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The Bitcoin (BTC) and ZClassic (ZCL) fork are going happen on 28th Feb, 5:00 pm UTC. This fork will create a new coin called “Bitcoin Private”.
What is Bitcoin Private (BTCP)?
Just like Bitcoin, Bitcoin Private will support peer-to-peer transactions without an intermediary. The transactions will be fast. Bitcoin Private will use the same privacy technology as ZClassic. This means payments are published on a public blockchain, but the sender, recipient and other transactional metadata remain unidentifiable.
A hard fork is when a single cryptocurrency splits in two.This case is a unique one, where ZCL and BTC both will be co-forked together into Bitcoin Private (BTCP).
How can I receive my BTCP coins?
According to the ZCL documentation on Reddit, BTCP Coins will be distributed on a 1:1 ratio. Example: (1 ZCL = 1 BTCP.) (1 Bitcoin = 1 BTCP.) (1 ZCL & 0.5 BTC = 1.5 BTCP.) The total combined amount of ZCL and BTC you own at the time of the snapshot will grant you eligibility to claim the same combined amount in Bitcoin Private. You do NOT need to hold a full amount of a coin. You can own partial amounts of ZCL/BTC.
So which coin should I buy to get more BTCP?
You will get the equal quantity of BTCP whether you are holding Bitcoins or ZClassic. So if you are going buy a coin to claim BTCP as the reward, you should buy ZClassic. BTC is currently trading at $10,967.10 and ZCL is trading at $87.77. Clearly, you can get more ZCL then BTC for your purchase and hence more Bitcoin Private coins you will get as reward after the fork.
How can I buy ZClassic (ZCL)?
ZCL is available at CoinSwitch. You can follow this step by step guide to buy ZCL at best rates: https://blog.coinswitch.co/how-to-buy-zclassic-zcl-aeb1a474328d
Where should I store my ZCL to get BTCP?
You can store your ZCL coins in ZCL Electrum wallet to ensure you are getting BTCP after the fork. The wallet can be downloaded from https://github.com/BTCP-community/electrum-zcl/releases.
You can visit BTCP/ZCL official Telegram and Discord channels for more details.
Happy switching :)
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