What is Segwit2x and Hard Fork?

[Isabella09]

Hi everyone, i am new on crypto currency. I love bitcoin as it is giving me good return and i am also using for my bill payment. But as i am new to cypto currency, i don't have any idea about hard fork and segwit2x, can anybody give me a clear answer with good explanation?

[fiulpro]

Hello and welcome

Hard fork and segwit2x is something very complex to understand if you are new, simply take it as something like newer android version.

Just like you can't use the apps made for old android versions in the new ones similarly after the hard fork the old rules won't be acceptable by the new ones.
Its primarily to make transactions faster.

Segwit is something that is primarily meant for increasing the transaction speeds, blockchains accepts 1 Mb right now and now it will accept 2 Mb, and other optimizations will be made so that the efficiency can be increased and speed too.

[bitalive]

Hello and welcome

Hard fork and segwit2x is something very complex to understand if you are new, simply take it as something like newer android version.

Just like you can't use the apps made for old android versions in the new ones similarly after the hard fork the old rules won't be acceptable by the new ones.
Its primarily to make transactions faster.

Segwit is something that is primarily meant for increasing the transaction speeds, blockchains accepts 1 Mb right now and now it will accept 2 Mb, and other optimizations will be made so that the efficiency can be increased and speed too.

also, some people think Segwit2X as Attack Against Bitcoin
https://www.bitcoinmarketinsider.com/core-an-attack-against-bitcoin/

[Isabella09]

Do you have any previous experience on hard fork? if any please let me know.

[asebaby]

 Hard fork: Is a permanent divergence in the blockchain, commonly occurs when non-upgraded nodes can’t validate blocks created by upgraded nodes that follow newer consensus rules.While Segwit2x is a proposal used in boosting bitcoin,known as the Segregated witness(segwit)

[cynical]

And also with a hard fork any bitcoin hodlers will get the same amount of. Hard fork coins as they hodl in bitcoin. Like the last fork, the bitcoin cash one, if you had 1.625 bitcoin you would automatically be awarded 1.625 bitcoin cash

[SlaughterGirl]

And also with a hard fork any bitcoin hodlers will get the same amount of. Hard fork coins as they hodl in bitcoin. Like the last fork, the bitcoin cash one, if you had 1.625 bitcoin you would automatically be awarded 1.625 bitcoin cash

and now I'm not sure I'll get BTG.
I am still waiting for the official news, and prepare for the good news.
everyone hopes like me.
if there is any news here.

[Exister]

yes we gained previous experience with a contentious hard fork of bitcoin with the emergence of the bitcoin cash blockchain.

basically the blockchain splits into a clone of itself but they will continue to be supported with network nodes and miners. everyone who controls a btc will also control an equivalent number of coins on the forked chain. this makes it appear like u are getting free money.

But there are a number of externalities that are imposed on the crypto community when undergoing the fork.

Exchanges are forced to decide on and promulgate policy on their handling of the fork. this is especially difficult if the exchange was involved in some kind of fractional reserve scheme and its likely since they are opaque centralized entities with a tradition influenced by the banking industry.
anyway, its a big cost to them.

There are hidden costs to users of the network also. we hold our bitcoins today but when the fork happens we have to deal with the technical aspects of safely consolidating both currencies into separate addresses. with the b2x hardfork there is expected to be a lack of replay protection so if you simply move your coins, the movement of coins will occur on both chains simultaneously and you will lose control over the coins on the other chain forever.
Many holders will fall prey to this technical mistake, and many more will fall prey to hackers who will attack with phishing to spam links to malicious tutorials and tools for "safely" splitting your coins.

The aftermath of losses will be unhappy users who may seek to blame others for what they have not learned to take responsibility for themselves. Like the negative effect on the reputation of cryptocurrency in general that the ICO craze has undoubtedly led to, a hard fork craze threatens to do much the same.
You god damn well learn to take your life and limb into your own hands when operating a motor vehicle and likewise ought to learn to take responsibility over your financial security when you operate as your own bank.

[neurotypical]

Hello and welcome

Hard fork and segwit2x is something very complex to understand if you are new, simply take it as something like newer android version.

Just like you can't use the apps made for old android versions in the new ones similarly after the hard fork the old rules won't be acceptable by the new ones.
Its primarily to make transactions faster.

Segwit is something that is primarily meant for increasing the transaction speeds, blockchains accepts 1 Mb right now and now it will accept 2 Mb, and other optimizations will be made so that the efficiency can be increased and speed too.

Wrong. Segwit2x is an attack on bitcoin by corporations. You are also not mentioning how the developer(s) from segwit2x are aligned up with corporate-USG interests. You are also not mentioning increasing block size makes running nodes a harder task and you are also not mentioning not running full node makes you a second class citizen in bitcoin.

A must read for newbies:

https://keepingstock.net/the-corporate-takeover-attempt-of-bitcoin-eb87c18fad60
https://medium.com/@WhalePanda/segwit2x-the-broken-agreement-e9035a453c05

Support segwit2x at your own peril.