Bitcoin Private stated that the reason for having ZClassic

The last week was pretty ecstatic for ZClassic as this currency had a hard fork merging with the oldest cryptocurrency – Bitcoin. With combined forces of the two blockchain-based digital values, we now have a hard fork product called Bitcoin Private. Due to this massive change, ZClassic has gone through a pretty turbulent period, so let’s see how this coin did a couple of days before, during and after the hard fork merge with Bitcoin.

why the hard fork and why this merging occurred in the first place

While we know that Bitcoin had some major issues with privacy, the time taken for processing transactions and steep fees, it seems that ZClassic also had some troubles that made Bitcoin Private a pretty tempting opportunity for this currency to jump up from the bottom of the top coins.

ZClassic is already a fork project derived from ZCash, but it seems that the things were not all sunshine for this currency as it is going through with another hard fork. The reason for having ZClassic joining Bitcoin Private project and getting another hard fork is, of course, related to issues with ZCL pricing.

In case you don’t remember, ZClassic was a hard fork result of ZCash motivated by the goal of removing founders’ tax. ZCash was one of the rare digital coins that actually had a founder’s tax. If you are not sure what a founder’s tax is, you will surely be disappointed to find out that this is actually a way for the founders to earn cash. That is everything but in the spirit of decentralization.

Nevertheless, starting from day one for Bitcoin Private, all BTC and ZCL holders got BTCP in exchange for their Bitcoin and ZClassic units. Within the new protocol, 1 BTC is worth 1 BTCP, while 1 ZCL also makes up for 1 BTCP.

Just as with every other hard fork taking place, both, BTC and ZCL holders can refuse to go under the changes the hard fork is offering so they can choose to keep their original ZCL and BTC units.

All users may at any time refuse to renew and update their system. These users would still be able to use BTC and ZCL within the networks they’ve been using these coins so far.

The reason why many coins are getting a hard fork in the case described above: whenever a coin goes through a hard fork-induced change, other users who are not interested in these changes can refuse to exchange their currency for a newly developed digital value. The refusal to go under the hard fork creates limited supplies of coins which then creates a fake market capitalization. Once ZClassic’s cap merges with Bitcoins cap, Bitcoin Private will get a market capitalization of both coins combined, that way creating a

This is how the price of a freshly hard forked coin can jump up high dizzily in no time. Besides from the newly established Bitcoin Private, BTCP, Bitcoin already has a colorful set of “derivates” in form of Bitcoin Gold and other BTC projects that can still be invested in as we speak.

To get the best out of the BTCP story, Bitcoin Private will have improved privacy thanks to the zk-SNARKS, which is a technology used in ZCash for providing completely backed up private and anonymous transactions within the decentralized network. Thanks to this technology, new BTCP users would be able to take advantage of private transactions with low fees, fast processing time and anonymity.

Zclassic tanks as impending fork looms ahead

What Is Zclassic?