Andy Raman

    sending my btc form exodus wallet to free wallet is it enough or should i first export private keys and then import the keys back

  • Be careful with this, it’s possibly that this is not the original November fork team.

    • Already updated the post! thanks!

      • Final Miner

        Thanks, now it looks like a really weird case. Good, objective update.

        • Yeah, things are more clear now. thanks! 🙂

  • Final Miner

    Really? Are you promoting a scam? Did you make any effort to check that project and the team behind? This is some unknown guy, using well known Segwit2x name to promote his coin. He is not coming from the Bitcoin community, it is not original team of segwit fork. A Russian model as a business developer? This is a joke.

    • The post clearly doesn’t sound like a promotion, i just wanted to talk about the project itself, how will this go. Right now i am doing more research on this and the post will be updated with new data.

      • Final Miner

        Hello Ciprian, sorry but writing about that site is already a promotion. I am 1stminingrig subscriber and I will be. I am a bit dissapointed that you are sharing such news without checking it deeper.
        Statement like “I promise that all BTC holders will receive not only B2X in the ratio of 1 to 1, but also a proportional number of Satoshi Nakamoto`s Bitcoins” should fire the alarm for anyone with blockchain knowledge.
        I hope you will post an update very soon. People should know to be careful and keep away from this project.

        • Just added two links with some proofs. To be honest there is skeptic people with every coin, firstly when i researched i did found people SCREAMING about the scam but that’s very common thing and also confusing, Is hard to find a scam with a standard/med research. I just wanted to tell people how will this go, what it means and maybe they can take advantage of the 1:1 ratio.

          Obviously i am not into scams promotion, i will keep updating the post with new data i can found, if you have more things to show please email them to me.

          thanks! :/

    • Alex

      Yo man, first of all why are you posting the same comment on different sites? You’ve just copy/pasted this exact same comment on cointelegraph lol
      Also, they have never claimed to be part of the Bitcoin developer team, if that is what you mean. Because the term “Bitcoin community” can refer to anyone, you and I included. Anyone who posts on forums and uses Bitcoin is part of the community, duh…

      By the way what do you mean by “Russian model?” Or better, who are you talking about? None of the people there are models lol

      • Final Miner

        Yo Alex, didn’t know that posting the same comment is something wrong. Both the Cointelegraph and 1stminingrig shared missed news. „Bitcoin fork that has been cancelled in November will finally take place the 28th of this month” – this is not true. This is different project, coin and the team. I just want to warn people.

        You are right, we are part of bitcoin community. Please show me any activity of Jaap Terlouw showing that he is an valuable member of this community. Apparently, cryptocurrencies are so amazing that you can became an expert day by day. 🙂

        And again you are right, none of the people there are models. But checking the web.archive.org and Instagram will reveal that Donna Khyuz was a „Model, Dancer, Actress” several days ago. Now she is a blockchain expert. Nothing unusual. 🙂

        For me this case was stinky from the time I saw their web page. Now more people see what it is in real. Just check reddit.

        • Alex

          I’m subscribed both to 1stminingrig and cointelegraph and yeah, it was weird to see both of them sharing the same news. COuldn’t disagree with you on that

          That being sid, some of the scam claims regarding segwit2x are still a bit bland, imho. LIke, Jaap Terlouw could be that NewbieGuy36 with 1000 comments. You will never know, unless he says that.

          I do agree with you that the new segwit2x devs are making a huge mistake by not sharing enough info with the community. THis lack of transparency makes them totally look like a scam (in the case they are a legit project). Add to that the ocassional mistake they make on their website and you get a dealbreaker for most people.

          Now, about the fact that Donna Khyuz “suddenly became a crypto expert”… well, what if she was following crypto for a while now, but she kept it for herself? Like, I’ve got an instagram accoutn too, though I do not mention there all of my skills and proficiencies regarding crypto, guitar, pet training and jogging. You get the idea. Btw her account before the update stated “model, actress, dancer, business woman”. That “business woman” part could refer to crypto.

          But again, Donna is probably not a professional community manager. There is a thing called “target auditory” – I am sure that people who follow her on instagram are not really interested in crypto. So using her instagram account could be quite the wrong move – in case the whole project is not a scam, of course.

          • Final Miner

            Just listen to yourself:
            – „Jaap Terlouw could be that NewbieGuy36 with 1000 comments”
            – „lack of transparency makes them totally look like a scam”
            – „what if she was following crypto for a while now, but she kept it for herself”

            and other facts:
            – no whitepaper
            – week old GitHub account
            – in fact, Donna’s Instagram profile says she is a blockchain expert 😀
            – they asked for people’s Bitcoin private keys on bitcointalk
            – it is not Segwit2x fork which should have happen in November (X11 vs SHA256 algorithm, 4MB vs 8MB block size, etc.)

            And for you these arguments are „a bit bland”. You believe it’s just bad coincidence, not another random guys trying to get rich very easily. Ok, it is your right.

            Please convince me and give me some facts that confirms this project is legit.

          • Alex

            Oh man, you got me wrong 😀
            I am not defending Segwit2x. I am fighting you lol
            On a friendly way ofc. You are talking so seriously but your arguments still are a bit bland, imho.

            Here is an example. You’ve said “they asked for people’s Bitcoin private keys on bitcointalk”

            Now check this
            https://bitcointalk.org/index.php?topic=2595620.msg27033108#msg27033108

            And then you can also check that Donna troll account activity. Some people are trolling segwit2x on bitcointalk and the mod is doing nothing. Both Donna’s and the founder’s fake accounts (owned by no one knows who) are writing all sorts of bs. It takes a minute of research and a bit of common sense to understand that those two are troll accounts created by someone who hates the new segwit2x. Just check their activity and you will see what I am talking about.

            I’ve never said that segwit2x is a working project (I am however curious on whether they are truly a scam, the bitcointalk thread is so much fun to follow right now, especially with so many haters losing their minds and manners). What I did said is that no matter whether they are scam or not, a dumb argument is still a dumb argument.
            You do have a point that the segwit2x we have now is not the original segwit2x. The team is different, the algo is different, only the name remains the same. If this thing is one big scam, then I wonder why would they keep answering telegram/bitcointalk comments. Maybe they are buying themselves time so they can sell more B2X futures? What do you think?

          • Final Miner

            You are right, I got you wrong 😀
            Maybe the word scam is not the best for them. It is just a random guy who wants to get rich very easily, like guys from BTG or BCH did.
            I’m sure it is not valuable project. Reasons? The founder has no expert blockchain or developer skills, he tries to trick people with the name segwit2x, there is no real team behind.

            For sure making profit on B2X futures was a part of the plan. Maybe they did it in cooperation with Hitbtc so more time means more profit and that’s why they still answers?
            Maybe they are going to release the coin no matter what? They have nothing to lose, you can’t jail them at this point. There are so many uneducated people investing in cryptocurrencies that they could find enough who will follow and make them very rich.
            I just hope no other exchange than hitbtc will list that coin.

          • I just don’t want to comment any more on this, ill wait and see what will happen with this Segwit2x, my brain hurts! 🙂 (grabbing popcorn)

            P.S readying the comments on forum thread is a real joy :))

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