Well, Bitcoin will remain the same as it was – in November we will have a hard fork, called Segwit2X or Bitcoin2X, and during this hard fork, a new blockchain and cryptocurrency will be formed. Even if it is referred to as a split, it is actually the creation of a new element rather than a split. The old blockchain does not lose a part of its own – it goes on as it was originally created.
So – yes, the hard fork will take place for sure.
Coinbase, the largest crypto exchange in the US, already announced that it would display the new coin as Bitcoin2X.
The new after-fork coin, which will be called Bitcoin2X (B2X) will be more expensive and important than the current Bitcoin Cash, which recently showed an impressive rally by the way. In fact, to understand the great importance of the event, some people anticipate that B2X will replace Bitcoin itself.
At the moment of writing, Bitcoin Cash price is over $620, while the segwit2x price on the futures market is $1800. In fact, yesterday, segwit2x futures price was $1200 – so you may see how much confidence people have in the upcoming fork. It will succeed because there are big players behind it – including Coinbase. B2X futures price peaked yesterday at $2400 – so it doubled during the same day before dropping to the current value at $1800. It’s amazing.
Almost 85% of the miners support the fork, so Segwit2x will take place
The fork was proposed by the New York Agreement (NYA), and there are many NYA signatories (companies and entities supporting the fork): bitFlyer (Japan), Coinbase, btc. com, Civic, Luno, Veem, and more.
However, many entities have not expressed their support.
The main arguments for the fork are the increasing space in a block, higher speed, and lower costs among others.
The event will surely have a considerable impact on the Bitcoin market.