How to buy Bitcoin2x
There are multiple different methods you can purchase Bitcoin2x.
Use a Bitcoin2x Exchange
There are dozens of cryptocurrency exchanges, but currently only relatively few support Bitcoin2x because of its novelty. Check out our Bitcoin Exchange page to see which exchanges you can use to buy Bitcoin2x.
Buy Bitcoin2x Locally
Services such as Local Bitcoins makes it possible to find people who are selling Bitcoin2x in your area. For example, Local Bitcoins has a list of sellers with reviews and feedback scores.
Use a Bitcoin2x ATM
Bitcoin2x ATMs work just like normal ATMs in the sense that you’re able to withdraw and deposit money in order to buy and sell Bitcoin2x.
Bitcoin2x vs Bitcoin
One of the most popular questions people have about Bitcoin2x pertains to how and why it’s different from Bitcoin
What is Bitcoin2x
Bitcoin2x is the result of the bitcoin fork that occurred on November 16th, 2017.
Bitcoin2x is the doubling of the current Bitcoin block size from 1 MB to 2 MB. The blockchain prior to the 2x fork will continue to be called Bitcoin, and the new forked blockchain is called Bitcoin2x. Bitcoin2x is intended to improve the cost and speed of Bitcoin transactions.
How did Bitcoin2x come to exist?
Bitcoin is a decentralized cryptocurrency with an open source code. This means that no single entity has complete ownership over the coin, and its open source code allows for community decisions to decide on Bitcoin updates.
If a portion of the Bitcoin community sees something that can be improved, they come up with a Bitcoin Improvement Proposal (BIP for short). Then, the larger part of the involved community reviews the proposal and comes to a consensus on whether to move forward with the BIP. As you can imagine, this can cause some disagreement between groups with differing ideologies and visions of where and how they see Bitcoin evolving. When opposing factions can’t come to a unified consensus, forks happen. Each fork supports the original blockchain, with their own version of the future direction (either including the update or not).
For example, Bitcoin currently supports the 1MB block size and Bitcoin Cash supports a 8MB blocksize.
Many of these BIPs revolve around potentially problematic issues that Bitcoin is yet to face. This means that many of people who use Bitcoin but aren’t too familiar with the technical applications likely aren’t too familiar with the immediate reasoning or effects of each fork.
Why does Bitcoin2x exist?
The argument for Bitcoin2x is that it will help scale Bitcoin. There were some inherent scaling issues associated with the original Bitcoin, and the solution Bitcoin2x proposed is to increase the transaction block size from 1MB to 2MB.
Bigger blocks mean less competition to insert a transaction to try to get it included in the next block. This means more transactions in each block. This results in lower transaction fees and greater throughput in the network. Theoretically, this will make Bitcoin2x cheaper and easier to use for everybody. The aim is to increase mainstream adoption and get people to use Bitcoin2x more often on a daily basis.
Currently, it takes a few dollars just to send Bitcoin to someone.
The counterargument is that bigger blocks require much more processing power. Additionally, any time a group of people can play a major role in influencing the structure and production of Bitcoin, the pendulum slowly swings towards centralization. Some of the members of the counterargument include members of the Bitcoin core team.
What can you do?
You can make sure your Bitcoin is on an exchange that supports the forked currency in order to receive the new forked coin. Additionally, you can store all your private keys at the date of the hard fork. Don’t save them in a word document. Print them out. Your private keys give you access to your bitcoin anywhere on the planet. If there is a hard fork and you have your private keys, you will get the exact same amount of the new Bitcoin as you have of the first one.
For example, if you’re holding 100 Bitcoins prior to the fork, you will have 100 Bitcoin and 100 B2X.
Don’t move your bitcoin and let the dust settle. Give it a few days to see which chain you want to support and spend your bitcoin on.
Gemini, for example ,stated that it will likely reflect the chain with the greater total difficulty, and that they may choose to open new order books for the chain with less difficulty.
When did Bitcoin2x come about?
Bitcoin2x came into existence on November 16th, 2017.
The history of Bitcoin2x, also referred to as Segwit 2x, formally dates back to February 21st, 2016 during the Bitcoin Roundtable Consensus in Hong Kong’s Cyberport. During this meeting, members of the development community and other figures in the bitcoin industry mentioned a hard-fork that would include an increase in non-witness data to be around 2 MB, with a total size of no more than 4 MB.
These discussions were supported at the Bitcoin Scaling Agreement in New York in May 2017, signalling a commitment to active the 2MB hard fork within 6 months. The collective signed companies reflected a critical mass of the bitcoin world, representing:
- 83.28% of hashing power
- 58 companies in 22 countries
- 20.5 million Bitcoin wallets
- 5.1 billion USD monthly of chain transaction volume
Are there any drawbacks to Bitcoin2x?
A big piece of criticism is that Bitcoin2x lacks “replay protection”. Replay protection essentially means that a fork is happy being an alt-coin. However, there is contention between Bitcoin2x and Bitcoin as to which should be THE Bitcoin. Once a split occurs, if you’re transacting on one chain, your transactions can be replayed on the other chain. This means someone could monitor your transactions and replay them on the other, meaning you could lose some money. Malicious merchants could also theoretically double charge you. However, the Bitcoin2x development team is working hard to address these issues before they become problematic.
If you have any specific questions, feel free to refer to our FAQ page here.