Bitcoin is on its way to what may be its biggest hard fork yet! Planned for November 16, Segwit2x will change bitcoin’s components. Rules will be created, adjusted, and revised to make them valid. This fork will also add to the size of the block in the blockchain, taking it from 1MB to 2MB. Like the forks that have already occurred, Segwit2x offers us an addition to the block size, a hard fork, and manipulations to the software. Some consumers are against the hard fork, while others are awaiting in anticipation. Some users think this is a good idea, others don’t.
The differences are what make Segwit2x such an impact. Segwit2x will change the rule for bitcoin and will make a majority of miners update their software. Larger blocks will be created, some miners who update the software may acquire 2 bitcoins called the “legacy” coin. These coins are a set of unique cryptocurrencies that are in fact game changers. If a miner does not change their software, the rules will not change for them and they will still be functioning with the old rules. Segwit2x mission is to make bitcoin an official form of currency that can be used in exchange of services, and basically anywhere in the world. Like many other investors, they believe that digital currency is a new and lasting reality. Segwit2x has most of its support from new startup companies and a following of miners. Some arguments that claim against this are, miners and startups will gain too much power. Being that digital currency is decentralized, this will make the market a centralized network. Consumers are also saying that this fork is too risky and the whole concept can fail due to a break in bitcoin.
For now there isn’t a specific time that the fork will occur, but we do know that the change will happen at block number 494,784. Miners will then be able to run the updated software. How will this affect CoinBase users? We received this news from CoinBase.