Prepare for the upcomming bitcoin fork SegWit2X

What is a fork?

If you been following bitcoin like I have you may have encountered the term fork. This term is not related to the food utensils we use but the divergence of the blockchain in to two separate future paths. The science behind the studying this fork phenomenon on the black chain is still new and a lot has to be discovered for definitive definitions. In the past forking has resulted in the creation of two separate blockchain history and currencies being developed.

Hard vs soft forks

Forks happen when two miners essentially found the same block at the same time. There are two types of forks Hard forks, and soft forks. Hard forks are a radical change in protocol that makes invalid transactions valid or makes valid transactions invalid. Hard forks make the divergence to the blockchain irreversible and nodes that follow the old protocol will be invalid and unable the follow the upgraded blockchain essentially created two spate blockchain paths.

Some hard forks are implemented to mitigate security risk in older versions or simply to modify and add functionality and feature that previously wasn't available. other forks are created to reverses transaction like the hard fork on the Ethereum blockchain that reversed a hack on the DAO(decentralizes autonomous organization). This hard fork enabled DAO holders to get access to the funds that was stolen by an anonymous hacker.

Soft forks are also a change in protocol where valid transactions are made invalid. Soft forks are backwards compatible because it allows old nodes to recognize the new blocks as valid. This is different from the hard fork because it only requires a majority consensus opposed to 100% consensus required for a hard fork.

On December 28, 2017 Bitcoin Segwit2x calls for a specific change in rules scheduled for the 501451 block. Advancements raise the block size by 4mb, recalculated the complexity of each block and introduced x11 encryption algorithm. The best part about this upcoming hard fork is the CEO promised a 1 to 1 ratio and a proportional number of bitcoin Satoshi Nakamoto's coins as a reward.

How to receive SegWit2X

To receive these extra funds in you account you will need to be holding btc in your account during the 501451 block estimated to happen on the 28th of December. In order to receive this hark you must hold btc on the supported platforms HITBTC, Yobit.net, exrates, Zumminer, Localtrade.pro, webmoney, and freewallet.