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70. What is the Segwit 2X hard fork (Published: 06th Nov, 2017)
It’s hard fork time again! The SegWit2x hard fork will take place at the block 494,784, or approximately 16 November. This article will briefly introduce what it is and how to prepare for it.

Back to May
The debate about how to scale up the Bitcoin network was fierce and lasted for three years. To reach a “consensus”, Barry Silbert’s Digital Currency Group (DCG) invited a selected number of stakeholders to sign an agreement in May this year, which was called the New York Agreement (NYA). The NYA has two parts:
1) Miners will activate SegWit in August if a 80% threshold is reached, and
2) Miners will activate a hard fork to increase the block size from 1MB to 2MB within six months. However, the NYA did not invite developers from the Bitcoin Core and implied that the main goal of Barry Silbert was to takeover the Bitcoin network via the hard fork.

What happened so far
As Bitcoin Core was the original supporter for SegWit, together with the NYA, the 80% threshold was reached in August and SegWit was finally activated. After that, the network was stable and far from congested. The second part of the NYA has become unnecessary and a hard fork can be highly disruptive to the network (see our previous article). Since then, some miners have withdrawn from the NYA, and many critics were claiming that the NYA, especially the SegWit2x hard fork, was completely political and will only harm the network (like this).

The contentious fork
The fork is taking an “all or nothing” approach by not planning to have any replay protection. To put this simply, a replay attack means a transaction on one blockchain can be “replayed” on another blockchain, which will make the users funds vulnerable and the network messy. Hence, even though it is very likely that there will be a coin split after the fork, it will be very difficult for both of them to coexist. In short, this is not something like the Bitcoin Cash or Bitcoin Gold fork which users receive free money.

How to prepare for it?
Although the outcome is uncertain, the way to prepare a hard fork is still similar. Just as mentioned in our previous article, send your Bitcoin to a wallet where you have control over the private keys before block 494,784 (You can check the current block height here) as it is a more accurate time measure than calendar date. Then do not move the coins until we are clear about which chain will be the major and surviving chain.
Again, we at Cryptomover will always store our fund in cold wallets, and split the coins for our customers as soon as possible. In fact, we credited our customers with both bitcoin and bitcoin cash within 1 day previously! All new coins will go to your portfolio and we will not retain any of them. Please follow us for further updates about the SegWit2x hard fork and how we will split them!

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