You may have noticed the value of Zclassic increasing and heard about the upcoming fork that will create Bitcoin Private (BTCP). Don’t fully understand what it is? It truly is an amazing concept that utilizes Zclassic privacy technology but also maintains a record on the public blockchain.
Latest Updates on Bitcoin Private
8 March- Lots of little updates since the fork and huge price swings on Kucoin while deposits were disabled. Looks like those who claimed BTCP on Kucoin made out like bandits if they sold. I am continuing to hold my coins for at least a few months to watch the development of the coin. The last major update today is the Bithumb will be honoring the fork. Please show your support for this and push to get BTCP listed here and other exchanges. Original Tweet
3 March- The BTCP fork is complete! The main net is live. You can find out everything you need to do to claim your BTCP or start mining from their Reddit post. If you want to support the official pool the Fee is currently 0% and will be 1.5% after 2 weeks. All fees go directly toward BTCP development. https://pool.btcprivate.org/
3 March- Are you a miner and want to help the fork to completion? You can set up a node and assist with the transition of BTCP by checking out the how to on their Github. You can only do this if you run a Linux OS and will not earn any BTCP for this action.
2 March- We should see the BTCP wallet in the next 48 hours upon completion of the fork. Soon as everything is released I will ensure I publis an update here. Original Tweet
2 March- Good news for all your Kucoin users! The snapshot for Bitcoin Private has taken place at $BTC block height 511346. All KuCoin users who had their BTC in KuCoin exchange will receive BTCP in their accounts in the following days. Thank you for your support. Original Tweet
28 Feb- The snapshot for Bitcoin Private is complete. Expect the mainnet to be launched in 2 days. As expected the price of Zclassic is tumbling on all exchanges. If you have not sold by this point it could be worth holding for a little while to see what happens to the market.
28 Feb- IMPORTANT UPDATE regarding Bittrex. They have closed deposits and withdrawals but will support BTCP exchange for your Zclassic in a few weeks. Read the full release from Bittrex.
.26 Feb- The price is fluctuating like crazy and I will stay away from creating FUD or any other speculation but Bitcoin Private announced today that HitBTC will be listing Bitcoin Private. This is a positive step toward building the legitimacy of BTCP. Original Tweet
24 Feb- The Bitcoin test net is live and many different wallets and pools have successfully connected. Hopefully, this means this test net when it switches over to the main net will not have issues like the Bitcoin Gold switch created. You can find instructions to connect on the Bitcoin Private Github Original Tweet
23 Feb- Not sure how to collect your Bitcoin Private? Below is a great flow chart of how you can ensure you do all the right steps before and after the snapshot to get your Bitcoin Private.
20 Feb- The latest wallet is released for Zclassic and it’s a full node wallet. Download the new wallet here. While it will take up a bit more space the developers recommend moving to this new wallet. Orignal Tweet
19 Feb – Its been a little while since the last update but this one is the worth the wait. The first release of the Bitcoin Private Whitepaper! Some great information on the technical details on how Bitcoin Private will run. A must read for all investors. Orignal Tweet
1 Feb 2018- The Bitcoin Private development team released an updated roadmap on their current progress. I will leave all subsequent roadmaps up to show the progress over time.
29 Jan 2018- A huge update that makes the ZCL Mining program more appealing to miners. A full copied breakdown of the changes below to ensure all data is correct. Orginal post
“After speaking with miners, we have decided to optimize our Voluntary Miner Contribution Program to be more attractive for miners to participate. Essentially, we will be having an auction system whereby 62,500 BTCP will be awarded in total to all miners in the program no matter how much ZCL is mined up to 50,000 ZCL total. In this way we allow miners to arrive at a fair market value for their contributions, while continuing to enable their support of BTCP.
Essentially, if you end up mining 1% of the total ZCL contributed, you would get 625 BTCP, no matter how much ZCL the entire pool donated. If you mined 10%, you would get 6250 BTCP, and so on.
