If you’re using Coins.ph to convert your BTC to Philippine Pesos like me, then you won’t be able to use it anymore after the SegWit2x Hard Fork this November 17, 2017 or Block 494,784. For a more accurate countdown, check out http://bashco.github.io/2x_Countdown/. Coins.ph supports SegWit2x, as well as other well-known wallets and exchanges like Coinbase, ShapeShift, Bitpay, Xapo, and Blockchain.info. To view the list of SegWit2x supporters, click here.
To make this plain and simple, your Bitcoins in the legacy chain (non-SegWit2x chain) will no longer be supported by Coins.ph, thus you cannot send your BTC to Coins.ph anymore and withdraw it to cash. If you have BTC in your Coins.ph wallet, it will be converted to B2X (The new Bitcoin) and they will call it BTC. So if you have a BTC in a wallet that is NO2X (supports the core, doesn’t support the hard fork), then you send your coins to your Coins.ph BTC wallet, you will not receive it, because it’s on a new blockchain. There are now two different worlds in Bitcoin. SegWit2x supporters doesn’t want to call the new Bitcoin as B2X or altcoin, they want it to become BTC. On the other hand, the Bitcoin Core team clearly stated that “This hard fork is not supported by the majority of the Bitcoin users and developers and is therefore a contentious hard fork. By adopting this hard fork, we believe the supporters of this agreement are shifting their users to an alternative currency (an altcoin) which is incompatible with Bitcoin. By storing BTC on these services, you could find that after the hard fork, your BTC has been renamed to something else or replaced entirely with the new altcoin. Some services may continue to present and name the altcoin created by this contentious hard fork as Bitcoin. Users should be aware that this new currency is not Bitcoin. Bitcoin can only be changed with the overwhelming consensus of the entire Bitcoin community of individuals, miners, developers and economy.” You can read the official announcement of Bitcoin.org here.
If you’re using any of the wallets listed in that post, better move it now, or regret later. You can also move your Bitcoins to Bitfinex as they will both support B2X (or the new and improved Bitcoin according to SegWit2x supporters) and the original BTC.
I don’t know what will happen this November. Bitcoin Core might lose its value and the Hard Forked Bitcoin with SegWit2x will be the new Bitcoin, or B2X will have no impact and will just be another altcoin, and Bitcoin Core will continue its journey. Nobody really knows what will happen exactly, but two well-known figures in the cryptocurrency space already placed their bets. This is like a real life conflict between two factions in Ingress: the Resistance and the Enlightened. RES = Charlie Lee while ENL = Roger Ver. Haha!
So if you have Bitcoins, you can still withdraw it at buybitcoin.ph, cex.io, or in any ATM with your cryptocurrency Visa or Mastercard. Provided by uQuid, Bitwala, Spectrocoin or other BTC debit cards out there, just Google them. You can also exchange your Bitcoins via LocalBitcoins.com or Paxful.com.
UPDATE 11/09/2017: Segwit2x cancelled. We can still withdraw our BTCs at Coins.ph. Hurray!
UPDATE 11/13/2017: Please don’t sign-up at uQuid if you’re looking for a crypto debit card. Their card services are down for 3 months now. Tsk tsk tsk…