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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 Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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