SegWit2x: What Is It and What Should You Know About It

SegWit2x is going to be the next Bitcoin Hard Fork. It will happen on November the 16th and you should be prepared for it before it surprises you.

How does SegWit works?

First if all, SegWit means Segregated Witness. This is the protocol in which is going to be built the new blockchain that will split from Bitcoin in November.
Nowadays, Bitcoin Blockchain has blocks with 1 MB limit. This limit has created problems on the Bitcoin network because, as transactions were increasing, the time to process transactions too. This situation created higher taxes for senders or longer transaction times.
In order to solve this, SegWit was the proposed solution by Bitcoin Core developers. Segregated Witness separates the data involved in the transactions from the signature. What SegWit allows is to give four times more transaction room per block, giving the community some more time until the blocks would be filled again.

And what about SegWit2x?

For some developers, SegWit was not enough to create a healthy Bitcoin blockchain with low taxes and fast transactions. These developers preferred to increase the block size to 2MB and not only activate Segregated Witness. In this way, there will be four times more space for transactions per block and it will add one more MB to each block.
What it is important to know, is that SegWit2x fork does not provide replay protection. When a fork occurs, attackers can produce what it is called a replay attack. As SegWit2X does not have replay protection, if you use the SegWit2x chain, you could lose the Bitcoins you have in the older Bitcoin blockchain.
It is important to keep the private key of your Bitcoin wallet always. In this way, you have the control over your Bitcoins and could avoid further problems.

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Article wrote by UseTheBitcoin team