So how can I calculate how much BTCP I have earned? Use this simple equation:
BTCP Earned = ZCL you mined for Fund x 62,500/(Total ZCL donated by pool)
Here are some examples of how this will work:
1) If 20,000 ZCL are mined at the end of the program, and you mined 100 ZCL, you would get 312.50 BTCP (100*62500/20000)
2) If 30,000 ZCL are mined at the end of the program, and you mined 200 ZCL, you would get 416.67 BTCP (200*62500/30000)
3) If 40,000 ZCL are mined at the end of the program, and you mined 300 ZCL, you would get 468.75 BTCP (300*62500/40000)
4) If 50,000 ZCL (program cap) are mined at the end of the program, and you mined 400 ZCL, you would get 500 BTCP (400*62500/50000)”
28 Jan 2018- The news was announced today, we know now the date of the Bitcoin Private snapshot and main net launch! The BTCP snapshot will occur on 28 Feb 2018 and the main net and fork will occur two days later. Original Tweet
26 Jan 2018- The mining pool to contribute ZCL in exchange for 1.25 BCTP after the fork is now live! If you wish to participate head over to https://fund.zclassic.org/ and register and start mining away. You will receive your Bitcoin Private after the fork.
24 Jan 2018- A huge announcement is expected this Sunday at the first official Bitcoin Private Conference. Hopefully, this will be the date of the hardfork. Stay tuned for updated information. Orignal Tweet
23 Jan 2018- More details have emerged on the voluntary mining program that BCTP announced in their previous tweets. Highlights of the announcement are as follows;
- 370 miners were surveyed about the program and 98.6% indicated that are interested in participating.
A breakdown of how the donated funds would be used.
- 50% – Facilitate listing and integration of ZCL onto prominent exchanges and add support for Bitcoin Private
- 25% – Fund development of Bitcoin Private protocol and ecosystem.
- 15% – Fund multi-channel marketing for both ZCL and Bitcoin Private
- 10% – Cover admin and other costs.
The multi-sig wallet that controls the above coins will consist of 3 members of the Bitcoin Private community and those names are Jacob Brutman, Giuseppe Stuto, and Peter HatziPetros. The other two members are ZCL miners Adib Alami and Evan Darby. They expect the mining pool to be operational in 1-2 days and more details will follow.
To read more details regarding this announcement see the Reddit post.
21 Jan 2018- A huge update posted today on the Bitcoin Private Reddit.
- The most important part of this update regarding the fork, quoted for accuracy, “We have decided to have the fork occur 4 weeks after the fork date announcement. We want to be clear: the fork code is ready for implementation, but this added lead time will drastically increase our chances of getting onto exchanges.
- The local fork simulation occurred throughout the weekend and was considered a success. The plan on doing a public fork simulation next week and will send out information on how you can participate. Stay tuned here for updates as well.
- Wallet testing continues for Mac, Windows, and Linux operating systems with a few bugs being discovered and fixed. The developers are still working on fixing the transactions to allow shielded transactions. Expected to be completed by the end of the week.
- @Cryptojake22, the operations lead will be presented Bitcoin Private at a conference on 27 Jan focused on how businesses can utilize Bitcoin Private. You can find the event if interested at http://www.cryptoinfrisco.com/.
- A fundraising campaign is now underway to pay for development, exchanges, and marketing.
- The launch of a voluntary Miner Contribution Program which is asking miners to donate the ZCL they mine until they reach 50,000 ZCL. You will be compensated after the fork with 1.25 BTCP for every ZCL you mine. A multi-signature wallet is being set up with both miners and community members to ensure funds are properly distributed. Expect to see this open with more info within the next two weeks. Could be an interesting way to increase your mining profitability if you believe in the fork.
You can read more details about each of the above topics on their Reddit post.
Older Updates to Bitcoin Private
Please scroll down for the history of Bitcoin Private. I will keep the updates on the top of the pages for easy tracking.
19 Jan 2018- Updated pre fork roadmap for Bitcoin Private. Orginal Tweet
18 Jan 2018– Nothing major to report, still waiting for all the testing to be done before a fork date is announced. Here is a quick snapshot of the reasons why Bitcoin Private (BCTP) is an improvement over the current options.
