Zclassic tanks as impending fork looms ahead
Zclassic tanks as impending fork loom ahead
Excitement has been building for the upcoming fork that will spawn Bitcoin Private (BTCP) on 28 February. As reported by the finder, since the announcement in mid-December, the price of Z classic (ZCL) rose US$216 to US$218 on 5 January.
Over the last week ZCL seems to have lost the confidence of the market and has declined at a quick pace. In just over a week ZCL has lost over half of its value. From US$200, it is now sitting at US$94.75 after having recovered from a low of US$90 according to CoinMarketCap.
Across popular social media forums, there is a substantial element of the BTCP community that appears to be hitting the panic button. Others also seem to be clinging to the hope that major exchange Bittrex will announce support for the fork.
It appears as though the fork is going ahead and that BTCP will at least be listed on some exchanges. HitBTC is one exchange that was proudly publicised by the official BTCP twitter account.
Some concern from within the BTCP community is originating from doubts over exchange support for the fork. The difference between being listed on an exchange and getting exchange support seems small but the consequences for BTCP could be a matter of survival.
Being listed on an exchange like HitBTC means BTCP can be traded across the HitBTC platform relatively easily. Receiving exchange support is specifically how the fork is made and how it benefits existing holders of ZCL and bitcoin.
As the forked process comes into effect, the amount of Z classic or bitcoin in a wallet is duplicated and is known in that wallet as Bitcoin Private. This is what is known as an airdrop.
For an airdrop to be successful, there has to be broad support across many stakeholders in the bitcoin community who support the fork. For example, wallets may need to support the fork by creating software upgrades. Exchanges also need to make programming upgrades to support the airdrop.
The trouble for the BTCP fork is that exchange support for the fork has not been forthcoming.
HitBTC is a middle-tier exchange and has not pledged support for the fork but only committed to listing BTCP on the exchange.
Beyond that news, there have been no substantial announcements for listings or exchange support in favor of the BTCP fork. At the 11th hour, it seems as though the BTCP fork could be unsuccessful.
However, anything can happen in the cryptocurrency space and late support from Bittrex should not be ruled out. If that were to happen, it would be a boon for the price of ZCL and the BTCP founder, Rhett Creighton, will have found success on three occasions forking from an established blockchain.
What Is Zclassic?
Excitement has been building for the upcoming fork that will spawn Bitcoin Private (BTCP) on 28 February. As reported by the finder, since the announcement in mid-December, the price of Z classic (ZCL) rose US$216 to US$218 on 5 January.
Over the last week ZCL seems to have lost the confidence of the market and has declined at a quick pace. In just over a week ZCL has lost over half of its value. From US$200, it is now sitting at US$94.75 after having recovered from a low of US$90 according to CoinMarketCap.
Across popular social media forums, there is a substantial element of the BTCP community that appears to be hitting the panic button. Others also seem to be clinging to the hope that major exchange Bittrex will announce support for the fork.
It appears as though the fork is going ahead and that BTCP will at least be listed on some exchanges. HitBTC is one exchange that was proudly publicised by the official BTCP twitter account.
Some concern from within the BTCP community is originating from doubts over exchange support for the fork. The difference between being listed on an exchange and getting exchange support seems small but the consequences for BTCP could be a matter of survival.
Being listed on an exchange like HitBTC means BTCP can be traded across the HitBTC platform relatively easily. Receiving exchange support is specifically how the fork is made and how it benefits existing holders of ZCL and bitcoin.
As the forked process comes into effect, the amount of Z classic or bitcoin in a wallet is duplicated and is known in that wallet as Bitcoin Private. This is what is known as an airdrop.
For an airdrop to be successful, there has to be broad support across many stakeholders in the bitcoin community who support the fork. For example, wallets may need to support the fork by creating software upgrades. Exchanges also need to make programming upgrades to support the airdrop.
The trouble for the BTCP fork is that exchange support for the fork has not been forthcoming.
HitBTC is a middle-tier exchange and has not pledged support for the fork but only committed to listing BTCP on the exchange.
Beyond that news, there have been no substantial announcements for listings or exchange support in favor of the BTCP fork. At the 11th hour, it seems as though the BTCP fork could be unsuccessful.
However, anything can happen in the cryptocurrency space and late support from Bittrex should not be ruled out. If that were to happen, it would be a boon for the price of ZCL and the BTCP founder, Rhett Creighton, will have found success on three occasions forking from an established blockchain.
What Is Zclassic?
Zclassic tanks as impending fork looms ahead
Reviewed by mir khaleq ali
on
February 27, 2018
Rating:
Reviewed by mir khaleq ali
on
February 27, 2018
Rating:
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