The latest Bitcoin fork is just weeks away that is February 28. A bit different from other forks, Bitcoin Private (BTCP) is adding a privacy-enhancing feature zk-snarks that is usually used in the z family of coins such as zencash, zclassic and zcash. In fact, bitcoin and zclassic will be formed simultaneously and will be made available to both the coin holders.
- On February 28, both the coins will be forked simultaneously
- The total calculating supply is the combined supply of BTC and ZCL i.e 20M BTCP
- After the fork, both the coin holders will get the BTCP coins in the ratio of 1:1
20 Million BTCP for the hodlers of bitcoin and zclassic
On February 28, the holders of bitcoin and zclassic blockchains will be eligible for bitcoin private as the snapshot of both the blockchains will be taken. Once the BTCP mainnet launches a few days later, the distribution will be in the ratio of 1:1. By combining the circulating supply of ZCL and BTC, about 20 million coins will be created in total.
According to the official twitter, the snapshot will be on February 28 while the actual forking will be two days later.
The total calculating supply of BTCP will be 18,500,000 that includes both the supply of BTC and ZCL, while the maximum supply will be 20M BTC.
Last year, when the announcement of the fork was made, it led to the prices of zclassic to shoot up from mere $4 on December 22 to about $97, at which it is currently riding.
To get the maximum allocation of bitcoin private, right now the perfect thing to do is to load up on zclassic as it is cheaper than bitcoin. Moreover, with the hard fork just around the corner, zclassic is most likely to rise even further.
This time, it is expected that both Bittrex and Cryptopia, both will be supporting zclassic and will carry BTCP. They have even applied to Binance for getting listed there.
An effort to improve the anonymity of bitcoin
BTCP is looking like a well thought out fork, unlike its previous counterparts. Apart from having a proper development team, the code is already under the process of extensive training. The undergoing testing process for BTCP wallets was the reason why the fork date was announced only recently.
Over the years, the underlying code hasn’t changed much. However, the scrutinizing of blockchain activity by law enforcement among other busybodies has definitely changed.
The currency that has been extremely difficult to track can now be traced by anyone. And due to this gradual erosion of privacy, the private coins such as Monero has risen.
As for what will happen with zclassic after it is forked, Rhett Creighton has mentioned that they will continue to support its development. However, it has been believed that there wouldn’t be much use of zclassic after the fork and it will be eventually dumped.
Though it is highly unlikely, it is possible that the hard fork fails because of too many bugs. Losing your ZCL while transferring them around or while extracting BTCP is a possibility as well, but you will be fine as long as you are careful.
So, what are your thoughts on this new bitcoin private fork coming up? Let us know below!
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I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.