13 Jan 2018- There will be no fork announcement until the wallet is fully tested and complete. People are hard at work on this now and hopefully, we hear something soon. Original Tweet
12 Jan 2018- The fork date should be announced very soon! Probably the last chance to get ZCL at a reasonable price. Orginal Tweet
8 Jan 2018- The beta for the new desktop Zclassic wallet is now available! You cant either opt to try it out now or wait until its been tested a little bit more. This will be the ideal place to store your ZCL for the upcoming fork. You can find the wallet here. and the full announcement on Reddit here. Original Tweet
7 Jan 2018- Ledger has come out to say it will support the Bitcoin Private fork! This is huge news as all your BTC you are holding in your hardware wallet will be eligible for the swap without having to move it to an exchange. Original tweet
3 Jan 2018- Replay protection is now complete and ready for the fork. This is a huge step in getting other exchanges and wallets onboard with participating in the fork. Replay protection ensures that you can not be a victim of someone spending the same transaction twice which would result in the possible loss of your coins. Original tweet
A great video explaining how important replay protection is.
1 Jan 2018- Zclassic wallet scheduled to be released on 8 Jan 2018. This will be the preferred location to hold all your Zclassic to ensure you get all your Bitcoin Private during the fork. Original tweet
Where Did Bitcoin Private Originate?
Bitcoin Private (BCTP) is a hardfork of both Bitcoin and Zclassic. As a result, if you hold either Zclassic or Bitcoin you are able to obtain 1 Bitcoin Private for every Zclassic or Bitcoin that you hold when the snapshot takes place. While the exact snapshot date and fork date have been determined they have not been officially announced yet. The fork is expected to happen sometime in Jan 2018. More details will be added as information is available. There is no news yet on how to obtain your coins or which exchanges or hardware wallets will recognize the fork.
What Is the Purpose of Bitcoin Private?
The goal of Bitcoin Private is to take the privacy features of Zclassic, known as zk-snark and combine it with the public blockchain in use by Bitcoin. It also increases the blocksize to 2mb from the current 1mb that Bitcoin uses. The idea behind zk-snarks, or Zero-Knowledge Succinct Non-Interactive Argument of Knowledge, for those who do not follow Zclassic is that the technology allows coins to be sent and received anonymously but still allowing miners to verify the transactions without the need to identify where they came from. This is incorporated with the Bitcoin public blockchain so all transaction are tracked and the users can choose to use a public or private address. When you ask most of the general public about Bitcoin this is what they think of when it comes to being able to send transaction anonymously. This could help in future adoption and also solves the blocksize issue and huge transaction fees that Bitcoin is experiencing. One important thing to note is there is no premine and no founder’s reward for Bitcoin Private which I find very appealing.
Bitcoin Private Links
Github Official link checker: https://github.com/BTCP-community/official-links
Bitcoin Private (BTCP) Website: https://bitcoinpvt.org/
Github Website & Wallet: https://github.com/BTCP-community/
How to Prepare for the Fork
If you are looking to earn some Zclassic before the fork it is mineable on a variety of site but would suggest checking out Mining Pool Hub. On MPH you can auto exchange whatever you are mining into Zclassic before the snapshot. If you want to purchase coins directly to ensure you get some of the 1:1 swaps Zclassic is currently available on the following exchanges.
It’s important to note that Zclassic is currently experiencing quite the rise in price as more people start to learn about the upcoming fork, and believe in the future of Bitcoin. Take a look at the massive increase over the last few days. It is currently trading at over $100 USD and could potentially keep on growing. While buying at an all-time high is never recommend it may still be a great coin to mine before the fork.
What’s Next for Bitcoin Private?
Many details are still being worked out and updates will be added to this article as they are released. I value your thoughts and input to the upcoming forks and would love to know what you think. Please comment below or reach out to me at email@example.com. I am not affiliated with Zclassic in any way, but I found this fork very interesting and have been mining some myself to see exactly how far this development team can go.