Leading Bitcoin Hardware Wallet Trezor Will Support SegWit2x (B2X)
Trezor , the most widely utilized Bitcoin hardware wallet within the cryptocurrency sector, has released an official statement regarding the SegWit2x hard fork scheduled to be executed on November 16.
Upon the SegWit2x hard fork later this month, the Trezor development will add support for the SegWit2x coin, which will be listed as “B2X,” similar to most major Bitcoin exchanges such as Bitfinex, Coinbase, and Bittrex.
Users, investors, and traders who hold Bitcoin prior to the SegWit2x hard fork will be credited with an equal amount of B2X at a 1:1 ratio. But, the Trezor development team emphasized that the SegWit2x developers have not implemented replay protection and do not intend to in the future, which would render the crediting and withdrawing process of B2X complex.
Developers of Trezor stated:
“The TREZOR device supports both BTC and B2X. For both, new and legacy addresses will be supported. However, as SegWit2x will not implement replay protection, there are certain steps you need to take before you can use both coins safely. We will prepare a guide for you to follow, should you wish to split your coins and use both coins.”
Unlike Bitcoin Cash, SegWit2x has opted not to implement strong replay protection, which is absolutely necessary for Bitcoin holders to obtain B2X safely upon its fork. Without replay protection, Bitcoin holders may risk their existing Bitcoins in the process of obtaining the newly created B2X tokens.
“Without replay protection, if you spend coins on one chain, the transaction could be ‘replayed’ on the other chain, since the transaction is valid on both BTC and B2X, causing you to spend both coins. Therefore, you will first have to split the coins into different addresses,” the Trezor development team explained.
Hence, in order to obtain the B2X token on November 16 on any Bitcoin or cryptocurrency wallet like Trezor, users will need to follow a series of specific instructions to safely withdraw B2X, without endangering their existing funds.
As the SegWit2x hard fork nears, the Trezor development team will prepare a detailed guide that would allow users to obtain B2X upon its hard fork. Most Bitcoin wallets like Coinbase and Blockchain will also likely provide instructions for users to follow strictly to obtain Bitcoin.
Earlier in October, prominent Bitcoin developer and Paxos principal architect Jimmy Song noted that SegWit2x has added opt-in replay protection rather than strong 2-way replay protection, which requires users to perform a series of tasks to prevent their existing Bitcoins from being stolen or lost.
“The SegWit2x developers decided on a particular Opt-in replay protection scheme as in the pull request above. Alice, when sending coins on the Legacy chain to Bob, will have to send a small amount to 3Bit1xA4apyzgmFNT2k8Pvnd6zb6TnwcTi in order for the transaction to be invalid on the 2x chain,” said Song.
Whether SegWit2x developers will add strong replay protection to maximize security for Bitcoin users remains unclear, as the suggested date for the SegWit2x hard fork is less than two weeks left.
Leading Bitcoin Hardware Wallet Trezor Will Support SegWit2x (B2X)
Trezor , the most widely utilized Bitcoin hardware wallet within the cryptocurrency sector, has released an official statement regarding the SegWit2x hard fork scheduled to be executed on November 16.
Upon the SegWit2x hard fork later this month, the Trezor development will add support for the SegWit2x coin, which will be listed as “B2X,” similar to most major Bitcoin exchanges such as Bitfinex, Coinbase, and Bittrex.
Users, investors, and traders who hold Bitcoin prior to the SegWit2x hard fork will be credited with an equal amount of B2X at a 1:1 ratio. But, the Trezor development team emphasized that the SegWit2x developers have not implemented replay protection and do not intend to in the future, which would render the crediting and withdrawing process of B2X complex.
Developers of Trezor stated:
“The TREZOR device supports both BTC and B2X. For both, new and legacy addresses will be supported. However, as SegWit2x will not implement replay protection, there are certain steps you need to take before you can use both coins safely. We will prepare a guide for you to follow, should you wish to split your coins and use both coins.”
Unlike Bitcoin Cash, SegWit2x has opted not to implement strong replay protection, which is absolutely necessary for Bitcoin holders to obtain B2X safely upon its fork. Without replay protection, Bitcoin holders may risk their existing Bitcoins in the process of obtaining the newly created B2X tokens.
“Without replay protection, if you spend coins on one chain, the transaction could be ‘replayed’ on the other chain, since the transaction is valid on both BTC and B2X, causing you to spend both coins. Therefore, you will first have to split the coins into different addresses,” the Trezor development team explained.
Hence, in order to obtain the B2X token on November 16 on any Bitcoin or cryptocurrency wallet like Trezor, users will need to follow a series of specific instructions to safely withdraw B2X, without endangering their existing funds.
As the SegWit2x hard fork nears, the Trezor development team will prepare a detailed guide that would allow users to obtain B2X upon its hard fork. Most Bitcoin wallets like Coinbase and Blockchain will also likely provide instructions for users to follow strictly to obtain Bitcoin.
Earlier in October, prominent Bitcoin developer and Paxos principal architect Jimmy Song noted that SegWit2x has added opt-in replay protection rather than strong 2-way replay protection, which requires users to perform a series of tasks to prevent their existing Bitcoins from being stolen or lost.
“The SegWit2x developers decided on a particular Opt-in replay protection scheme as in the pull request above. Alice, when sending coins on the Legacy chain to Bob, will have to send a small amount to 3Bit1xA4apyzgmFNT2k8Pvnd6zb6TnwcTi in order for the transaction to be invalid on the 2x chain,” said Song.
Whether SegWit2x developers will add strong replay protection to maximize security for Bitcoin users remains unclear, as the suggested date for the SegWit2x hard fork is less than two weeks left.
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