Just a few weeks from now, SegWit2x will be coming. What does that mean? What is SegWit2x?
If your one of those people that has NO IDEA what I am talking about, it's really not that difficult to understand. I'll put it like this, SegWit2x is a redesign for Bitcoin. Don't be alarmed. No one is taking away your Bitcoin or turning it into something different. It is a way for Bitcoin to take on the ultimate role and have Scale-ability. What Bitcoin users already know is this. Bitcoin transactions can take a lot of time. So imagine that is your car. It currently does about 7 MPH. Top Speed. That is the Current Bitcoin. Transactions can be delayed for hours and even "time out" on different transaction platforms. This is by far the part of Bitcoin that is not allowing it to become what it will soon be. The World Currency. Segwit2x is a combination of different parameters to enable Bitcoin to become more mainstream. In other words, it is an upgrade for your car. Now you car will go from a top speed of 7 MPH to around 250 MPH. This is a change in transaction speed and will enable Bitcoin to Masterfully take the place of all Fiat Currency.
This is a big deal. The SegWit action was applied to Litecoin recently, and all protocols worked great. Litecoin transfers are "Lite-ning" fast. Previously they had a time difference much like Bitcoin and took some minutes for a completed transaction. Though transaction volume isn't as high for LiteCoin it did show a great ability for transactions to become complete in seconds not minutes. This upgrade to Bitcoin is the biggest thing since the most recent uptick where bitcoin rose to it's current value. This means businesses all around the world will now be able to transact bitcoin in larger volume and at faster speeds. Speeds that will rival Credit Card transactions and be near instantaneous. Though there will be a subjective period where the fee miners require for transactions and confirming of the blockchain will still hold the stop watch, this will become clear over time and transactions fees could become a smaller amount because transaction volume will be able to increase.
This also increases trade speed. Speed of trading is still on the blockchain and transactions can be in limbo until confirmed and profits lost due to the elapsed time. Liquidating your bitcoin in a down PIP could be to late if it takes an hour for the confirmations to happen. So when Segwit2x happens there is going to be a change in Bitcoin, but it will be a change that iwll benefit everyone, including the miners. What could happen is some Capital Businesses try to keep Current Bitcoin from being consumed on the blockchain and turned into the new Bitcoin. Really that part is not a big deal. We want Bitcoin transactions to be extremely fast. This will open doors for commerce and since it is already legal tender and approved as an asset in many countries, trading will be even more enabled when other criteria are reached in the global market scheme.
To me, SegWit2x is nothing to worry about.. It's the Hard fork.
If Bitcoin separates into 2 different coins, things get a little unknown. That's what the Hard Fork will do. It will convert or split the rest of the coins. This is reliant upon those that have not agreed to SegWit2x. The ability to present a Bitcoin node in previous form and trade it. The Hard Fork will increase the block size and this will effect mining, but the overall speculation is that the SegWit2x will increase transactions and therefore make the increase not a significant factor for miners. This is due to the miner fee that comes with each transaction. If volume rises so does the amount of fees acquired daily. The impact will be mostly felt by miners and it will not be very significant, and if it works then more people will be able to transact Bitcoin at greater volume and near instantaneous results.
What's your plan?
Near the middle of November the Hard fork will take place. But SegWit2x will already have been a success or a problem. Since Bitcoin has so much money and so much time involved it will only be an issue until it get's fixed. But in case of an issue the old coins from the split, could contain a greater value than the NEW Bitcoin from SegWit2x. But if Segwit2x is a success and businesses start taking Bitcoin along with other FIAT payments including MasterCard and Visa, it will change the entire World Currency landscape. If Bitcoin can become as fast as punching in your numbers on a debit card.. PRICELESS! A whole new age will be exposed to the entire planet. BlockChain Technology will lead the way. Everything will be either Confirmed or denied! Only the Truth will remain in the Blockchain.
With out a doubt there will be some "days" that we are unsure of what is going to happen. Dumping of Bitcoin before the Hard Fork, could happen, and it will most likely be dumped into Ethereum or Litecoin, as they are dominate coins in the crypto-currency world. Coins like Dash and others could also see a volume increase before the Hard Fork, but there will be a run out because of the possible split. I really would not take any movement during the Hard Fork. Wait for it to be "complete" before moving Bitcoin and transferring or trading. If Segwit2x is successful, it will all go back to the Segwit2x Bitcoin, and the ease of use and speed. An Old Pre-SegWit2x Bitcoin would still have value but it could be just a "Collectors item" where it's still Bitcoin, but just not as fast.
So what's your plan? Post here and let me know.