Bitcoin Private Fork (Zclassic + Bitcoin Fork)

Posted by on December 28, 2017 in News

About the Bitcoin Private Fork (AKA the Zclassic / Bitcoin Fork): Zclassic Plans a Bitcoin Fork Called Bitcoin Private, Here is What You Need to Know

Zclassic (ZCL) plans to fork Bitcoin (BTC) to create Bitcoin Private (BTCP). Holders of both Zclassic and Bitcoin will qualify for the Bitcoin Private fork. The snapshot date is February 28th, 2018.[1]

UPDATE: The snapshot occurred, and it looks like everything is on track for Bitcoin Private to launch. However, there are a number of notes worth being aware of in terms of support from Bittrex and a drop in Zclassic’s price. Please see our page on Bitcoin Private updates for recent news.

To get BTCP you need to hold Zclassic and/or Bitcoin in a wallet where you control your private keys or on a third party platform that supports the fork when a still undefined Bitcoin block height occurs on February 28th, 2018. The Main Net will go online approximately two days after the snapshot, and at that point people will begin being able to claim Bitcoin Private coins by configuring a Bitcoin Private wallet (learn more about how to claim coins from forks).

  • What is Bitcoin Private? Bitcoin Private is an upcoming fork of Bitcoin meant to create a privacy-focused Bitcoin that essentially mashes up the features of Bitcoin Gold and Zcash/Zclassic.
  • Who gets access to the fork? The plan is for Zclassic holders and Bitcoin Holders to each get Bitcoin Private ( BTCP) in a 1:1 ratio. In other words, you get one BTCP for every Bitcoin or Zclassic you hold in a wallet where you control your private keys or on a wallet that will embrace the fork like Coinomi.
  • Supply: There will be 19,700,000 BTCP (the circulating supply of BTC + ZCL).
  • Snapshot date: According to the official Bitcoin Private site, the snapshot will occur on the first block time stamped after 5pm UTC on February 28th, 2018. The snapshot block will be different for Zlcassic and Bitcoin as they use different blockchains.
  • Fork Date & Main Net Launch: The main network will go live approximately 2 days after the snapshot occurs.
  • How to Claim Bitcoin Private: Logically, if you control your private keys you will need to configure a Bitcoin Private wallet using those keys (move your ZCL or BTC out of the old address before claiming). If you are on a third party platform, you need to wait for them to confirm they will support the fork and issue directions (please note that Coinomi has already embraced the fork; so you can use Coinomi to qualify for the fork, but you’ll need to wait for them to issue directions).

Please note that you’ll likely need to hold Zclassic in a Zclassic wallet to be privy to this, thus buying and holding on Bittrex, for example, many not be enough (there is no way to know unless the platform you are holding Zclassic or Bitcoin on makes an announcement).

As the date approaches, we should get more information on specifics. See the Official Zclassic Twitter: //twitter.com/zclassiccoin and Zclassic Dev Rhett Creighton’s Official Twitter: //twitter.com/HeyRhett

Learn more about the upcoming Bitcoin forks and how to qualify for them.

UPDATE: The Developers of BTCP pointed out that the circulating supply of ZCL is 3 million (not 1.8 million). The original supply of BTCP was said to be 18,500,000, however this was later corrected by the developers and confirmed to be 19,700,000. See Official statement about updated circulating supply of ZClassic. You can verify this on the official Zlcassic Twitter noted above.

NOTE: BTCP will have a low inflation rate. The aim is to stay below 21 million BTCP once all coins are in circulation.

NOTE: With all forks, we can never be 100% sure that the fork will occur until the snapshot is taken, the chain is live, and everything is confirmed as stable and workable. This fork is no different. Sometimes we get a Segwit2x (a fork that didn’t happen or didn’t happen as planned); sometimes we get a Bitcoin Cash (a fork that did happen has planned and ended up being a valuable asset). One must be prepared for both the best and worst in the crypto space.

