Bitcoin Private fork date announcement

Rhys Muter 29 January 2018 NEWS

shutterstock_1010377999ZClassic holders excited about the upcoming fork have a definite date set.

A fork date for the upcoming Bitcoin Private (BTCP) hardfork has been announced today. The "snapshot" that will take place on 28 February is going to be a fork of the Zclassic (ZCL) blockchain.

Announced at the BTCP official conference held in Austin, Texas, the immediate price reaction for ZCL was bearish dropping from US$165.46 and stabilising at US$142.96, according to CoinMarketCap.

That drop has come after a strong rally in the early stages of January 2018 buoyed by news of the BTCP community’s intent to create the hardfork. That surge in price peaked at over US$225 from a base of around US$2.

News has been slow regarding BTCP and the lull in prices has reflected that. Only this week has Wallet support for the upcoming fork been released. That wallet is downloadable; no wallet hardware support has been announced as yet.

Reactions on social media were mixed when the question of exchange support was raised. There were no announcements of exchange support from the BTCP developers. The issue was not addressed, citing legal issues preventing comment. The costliness of exchange support, which was reported as being as high as US$100,000 to US$1 million, was only briefly discussed.

This has not been the only bad publicity for the BTCP hardfork. On 17 January, BTCP founder Rhett Creighton tweeted saying “BitcoinPrivate is the most important thing I’ve ever worked on in my life. I’m not giving up on it.”

These comments were widely interpreted as indicating the ongoing challenges the BTCP development team are having getting support for the fork.

Excitement around the impending fork seems to be confined to the existing ZCL community. While it has been announced at a rate of one bitcoin for one BTCP, there doesn’t seem to be large interest in swapping bitcoin for BTCP.

The BTCP fork has relatively little to do with the original bitcoin blockchain and is actually a fork of the ZClassic blockchain. This means the BTCP fork will not be affected by the ongoing upgrades to the bitcoin blockchain like SegWit and the Lightning Network upgrades.

In potentially positive news, it was reported via social media that the BTCP development team is expanding quickly with over 20 engineers having joined in the last month, according to Creighton via Twitter.

While significant challenges remain for a successful fork, Creighton is one of the most technically experienced in the industry. Creighton has been heavily involved in both previous forks of the ZCash blockchain and was lead developer of the ZClassic fork from ZenCash, which was the first fork from the ZCash blockchain.

Regardless of exchange and wallet support, the fork is likely to go ahead at this stage.

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