The Bitcoin network is upgrading its capacity from a «1mb block size limit» to a «2mb block size limit»
What the heck does that mean?
Increasing the block size limit will allow for a greater number of transactions to be processed on the network daily, which is currently maximized at about ~300,000 per day. This means lower congestion (resulting in lower tx fees) and more stable & predictable confirmation times for everyone. This additional capacity also opens up the next wave of user adoption, doubling the amount of daily activity that can occur over time — which will naturally have a positive impact on the market price.
When is this happening?
The protocol upgrade is scheduled to happen on the discovery of block 494784, which is estimated to be Friday, November 17th, 2017. A handy countdown timer can be found here: https://bashco.github.io/2x_Countdown/
Ok, so what do I need to do?
This depends on who you are and how you use Bitcoin. For most users, you do not need to do anything except for waiting patiently. For others, the process involves a simple software update.
I’m a light wallet / SPV wallet user
If you primarily use a «light» or «SPV» (Simple Payment Verification) wallet, you do not need to take any action. Your wallet will automatically follow the correct Bitcoin Blockchain. We do however recommend holding off on creating new transactions during the day of the protocol upgrade, to ensure that the «dust» is settled on the network and to reduce any potential risks.
List of light/SPV wallets inlcude: Copay, Electrum, Mycelium, Breadwallet, Jaxx, Bitgo, Bither, Bitcoin Wallet for Android, Green Address, Counterwallet
This also includes hardware wallets such as TREZOR, Ledger, Digital Bitbox and Keepkey.
I use a web wallet
If you primarily use a web based or «hosted» wallet, you also do not need to take any action. Your wallet provider will automatically follow the correct Bitcoin Blockchain.
List of some web wallets: Blockchain.info, Xapo, Coinbase
I use a full node wallet
If you use a Bitcoin Core or Bitcoin-QT node for your wallet, all you need to do is a simple software update to a supporting client. Compatible node clients are all forks of Bitcoin Core, which means they share 99% of the same code. Unfortunately, the main branch of the Bitcoin Core software is incompatible with this protocol upgrade (unless manually patched) due to the remaining github maintainers that want ‘their way or the highway’.
To make sure that you stay on the correct & valid Bitcoin Blockchain with the most accumulated Proof of Work, please upgrade to one of the following node clients: