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.
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.
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:
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:
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.
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.”
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:
- 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.
- 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.
- 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.
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:
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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