As many of you are aware, the upcoming Snapshot/fork event taking place for Bitcoin Private is in just a few days on February 28th, 2018. Here is all you need to know in order to be prepared for the snapshot and claim your BTCP.
First, users must own either Bitcoin, ZClassic, or both, in order to be eligible to claim Bitcoin Private from this fork. Just like any other fork, you must first purchase your coins through an exchange. We’ll be using ZClassic in this example.
Once you have obtained your ZClassic through an exchange or through mining, it’s time to transfer your ZClassic out into a supported wallet. A supported wallet is one which allows you to control/have access to the private keys for the wallet addresses that hold your coins. The private key is the only thing users need in order to claim their BTCP.
Going back to supported wallets; currently, there are many supported wallets. In terms of desktop wallets, it is recommended for users to use the ZClassic Electrum wallet or the newly released Full node desktop wallet. Coinomi wallet mobile is also available for Android users at the moment. They have a dedicated support article guiding users on how to claim forked coins using the Coinomi wallet.
Once users have installed and set up the corresponding wallets, the next step is to send your obtained coins from the exchange to the wallet. Make sure you are sending the coins to your own wallet’s receiving address. Double check three criteria:
- The wallet address is a receiving address
- The address is part of your own wallet
- Verify the correct address & check for typos (always copy/paste addresses)
It is highly recommended to test the functionality of your wallet addresses to confirm they are working ok. Simply send a small amount to your wallet for the first time to test. If the transaction goes through, you should be confident to send the rest all at once. Once you input the destination address, send off the funds. The transaction will take a bit of time to propagate through the blockchain and users should see the transaction as verified. If not, give it some time. If the transaction takes an abnormally large amount of time, users should seek to troubleshoot their wallet for any possible unintended issues. Rest assured if users have sent the transaction to the correct destination with the correct wallet address, the transaction will be valid on the blockchain once the technical wallet issue is resolved. You can search for the transaction ID on a ZCL blockchain explorer.
After the transaction has arrived in your wallet, users are already prepared for the fork. All that’s left to do now is to save a copy of your private key onto a secure location (such as an offline USB drive) for safe keeping until it’s time to use it to claim your forked coins later. To export a private key file on the Full node ZCL wallet, right click on your own receiving address and it should allow you to copy the text. You may be prompted to unlock your wallet using your encryption password if it is set.
To export a private key file on the Electrum ZClassic wallet, click on wallet > private keys > export. This will prompt you for your encryption password if you have set one. Then choose a .csv file format as the output (excel spreadsheet) and then the destination location, which should be onto a USB that does not stay plugged into the user’s computer, as we are keeping this offline for security purposes.
To reiterate, the core steps to prepare for the snapshot will include the following:
- Obtain coins through an exchange or through mining
- Send coins from the exchange to a supported wallet
- Save a copy of your private key to somewhere safe
Once the Bitcoin Private Electrum wallet is released, users will have the option to import their ZCL private key that they’ve saved, into the BTCP Wallet in order to be credited their BTCP coins. The Bitcoin Private team will announce on Twitter when the Bitcoin Private Electrum wallet is released. Rest assured, so long as your ZCL is on one of the aforementioned wallets, you will be safe. After the fork, users are recommended to follow best practices for staying secure after participating in a fork.
“Written by 3XHALE, Bitcoin Private Support member”
Disclaimer: This post is not financial advice and reflects the personal views of the author. The author invests in digital assets and has positions in the aforementioned cryptocurrencies. This article should not be used as investment advice or financial trading advice and it should not be construed as a solicitation to invest in any cryptocurrency, and nothing herein should be construed as a recommendation to engage in any investment strategy or transaction. Please conduct careful due diligence and consult with investment, legal, and tax professionals before investing in any digital asset.