Article Citations
  1. Historical Bitcoin Private Hard Fork Snapshot Announcement. Official BitcoinPrivate post on Reddit.

Author: Thomas DeMichele

Thomas DeMichele has been working in the cryptocurrency information space since 2015 when CryptocurrencyFacts.com was created. He has contributed to MakerDAO, Alpha Bot (the number one crypto bot on Discord),...

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Teri

Do you need to have ZCL AND BTC to get BTCP? I exchanged all my BTC for ZCL… is this okay?

Reply
Thomas DeMicheleThe Author

Yes, holding either bitcoin or zclassic should have the same effect in respect to the bitcoin private fork.

Just make sure to hold either coin in an appropriate wallet (a wallet where you control your private keys or coinomi for example).

Reply
Michael Anderson

when the fork happens how do they value the BTCP does it assume the same value as the ZCL at the time of the snap shot. the reason I ask is if ZCL is $200 at the snap shot can they give you BCP token valued at $1-00 or will they be valued at $200.

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Thomas DeMicheleThe Author

BTCP will go to market at any price people are willing to pay for it. Thus it really depends on what exchanges it trades on and what people are willing to buy / sell for.

It could trade for anything, so I wouldn’t want to speculate. I would only say, look at past Bitcoin forks. You can see that some forks trade for as low as $20 and some have traded as high as $800 out of the gate. Given the current price of Zclassic, I wouldn’t suspect that we would see the higher end, but there i zero way to know.

The only thing that is certain is the 1:1 ratio. That is, you will have 1 BTCP for every Bitcoin or Zclassic you hold in a qualifying wallet (where you own your private keys or where the third party supports the fork). The prices are anyone’s guess.

Please be aware that Zclassic’s price may fluctuate before and after the fork. Forks generally create a lot of excitement, but result in many people trying to rush out of the original coin after the snapshot.

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Monoborisp

Hi!.. thank you for the article… do you know if the ZCL paper wallet, provided by dev’s site will be valid for the fork?

Reply
Thomas DeMicheleThe Author

One would have to assume that is the case. You would have an address and private key with a paper wallet even if it wasn’t reusable… so you logically should be able to use that. Maybe ask the devs on Twitter?

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SCB

Coinomi Wallet support this fork.

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Thomas DeMicheleThe Author

That is true: https://twitter.com/bitcoinprivate/status/959566948790161408

Verify here by scrolling down to the post the Bitcoin Private post they shared: https://twitter.com/CoinomiWallet

Reply
Chad Gladue

Does my BTC need to be in a Legacy address or can it be in a SegWit Address to qualify ?

Reply
Thomas DeMicheleThe Author

Great question, I would have to research it.

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Mike J

I’m not a huge fan of Bitcoin hard forks but i must admit, this one sounds petty cool. Private, difficulty adjustment every block and community based sound compelling.

Reply
Jason brumback

How do I find out what wallet to hold my Classic in?

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Thomas DeMicheleThe Author

Go to the official site, go to the “get started” section, and download the wallet for your operating system.

http://zclassic.org/#getstarted

This is assuming that the official wallet will qualify you for the fork. I can’t see this not being the case.

Reply
zclman

Does it matter if you kept it in a private address vs transparent address?

Reply
Thomas DeMicheleThe Author

Great question, I don’t see why it would. Might want to ask the devs / keep an eye on the site and Twitter (see links on the page).

Reply
Mike

Coin like this already exist. It is community-driven, no premine and it’s name is BitcoinZ.

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Thomas DeMicheleThe Author

Very interesting note. That doesn’t invalidate anything here (it is not for example a grounds for FUD in my opinion), but is interesting to note. Getting forked Bitcoin Private coins for holding BTC or Zclassic is pretty attractive even if it is just creating a competitive coin rather than a coin that is unique in every way.

We have Zcash, Zclassic, and other competitors. Why not have both ZBitcoin and Bitcoin Private? The market (users and traders) can decide which one they favor or if they favor both after the new chain is live (assuming this all ends up being legit).

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