Intended to launch on 17 November as an alternative to Bitcoin and Bitcoin Cash, Bitcoin2X fell apart at the final hurdle, plunging the future of Bitcoin into uncertainty bitcoin transaction trackers users jump ship to invest in Bitcoin Cash instead. Enter the terms you wish to search for. 005 0 0 0 0 0c0. 005 0 0 0 0 0c2.
The idea of Bitcoin2X was to create a more-useful Bitcoin fork that allowed for increased transaction size and speed, bringing costs down in the process. Unfortunately, a small group of Bitcoin users didn’t believe in it and strong-armed the decision in their favour, leaving Bitcoin2X to fail before it had even started. What was Bitcoin2X and how did it differ from Bitcoin Cash? A fork means that previous transactions made in Bitcoin are replicated in Bitcoin2X, but all future transactions will be entirely independent of one another.
It’s the same process that Bitcoin Cash underwent when it split from Bitcoin on 1 August. Bitcoin2X was intended to be a brand-new cryptocurrency created from the original Bitcoin blockchain and Bitcoin technology. This means it would have created a hard fork from the Bitcoin Blockchain as Bitcoin continues to trundle along on 1MB transaction limits. Seeing as the price of Bitcoin was skyrocketing as more people started to use it, being able to process larger transactions quickly, instead of splitting them across lots of blocks, is a boon.
If that rather simple overview is a tad confusing, I’ve got bad news for you, things get denser when you get into the pros and cons of Bitcoin2X. The simplest way I can explain the existence of Bitcoin2X is that, basically, nobody knows what comes after Bitcoin. Having placed a hard limit on bitcoin transaction sizes to curtail DDoS-style abuses of the Blockchain on fraudulent transactions, Bitcoin can’t scale as intended by its creator Satoshi Nakamoto. This means Bitcoin has to change to survive, but there’s no clear idea how this split will occur.
Initially, it was looking as if Bitcoin2X wouldn’t really be a new currency, just a change to the rules of Bitcoin. The intention of having faster transactions means that Bitcoin can go back to being instantaneous like it used to be. In its current form, Bitcoin transactions actually take longer than exchanging many global currencies. What was the problem with Bitcoin2X? Other than being a divisive measure to solve Bitcoin’s scaling problem, there are a handful of other worries around the forking of the Bitcoin blockchain into Bitcoin and Bitcoin2X. Bitcoin Cash, there are a plethora of new problems that need to be overcome.