Bitcoin Segwit2x Fork: What Happened on November 17th?

Despite an official cancellation it seems a group of miners went ahead with Segwit2x anyways. The Bitcoin Segwit2x fork happened at block 494,784. This block occurred early Nov. 17 Pacific Time.

Thus, anyone who had their transactions confirmed before the block (so not just had Bitcoin in theory, but had their transaction confirmed on the block chain) now has equal parts Segwit2x.

Right now, here on launch day, Segwit2x can be traded for a few hundred dollars (the price has been fluctuating). With that said, you should consider holding both your Bitcoin and Segwit2x until a few entities confirm things are safe.

Here are a few things to think about:

There is rumor that Segwit2x doesn’t have replay protection (see this link on why replay protection matters on a fork like Segwit2x). What that means in simple terms is that if you go sending coins around they can get lost.

When new forks happen we tend to see a good deal of fake links and fake wallets created by people out to steal Bitcoins and capitalize on the confusion. If you follow unofficial instructions, you could get burned. Also, if Segwit2x ends up being malicious, even official instructions could end up burning you.

Segwit2x could theoretically increase in value. There is even a slight (very, very slight) chance that Segwit2x could become the dominate Bitcoin or a serious contender. Trading a coin away for $300 when it could be worth $8,000 some day is its own sort of risk.

With all that said, some will want to claim their Segwit2x right away and sell it for whatever they can get. There is no illogical move, just make sure that if you are messing with Segwit2x you are very careful.

Once we confirm a valid method for claiming and trading Segwit2x we will write about it. See exchange and wallet specific FAQ in the meantime. For example, see Coinbase’s update on Segwit2x.

TIP: The most official Segwit2x source is probably their GitHub. See the Segwit2x GitHub “SegWit2x Working Group.”

FACT: With forks, the block matters, not the date. Next time you hear about a fork, remember the date being given is an approximation. The close we are to the fork, the more accurately the time can be approximated.