Frequently Asked Questions
Find answers to recurring questions and myths about Bitcoin2x.
Table of contents
- How people get the actual coins?
- If I'm using X exchange, how do I get the coin?
- What is the fork?
- How do I migrate from an exchange to a wallet?
- How do I get ready for the fork?
- Why is the fork happening?
- Is Bitcoin2x legal?
- Can Bitcoin2x be used for illegal activities?
- Can Bitcoin2x be regulated?
- Is Bitcoin2x tax free?
- How are bitcoin2xs created?
- What gives Bitcoin2x value?
- What determines bitcoin2x’s price?
- Why is the price of bitcoin2x so volatile?
- How is Bitcoin2x like money?
How people get the actual coins?
Bitcoin2x coins can be bought on exchanges that support Bitcoin2x, through local providers, or through a Bitcoin2x ATM.
If I'm using X exchange, how do I get the coin?
There are a handful of exchanges such as Coinbase and Bitfinex that have already listed support for Bitcoin2x. Many of these exchanges have also explicitly stated that if you have a Bitcoin balance at the time of the fork, you will receive an equal balance of Bitcoin2x. However, if you are using an exchange that does not support B2X and you want some, you may have to migrate to an exchange that at the very least offers B2X in its tra
What is the fork?
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).
How do I migrate from an exchange to a wallet?
Migrating from an exchange to a wallet involves sending your coins to the address specified by your wallet.
How do I get ready for the fork?
You can make sure your Bitcoin is on an exchange that supports the forked currency in order to receive the newly 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.
Why is the fork happening?
The Bitcoin2x forked happened to double the blocksize for every transaction from 1MB to 2MB. The argument for Bitcoin2x is that it will help scale Bitcoin. There were some inherent scaling issues associated with the original Bitcoin. Bigger blocks means 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.
Is Bitcoin2x legal?
From our understanding, Bitcoin2x is not currently illegal in most countries. However, some countries such as Russia and Argentina have placed restrictions or bans on foreign currencies. Since Bitcoin2x is a relatively new form of payment, there still aren’t many explicit regulations against it.
Can Bitcoin2x be used for illegal activities?
As a form of payment, Bitcoin2x can be used for both legal and illegal transactions. However, traditional methods of payment such as cash, credit card, and even current banking systems vastly surpass Bitcoin2x in financing crime.
Can Bitcoin2x be regulated?
Since Bitcoin2x is decentralized, it would need the cooperation of nearly everyone on the network. A local or national authority attempting to pass regulations on Bitcoin2x would be impractical and essentially impossible.
Is Bitcoin2x tax free?
While Bitcoin2x is not an official currency nor a fiat currency with the status of being legal tender, it can still accrue a tax liability. Be sure to read up on cryptocurrency tax regulations in your jurisdiction for more information.
How are bitcoin2xs created?
The Bitcoin2x protocol is made in a way that new bitcoin2xs are created at a fixed rate. These new bitcoin2xs are made through the mining process. Miners compete to process transactions, and are rewarded bitcoin2xs as well as small transaction fees for their successful efforts.
What gives Bitcoin2x value?
The value of a single bitcoin2x is determined by its market value. Its market value is derived from its ability to be useful a form of money and value storage.
What determines bitcoin2x’s price?
The price of a single bitcoin2x is determined by supply and demand on the market. It follows the market similarly to how many other publicly traded assets do. When demand for bitcoin2xs increases, the price increases. When demand falls, the price falls. The number of bitcoin2xs in circulation is limited, with a finite amount that will ever be produced. The new bitcoin2xs are created a predictable rate.
Why is the price of bitcoin2x so volatile?
Since Bitcoin2x has a relatively small market capitalization rate, it doesn’t take enormous amounts of money to shift the market price up or down.
How is Bitcoin2x like money?
Bitcoin2x has all the same characteristics of money. It is durable, portable, fungible, scarce, divisible, and recognizable. Where Bitcoin2x is different, however, is that it is backed by mathematics and protocols, and it cannot be reproduced at the will of a single player.
Is Bitcoin2x secure?
The Bitcoin2x technology is one of the most secure forms of payment in the world due to the protocol and cryptography. What can make the use of Bitcoin2x less secure is user errors such as faulty storage of private keys, not seeing up extra security measures such as Two-Factor Authentication (2FA), and falling for phishing sites.
Has Bitcoin2x been hacked in the past?
You may have heard instances in which Bitcoin2x or Bitcoin got hacked. It’s important to qualify this statement by saying that Bitcoin2x itself is nearly impossible to be hacked, but user wallets and exchanges are very much possible targets. Similar to how a bank vault full of gold can be robbed by bank robbers, an exchange holding onto millions (or billions) worth of B2X can be hacked by hackers. This doesn’t mean Bitcoin2x is capable of being hacked, it just means that the ways it is stored can be hacked.
How can I keep my Bitcoin2x secure?
Over the past few years, there have been several important innovations that have allowed users to provide a much greater wall of security around their bitcoin2xs. These solutions include wallet encryption, offline wallets, hardware wallets, and multi-signature transactions. A good rule of the thumb is that using a hardware wallet not connected to the Internet will generally be at less risk than a software or exchange wallet that is online.
Is quantum computing a threat to Bitcoin2x?
While quantum computers don’t exist yet, they do pose a substantial threat to any modern system such as banking systems that rely on cryptography. If (when) the time comes that quantum computing exists, the Bitcoin2x protocol would have to be updated to function in a post-quantum computing world.