We have seen a lot of hard forks in 2017 and 2018 would not be an exception in my opinion. We might see a lot more even. Most of the Hard forks we came across lately were more or less a scam. Bitcoin holders have suffered through these hard forks, where people steal your coins when you try to claim the parallel ones.
Nowadays, if we come across a news of a coin getting hard forked, we don't get excited but worried instead. Although, if you think any upcoming hard fork is a scam or you don't support it. The best solution to bypass is not to claim them at all. Keeping in mind that you can claim your coins anytime in the future, Not necessary to claim your hard forked coin right after it happens.
Bitcoin Private is something different, i believe. As this hard fork is coming up with not just one but two coins combined i.e. Bitcoin and zClassic.
We know that the king "Bitcoin" was the very first application built upon blockchain technology. As much as people think of bitcoin being anonymous but the truth is, it's not an anonymous currency. And the majority of people think that bitcoin completely lacks anonymity, whereas it should have been right from the beginning.
zClassic, on the other hand, is completely based upon anonymity. Since it's already a hard fork of zCash. It carries almost all the features of zCash built into it. The major reason of zClassic gets evolved from zCash is to remove 20% developer fee from mining. zClassic team believes in providing complete block rewards to miners.
ZClassic is being used in Bitcoin Private hard fork particularly for its properties of being completely anonymous and higher block rewards to its miners' community. Even I believe, choosing zClassic over zCash is a better option.
Motive Behind Bitcoin Private
Bitcoin Private is promised to deliver decentralized and completely private transactions on blockchain. According to their official website, BTCP will be faster than Bitcoin, more secure with less transaction fee. It is also announced that there will be no pre-mined or any founders reward in BTCP Blockchain to give it a fair start for everyone. Not to mention, it's code base will be released publically to make it completely source. following is the screenshot of BTCP official website btcprivate.org
Hardfork Dates & Details
BTCP hard fork is happening on February 28th, 2018 and everyone will be provided with equal amount of BTCP against BTC and zClassic. which means if you hold 10 Bitcoin and 10 zClassic. you will be provided with 20 Bitcoin Private (BTCP). However, it is still unclear, if and which exchanges will be supporting this hard fork.
How to Claim BTCP
I couldn't find any updates on any exchange, for BTCP support. So, I have created this post to let people know, how to claim BTCP safely to their wallets as following:
- Download BTC & ZCL electrum wallets
- Transfer your coins into their respective wallets
- Wait until 28th Feb, 2018
- Transfer your coins to another wallet (Just to be safe)
- BTCP wallet will be provided after 2 days of hard fork (As they announced)
- Download BTCP wallet to claim your BTCP using private keys (will be safer, as you already transfered your coins to another wallet)
Useful Links:
- Bitcoin Electrum Wallet: https://electrum.org/#download
- zClassic Electrum Wallet: https://github.com/BTCP-community/electrum-zcl/releases
- Bitcoin Private Official Website: https://btcprivate.org/
I would love to read your comments and thoughts about Bitcoin Private hard fork.
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