5 Things You Need To Know About The Upcoming Fork With Jimmy Song

November 8, 2017

[Update 11.8.17– 10:30 am — The 2x fork was suspended due to lack of consensus since publishing this article. More Info

 

My phone and email have been blowing up this week by friends and family who are new Bitcoin HODLer’s. Most are concerned and confused on what  Segwit2x means. I am not an expert, but fortunately I know many who are. Jimmy Song is very knowledgeable and experienced in the space. He took a few moments out of his busy schedule to answer some basic questions that will hopefully help calm the nerves and dispel some of the FUD surrounding this fork. The best move in situations like this is no move. Don’t panic, do your research, pay attention and all will be good.

 

What is the Segwit2x fork about?

 

Ultimately, it's about different visions for Bitcoin. One side is more keen on making Bitcoin a better Medium of Exchange, the other side is more keen on leaving Bitcoin as a better Store of Value.

 

What should I do with my bitcoin to prepare for Segwit2x?

 

Mostly, just watch what's happening. If replay protection is implemented, watch to see which wallets support it and if you're concerned, transfer bitcoins to that wallet. My recommendation is to control your own keys and that means getting them off of exchanges.

 

What should I be concerned about or on the lookout for with Segwit2x?

 

Replay attacks. Realistically, these won't be a problem for anything but peer-to-peer transactions. If you're sending to a business, they'll most likely refund your money if you get replay attacked. But if you send to a stranger, they might not. As always be very careful before transacting big amounts.

 

What is no replay protection and how can I protect myself?

 

If you send coins from one fork, the transaction may be replay-able on the other fork. The way to protect your coins is to split your coins to different addresses and possibly even wallets.

 

When and how should I go about splitting my coins?

 

Easiest way will be when exchanges start operating again, buy a small amount of one of the coins (say 2x coins). Then move all your coins including that new 2x coin to another address. Your bitcoins at this point should be split. There may be faucets that will do this for free.

 

Where can I go if I still have questions?

 

Twitter, reddit, youtube. There will be tutorials for everything, but they can't be made until the hard fork actually happens.

 

 

For a more in depth article on how Segwit2x might play out, check out Segwit2x Game Theory Part 1 by Jimmy Song

 

Special thanks to Jimmy Song! Follow Jimmy on twitter @jimmysong and read more of his work on his medium page. You can also check him out on World Crypto Network.

 

Jimmy runs a 2-day in-person seminar for Bitcoin development training. Find out more at programmingblockchain.com

 

 

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