November SegWit2x Hard Fork Could See Newbie Users Lose Bitcoins

Bitcoin wallet support for SegWit2x is already a talking point as different plans could mean users lose Bitcoins.

A response from Breadwallet to a user request about November’s SegWit2x hard fork demonstrates the ease with which newbie Bitcoin holders could unwittingly devalue their holdings.

“We are excited about SegWit,” the response reads, “and we will be sure to update the community [...] when you can send SegWit transactions.”

The news confirms comments from president of Breadwallet Aaron Voisine, who earlier this month wrote on Reddit:

“Breadwallet follows the majority of hashing power on the original PoW algorithm, SegWit2x or no, it follows the Nakamoto consensus.”

The implications for this lie in the fact that users with coins on the original BTC Blockchain risk losing them if Breadwallet opts for SegWit2x transaction support.

Against a lack of clear information geared towards non-technical users, the issue of a further hard fork could result in their alienation.

“After the hardfork in November, Breadwallet will potentially be doing SegWit2x transactions. In that case, you risk losing your BTC sitting in the Bitcoin Blockchain,” a further Reddit commentary reads in response to Voisine.

“Move your BTC out of Breadwallet before the hardfork.”
In the wider context of a likely second Bitcoin hard fork, SegWit2x is dividing industry opinion.

While some commentators warn the event is similar to a “hostile takeover” of Bitcoin, Bitcoin Core last week sought to debunk various myths associated with the concept.