Some people consider forks an “attack” on Bitcoin because someone is trying to replace Bitcoin with something that they think is better. The creator of Bitcoin predicted forks would occur and I support them, because innovation and competition will create better technologies and eventually benefit you, the user. If Bitcoin wants to become the global digital currency, it needs to be able to survive any of these so-called attacks.

Bitcoin Segwit2x isn’t the first time this has happened. In August of this year, a fork happened that created “Bitcoin Cash” (these names create confusion and can be harmful to beginners, IMO). At the time of writing, one Bitcoin is worth $7,013 and one Bitcoin Cash is worth $593.68. Bitcoin is the clear winner, but Bitcoin Cash is still around.

“Fork” is a term used in computer programming. It means to make a copy of a piece of code. So when someone says “Bitcoin Segwit2x is a fork of Bitcoin”, that means that Bitcoin Segwit2x started as an exact copy of the Bitcoin code which was then modified.

Why would you care about Bitcoin Segwit2x?

Bitcoin Segwit2x is a fancy name for a modified version of Bitcoin that some people thinks improves upon Bitcoin and creates a new, better version of the most popular cryptocurrency. Just like when Bitcoin Cash occurred, when the Bitcoin Segwit2x fork happens around November 15th, if you have a balance of 1 Bitcoin, you will also then have 1 of the Bitcoin Segwit2x coins because it’s based off of Bitcoin. That means you will get Bitcoin Segwit2x coins for free if you already own Bitcoin.

The general consensus is that the market will decide which coin is “better” by trading that one more and driving its price up. So it’s possible that your Bitcoins will be worthless soon after November 15th when the fork happens, and your Bitcoin Segwit2x coins will then be your valuable coins. It’s also possible that Bitcoin Segwit2x is a total flop and nobody trades or buys it. We will find out after November 15th.

What should you do before the fork occurs?

You’ll want to get your Bitcoins into a wallet or exchange that is going to support both coins. Luckily Coinbase has announced they’ll support both, and within hours of the fork you’ll see your new balance in Bitcoin Segwit2x coins. The mobile Android wallet Coinomi has also said they’ll support both. Your Bitcoin Segwit2x coins are 100% free to you, so you might as well get them. Even if Bitcoin wins out in the end, you might still be able to sell your Bitcoin Segwit2x coins and get some quick cash out of it.