Here we are again. Yet another Hard Fork.
What is a hard fork?
A hard fork is when a single cryptocurrency splits in two. It occurs when a cryptocurrency’s existing code is changed, resulting in both an old and new version. This case is somewhat unique, whereby ZCL and BTC will be co-forked into Bitcoin Private (BTCP). Double Forked Baby!
This means if you have Bitcoin, then you will get Bitcoin Private. AND if you have ZCL, then you will get Bitcoin Private.
So why do we need Bitcoin Private and how does it differ from Bitcoin or ZCL?
Bitcoin Private will use the same privacy technology as ZClassic (zk-snarks). This means payments are published on a public blockchain, but the sender, recipient and other transactional metadata remain unidentifiable.
Unlike Bitcoin, Bitcoin Private will support a slightly increased block size while being more anonymous and secure than any existing Bitcoin-based currency without sacrificing transaction speeds.
The long-awaited $BTCP snapshot has occurred. The block height for $ZCL is 272991 and the block height for $BTC is 511346.
Today is the snapshot date and the fork date will be 02March2018, the mainnet will be ready to rock n roll!
So if your ZCL and/or BTC were on those exchanges on or before the snapshot, you will automatically receive your bitcoin private (BTCP) coins in your wallet on their platforms.
You will be credited Bitcoin Private (BTCP) at a 1:1 ratio. For example, if you hold 10 ZCL and 3.8 BTC, you will receive 13.8 BTCP.
How many ZCL are in circulation, and how many BTCP will there be after the fork?
Currently, there are about 3,000,000 ZCL in circulation. When the fork occurs, the total BTCP in circulation will be the current circulating supply of BTC plus ZCL.
Here is the official document on how to Claim BTCP with the Electrum wallet
The Bitcoin Private (BTCP) wallet will be available for Windows, Mac and Linux on or before 02March2018.
Until Next Time…
Faith Sloan “QueenWiki”
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