As far as bitcoin forks go, the majority flop within a matter of days. Essentially seen as free cash by the bulk of users, the impact these copies have on market movements has long been documented. Now, the developers behind the likes of Zclassic has begun the process to release its very own fork, the bitcoin private token.
The process will be similar to the one taken when users cashed in on bitcoin cash. Using your private keys, you too will be able to cash in on the new token which will be released in the near future. However the efforts have been ramped up as the development team have essentially hard forked both bitcoin and zclassic blockchains’ to set the groundwork for the new cryptocoin.
“So you have in the case of bitcoin, all these people have their private keys, but when forks spring up now the same private key can be used in different peer-to-peer networks. It seems to be a key piece to the technology.”
Creighton (one of the pioneers of bitcoin private) , regarding the forking craze that has become popular in recent times.
The airdrop couldn’t have come at a better time as in terms of profit the launch is set to make huge profits for the developers. Not only has the launch generated huge profits by helping to artificially pump the Zclassic price, from around $2 to well over $252 in a matter of weeks. The price dropped like a stone after the snapshot ( the point where the new blockchain will copy from) as people dumped their temporary holdings. With the development team also taking a 20% fee from the coins generated via mining the new coin. The proceeds are set to go to the Zcash development team. Whole some believe the development team genuinely wanted to revive the Zclassic markets, other consider this a mere attempt to rinse users. Opinions remain split but the prospect of “free money” remains.
To conclude, bitcoin users may want to get into the market development to be forecast soon. Providing free money for bitcoin users (and Zclassic clients), the airdrop is set to make huge profits for the whales. As usual, while the fork does provide extra profit for bitcoin/zclassic users, it is advisable to empty your wallet before you decide to sue the private key to claim your bitcoin private tokens. BTC.NG can not prove the authenticity of the developers, and as a private key will allow access to the appropriate bitcoin wallet, you may inadvertently compromise your own holdings.