Bitcoin's new split - What you need to know

When will the fork happen?

https://bashco.github.io/2x_Countdown/ - Website offers a precise moment —specifically Nov. 16 at 5:42 am—based on the number of blocks being added to the bitcoin blockchain. The fork is supposed to go into effect for block number 494784.

Why is bitcoin going to split?

There is a disagreement between key stakeholders over how to update the core software that runs bitcoin. You can learn more about the technical details below, but the crux of the fight is over whether to double the size of bitcoin blocks.

The blocks, which are added every 10 minutes, serve as a record of all bitcoin transactions to create a permanent blockchain ledger. The current controversy means there is likely to be two bitcoin blockchains—one that uses smaller 1MB blocks and one that uses bigger 2MB blocks—and temporary uncertainty over which is the “real” bitcoin.

What version of bitcoin will prevail?

No one is really sure. If most miners get behind the proposed split—and stay behind it—that will likely make the big block version the de facto official version of bitcoin.
But if the market continues to place more value on the original bitcoin, miners could get cold feet and go back to the small version if it is more profitable. Indeed, for now, certain futures markets are predicting the price of the original bitcoin will be significantly higher post-split than the big block version.

How long will it take to clear up?

That’s also unclear, though it’s probably best for bitcoin if a winner emerges sooner than later. A prolonged battle could spread confusion among investors and trigger a crisis of confidence in the booming crypto-currency market.

What about those payments for current bitcoin holders?

If the big block version of bitcoin goes forward, it will contain an exact replica of the existing bitcoin blockchain—including a record of who owns all of the existing bitcoins. This also means every existing bitcoin holder will also hold those bitcoins on the new chain.
Coinbase and other big exchanges have already confirmed they will accommodate both versions of the chain, meaning a client who holds five bitcoins will also soon hold five B2X (or whatever they call the new version). This is potentially good news for bitcoin holders because, hey, free money! They will wake up with digital assets they didn’t own the day before.

This is not my own article - all I'm doing is taking info from the internet.