The Blockchain Segwit2x, was proposed to be the saviour of the Blockchain underpinning the whole concept of Bitcoin, which is floundering due a ramp up of costs in a period of massive demand. Costs of mining (electricity) are going through the roof.
Blockchain uses as much electricity as the entire country of Macedonia, a country of 2m people, that’s how much money is going in to securing the Blockchain today as we move towards 17 million Bitcoins extracted to date.
The Blockchain is choking. It can only handle 5 to 6 transactions a second (credit cards 16000 transactions in the same time) so the creation of each block needs to be prioritised, requiring substantial on costs as Miners seek to overcome the processing bottleneck.
Without these premiums individual block production can take days if not weeks.
In an attempt to speed things up, August 1st 2017 saw the launch of two “Hard Fork” initiatives, Bitcoin Cash and Bitcoin Gold.
These were ushered in and the holders of Legacy Bitcoin had no need to sweat, they were not affected at all.
Exchanges were established for the new products and the miners carried on in their endeavours to keep the primary Legacy Bitcoin Blockchain going at the time of greatest demand!
How strange is that, new products are launched to absorb funds in the market, but the price of Legacy Bitcoin escalates at a time when liquidity is so low.
In May 2017 The SegWit2x project, a product of the New York Agreement signed onto by a long list of companies and miners, had scheduled a hard fork to double Bitcoin’s block weight limit in November 2017.
This initiative is divisive to say the least.
The original White Paper talks about there only ever being 21 million Bitcoin extracted and defines Blockchain as an Open Source Project (a Meritocracy).
Blockchain is a database without any single controlling body. Computers are peers, no hirers.
Bitcoin is an application that runs on the blockchain.
But with Segwit2x that has to change. The Bitcoin 2x Blockchain and the Legacy Bitcoin Blockchain will become separate and people will have to choose where they speculate their cash.
Overnight by a process of copying and pasting another 17 million 2x Bitcoins will be created out of thin air!
Where have I heard that before?
Then its likely to be race to see which of the two primary Bitcoin products attracts the most funds, one will win and become the primary Bitcoin, the other will likely wither and fail.
What is apparent is that things are changing. The miners who make the decision to invest in the 2x technology will become dominant and the concept that Blockchain is a database without any single controlling body, in which computers are peers, no hirers, will be lost in Bitcoin folklore.
Blockchain Segwit2x Has Stalled
SegWit2x nodes — most notably btc1 — were programmed to fork away from the Bitcoin blockchain to create the SegWit2x blockchain, and a new currency, often referred to as B2X.
However, not a single SegWit2x block has been mined since fork point, nor is there any indication that this is likely to happen. To all intents and purposes, there is no SegWit2x — nor a B2X.
There’s been a myriad of software and hardware glitches so there’s no changes at all, and Legacy Bitcoin will carry on it’s merry way, with all the inherent challenges of hyper monetisation!
Be prepared for problems and consult a technical expert before making any major investments, please keep in mind that nobody can predict Bitcoin’s future.
The price of a bitcoin can unpredictably increase or decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets.
Consequently, keeping your savings with Bitcoin is not recommended at this point. Bitcoin should be seen like a high risk asset, and you should never store money that you cannot afford to lose with Bitcoin.
Protect yourself at all times, take responsibility for your own financial affairs and never speculate any cash you cannot afford to lose. In 2017 you will need to be a massively sophisticated Bitcoin expert to have any chance of understanding what is going on.