One of the biggest pieces of news this year in the cryptocurrency/privacy world was the announcement of the Bitcoin Private coin. Bitcoin private (BTCP) will extend upon Bitcoin (BTC), adding privacy features as found in ZClassic, with a faster transaction time (and other positives) to boot. The tagline “making Bitcoin anonymous” has been thrown around recently, and it certainly sounds fitting given the world post-Snowden.
BTCP is poised to officially launch March 2018, and if you’re a ZCL or BTC owner, you may be in line to getting some of them for free.
If you don’t own either, you’d be looking to procure ZCL which is below $200 USD today, as opposed to BTC which is worth over $10k. As such, we’ll continue this journey on the presumption that you are jumping aboard the ZCL train (at least until you receive your free BTCP that is).
Why should I care about BTCP?
If you, like me, like the idea of receiving forked bitcoin coins (especially considering Bitcoin Cash [BCH] and Bitcoin Gold [BTCG] were both worth $550 USD at launch), buying a handful of ZCL today may be a worthwhile short term investment.
If we want to be really optimistic, we don’t need to look any further than BCH hitting $4k six months post fork to whet our appetite further, but don’t confuse this for some divine prophecy.
I’m semi-interested. What the hell 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).
When is the BTCP hard fork?
Snapshot date: February 28th, 2018.
Fork Date & Main Net Launch: Approximately 2 days later.
The exact time of the snapshot is unknown at this stage. It will be announced as a block target rather than a time-based target, which is easier to preempt in the days leading up. Once the block target has been announced
I’m in. How do I get my Bitcoin Private coins?
You will need to be holding your BTC or ZCL in a wallet (or Exchange) at the Snapshot date (and TBA block) to be eligible for the free “airdropped” Bitcoin Private coins.
Note: You are free to sell off your ZCL or BTC after the snapshot has completed (verified in the megathread FAQ below)
Here’s the catch – you MUST store them in a wallet (ie. the official ZCL Electrum wallet), or an Exchange that is supporting the fork.
Bittrex supported previous Bitcoin forks for Cash and Gold, however there is no guarantee without an official announcement. For the record, I have my ZCL stored in my Electrum wallet locally.
Cryptopia initially announced that they were not supporting the fork, however recent wallet maintenance issues causing delays for users withdrawing their ZCL, have forced their hand to “support” the fork for people in this compromising position (as per their news page).
Where can I get more info?
There’s an official Reddit FAQ Megathread which answers all of your questions (and more).
I will also be updating this article over the next week too. We’re a little over a week out from the snapshot day, and there shouldn’t be too many blockers at this stage (we were already delayed a month in January).
I will add more Exchange/wallet info as well as the announced snapshot block as news continues to surface.
UPDATE #1 TradeSatoshi have confirmed over Twitter that they will be supporting the BTCP fork.
UPDATE #2 The Official BTCP Twitter account confirmed HitBTC will list BTCP post fork. Note: HitBTC do not facilitate ZCL so they will not be supporting the Snapshot/Hard Fork.