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ZClassic (ZCL): Hard Fork Merge with Bitcoin

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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.

ZClassic: Why the Hard Fork?

Jacob Brutman, the leader of operations for Bitcoin Private stated that the reason for having ZClassic and Bitcoin merged together in a hard fork project called Bitcoin Private lies in the fact that these two cryptocurrencies combined together could bring more satisfactory services for all users and coin holders.

With Bitcoin Private, it is said that all transactions being processed through this decentralized ecosystem would be much easier to process with fast processing time, ridiculously low fees and complete privacy. This is very important for Bitcoin as well, as this coin, although the oldest on the market and launched as the first prototype of digital currency, wasn’t following up with the competition so its technological capabilities got stuck in the past without any further improvement.

Bitcoin had troubles with slow processing time, higher fees when compared to most other cryptocurrencies and also had some issues with privacy as it is a known fact for quite some time now that Bitcoin blockchain ecosystem keeps all your transaction info “onboard”, which means that your privacy is potentially jeopardized from exposure at all times.

The white paper of Bitcoin Private states that this project represents the true vision that Satoshi Nakamoto, an anonymous hacker that launched Bitcoin, had for Bitcoin back when it was first issued as an alternative payment mostly used within the dark web for the first couple of years.

So, the story about ZClassic getting a new hard fork with Bitcoin has going on for some time now, with the merging scheduled for the end of February of 2018 then being rescheduled for March 2nd, 2018. The hard fork happened on the rescheduled date as planned, but many people are still not sure what is going on, with the exception of ZCL and BTC coin holders.

What we are interested in finding out is 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 and Bitcoin: Following up on Prices

ZCL had an immensely devastating drop 6 days ago on March 1st when this currency fell for over -79% against the dollar in a course of a single day. Over the last week, the total drop in ZCL’s price went down to -83.5% against the dollar, so at the time, ZClassic could be bought at a bit over 23$ per one unit. At the moment of writing, on March 11th, ZCL is worth 9.67$ per one coin after the latest negative change in price that resulted in a drop of -6.77% against the dollar.

Bitcoin is 8847.00$ per one unit, which is the most recent price marked after a drop of -1.21% against the dollar.

The price of Bitcoin Private (BTCP) is still not available on any of the exchanges as it is marked as “not trading”.

We will be updating our subscribers as soon as we know more. For the latest on ZCL, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.

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Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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