Segwit 2X Bitcoin Fork is set to happen this month with changes to the way transactions work. A few forks have already happened this year and Segwit 2X is the next fork set to happen. Segwit 2X is set to fork at block 494,784 which is expected to be mined on 16th November.
What should you know about Segwit 2X Bitcoin Fork
Bitcoin is a network of blocks which contain transaction details. These blocks are entered into the blockchain once every 10 mins. Once a block has been entered, it cannot be removed which makes the Blockchain foolproof and the current size of each block is 1MB. SegWit 2X aims to increase the block size to 2MB. Increasing the block size would decrease transaction time and fees.
But all is not good with SegWit 2X and the fork is in a Limbo. Initially when it was announced, the team claimed to have a majority support. But with the fork getting closer, most of the miners have backed out and it is no longer clear if they have a majority support. This would be the key that would decide the impact of each and every fork. With every fork, there are likely to be miners, developers and traders who would migrate off to the new coin that would be created as a result of the fork. The number of these people would determine the success or otherwise of the new coin. If many developers and miners move over to the new coin, then it is likely to have a larger impact on the main bitcoin.
Possible issues with SegWit 2X fork
Another issue with SegWit 2X is that it will not come with Replay protection which prevents the Blockchains from getting mixed after the fork. Replay Protection is fairly simple to implement, but the developers have refused to implement them for reasons best known to them. This increases the uncertainty associated with this fork, as without replay protection, it is likely that the bitcoin network might be left unstable for a prolonged amount of time which is likely to affect not only the new coin but also the existing ones as well.
SegWit 2X fork is bigger than any other previous fork. The previous updates had no shot at a majority support. But with SegWit 2X, it is not yet clear. With this being the biggest fork and the most important so far, it was imperative for the developers and miners to cooperate with each other to ensure that the fork goes through smoothly but it looks as though the new fork with be undergone with a lot of bad blood in the bitcoin community which is likely to impact the industry in the long run. This uncertainty has also begun to affect the bitcoin prices which have corrected over the last couple of days as the uncertainty and the risks continue to loom ahead.