ZClassic (ZCL), an anonymity-based cryptocurrency, has suddenly jumped into the top 50 today. In the past 24 hours, this coin has added 29.3% to its price tag – now trading at $134.67. It’s also the top gainer for currencies with higher than $100 million in market value and 24-hour volume exceeding $500,000, according to CryptoScreener. So, why are so many investors clamoring to build up their very own ZClassic coin supply today?
It probably has something to do with the Bitcoin Private (BTCP) fork
Something pretty cool is going to happen around the end of the month: a new coin called Bitcoin Private (BTCP) is going to be created. You might be wondering why this has anything to do with ZCL. The Bitcoin Private fork is actually a double fork from both Bitcoin (BTC) and the ZClassic coin protocol.
— Bitcoin News (@BTCTN) February 11, 2018
As with previous BTC forks, current coin holders will get rewarded as a part of this upcoming dual hard fork. Anyone who owns BTC or ZCL on February 28th will be recorded – and just a couple days later they’ll receive their BTCP tokens.
Each coin, both BTC and ZCL, will bring each holder a BTCP token on a 1:1 basis. The times we’re in are crazy – the original cryptocurrency is double-forking with a fork from another currency to form yet another privacy-based coin.
The ZClassic coin is all about anonymity
Much like the coin that this one was forked from, ZCash (ZEC), this digital currency focuses on privacy for blockchain-based transactions. The biggest difference between ZCash and ZClassic is that the original one has a 20% while the forked version doesn’t – miners are paid what is believed to be deserved.
So that’s where Bitcoin Private’s “Private” aspect will come from – technology called zk-snarks. It means that there is still a public blockchain, but the addresses of the users sending and receiving (along with other transactional metadata) won’t be identifiable.
It’s also a community-driven blockchain platform with team members located all around the globe.
Are you guys going to buy any of these coins (or BTC) before the 28th?
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.