What is BTCx2?
BTCx2 is a newer form of Bitcoin for the Internet. We have fully decentralized our Blockchain, with no central bank and requires no trusted third parties to operate.
How is BTCx2 different from 'Bitcoin'?
BTCx2 is the continuation of the Bitcoin project as peer-to-peer digital asset. It is a fork of the Bitcoin blockchain ledger, with upgraded consensus rules that allow it to grow and scale.
If I own Bitcoin, do I automatically own BTCx2 too?
BTCx2 is a modern fork and works slightly different to Bitcoin Gold & Bitcoin Cash we have 10,500,000 fork tokens available for purchase prior to the BTCx2 fork, The fork will take place on 1st of July 2018 to claim your free BTCx2 on 1st July you MUST hold your Bitcoin on our external wallet 24 hours before we reach the block.
This means that Bitcoin holders as of block 542732 will become owners of BTCx2 If your Bitcoins are stored by a third party such as an exchange, then you must inquire with them about your BTCx2.
Any transactions after the July 1st ledger split are completely separate between Bitcoin and BTCx2. This means any Bitcoin acquired after the split does not include any BTCx2, and any BTCx2 does not include any Bitcoin.
How is transaction replay being handled between the new and the old blockchain?
BTCx2 transactions use a new signature hashing algorithm indicated by the flag SIGHASH_FORKID. These signatures are not valid on the Bitcoin Legacy network. This prevents BTCx2 transactions from being replayed on the Bitcoin blockchain and vice versa.
Why was a fork necessary to create BTCx2?
The legacy Bitcoin code had a maximum limit of 1MB of data per block, or about 3 transactions per second. Although technically simple to raise this limit, the community could not reach a consensus, even after years of debate.
Was the 1 MB block size limit causing problems for Bitcoin?
Yes, in 2017, capacity hit the 'invisible wall'. Fees skyrocketed, and Bitcoin became unreliable, with some users unable to get their transactions confirmed, even after days of waiting.
Bitcoin's market price has increased, but its growth and usefulness as a currency has stagnated. Many users, merchants, businesses and even investors left Bitcoin for alternatives, causing its dominance to fall from 95% to as low as 40%.
Does BTCx2 fix these problems?
Yes. BTCx2 immediately raised the block size limit to 16MB as part of a massive on-chain scaling approach. There is ample capacity for everyone's transactions.
Low fees and fast confirmations have returned with BTCx2. The network is growing again. Users, merchants, businesses, and investors are building the future with real peer to peer cash.
Why didn't Bitcoin raise the block size if it was easy?
Some of the developers did not understand and agree with the original vision of peer-to-peer electronic cash that Satoshi Nakamoto had created. Instead, they preferred Bitcoin become a settlement layer.
Many miners and users trusted these developers, while others recognized that they were leading the community down a different road than expected.
These two very different visions for Bitcoin are largely incompatible, which led to the community divide.
Didn't SegWit increase the block capacity? Will BTCx2 ever have SegWit?
Segregated Witness or "SegWit" is an unacceptable substitute for increasing the blocksize for several reasons.
First, even if used in 100% of transactions, the increase would equate to 1.7MB blocks. Thus, it is a small capacity increase at best. It will not handle exponential growth or worldwide usage. Second, the soft fork implementation results in discardable signatures, which weakens Bitcoin's security model. Third, it makes future capacity increases more difficult due to bandwidth inefficiency and quadratic hashing attacks which SegWit doesn't solve since an attacker isn't forced to use it.
For those (and other) reasons, BTCx2 was necessary as a pre-SegWit fork. Segwit will not be adopted.
Which Development Team is In Charge of BTCx2?
Unlike the previous situation in Bitcoin, there is no one single development team for BTCx2. There are now multiple independent teams of developers.
This decentralization of development (and decentralization of software implementations) is a much needed and important step forward.
What is theWhat is BTCx2?
BTCx2 is a newer form of Bitcoin for the Internet. We have fully decentralized our Blockchain, with no central bank and requires no trusted third parties to operate.
How is BTCx2 different from 'Bitcoin'?
BTCx2 is the continuation of the Bitcoin project as peer-to-peer digital asset. It is a fork of the Bitcoin blockchain ledger, with upgraded consensus rules that allow it to grow and scale.
If I own Bitcoin, do I automatically own BTCx2 too?
BTCx2 is a modern fork and works slightly different to Bitcoin Gold & Bitcoin Cash we have 10,500,000 fork tokens available for purchase prior to the BTCx2 fork, The fork will take place on 1st of July 2018 to claim your free BTCx2 on 1st July you MUST hold your Bitcoin on our external wallet 24 hours before we reach the block.
This means that Bitcoin holders as of block 542732 will become owners of BTCx2 If your Bitcoins are stored by a third party such as an exchange, then you must inquire with them about your BTCx2.
Any transactions after the July 1st ledger split are completely separate between Bitcoin and BTCx2. This means any Bitcoin acquired after the split does not include any BTCx2, and any BTCx2 does not include any Bitcoin.
How is transaction replay being handled between the new and the old blockchain?
BTCx2 transactions use a new signature hashing algorithm indicated by the flag SIGHASH_FORKID. These signatures are not valid on the Bitcoin Legacy network. This prevents BTCx2 transactions from being replayed on the Bitcoin blockchain and vice versa.
Why was a fork necessary to create BTCx2?
The legacy Bitcoin code had a maximum limit of 1MB of data per block, or about 3 transactions per second. Although technically simple to raise this limit, the community could not reach a consensus, even after years of debate.
Was the 1 MB block size limit causing problems for Bitcoin?
Yes, in 2017, capacity hit the 'invisible wall'. Fees skyrocketed, and Bitcoin became unreliable, with some users unable to get their transactions confirmed, even after days of waiting.
Bitcoin's market price has increased, but its growth and usefulness as a currency has stagnated. Many users, merchants, businesses and even investors left Bitcoin for alternatives, causing its dominance to fall from 95% to as low as 40%.
Does BTCx2 fix these problems?
Yes. BTCx2 immediately raised the block size limit to 16MB as part of a massive on-chain scaling approach. There is ample capacity for everyone's transactions.
Low fees and fast confirmations have returned with BTCx2. The network is growing again. Users, merchants, businesses, and investors are building the future with real peer to peer cash.
Why didn't Bitcoin raise the block size if it was easy?
Some of the developers did not understand and agree with the original vision of peer-to-peer electronic cash that Satoshi Nakamoto had created. Instead, they preferred Bitcoin become a settlement layer.
Many miners and users trusted these developers, while others recognized that they were leading the community down a different road than expected.
These two very different visions for Bitcoin are largely incompatible, which led to the community divide.
Didn't SegWit increase the block capacity? Will BTCx2 ever have SegWit?
Segregated Witness or "SegWit" is an unacceptable substitute for increasing the blocksize for several reasons.
First, even if used in 100% of transactions, the increase would equate to 1.7MB blocks. Thus, it is a small capacity increase at best. It will not handle exponential growth or worldwide usage. Second, the soft fork implementation results in discardable signatures, which weakens Bitcoin's security model. Third, it makes future capacity increases more difficult due to bandwidth inefficiency and quadratic hashing attacks which SegWit doesn't solve since an attacker isn't forced to use it.
For those (and other) reasons, BTCx2 was necessary as a pre-SegWit fork. Segwit will not be adopted.
Which Development Team is In Charge of BTCx2?
Unlike the previous situation in Bitcoin, there is no one single development team for BTCx2. There are now multiple independent teams of developers.
This decentralization of development (and decentralization of software implementations) is a much needed and important step forward.
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