ZClassic (ZCL): Still Waiting for the Fork?

ZClassic Doubles Price Again over Hard Fork Expectations

The words "hard fork" are sometimes magical. This was the case for ZClassic, which promised a hard fork and managed to climb from below $10 to nearly $200 in weeks. Now, ZClassic has fallen back closer to $100, as the Bitcoin Private project seems to be arriving slower than promised.

The delay has coincided with another downturn on the markets, taking ZCL lower by the hour:

Bitcoin Private Team Explains Fork Delay

The Bitcoin Private team has recently released the rationale for the delay in the hard fork:

"The exchanges are overloaded by new registrations and verifications. Based on this, we have decided to have the fork occur 4 weeks after the fork date announcement. We want to be clear: the fork code is ready for implementation, but this added lead time will drastically increase our chances of getting onto exchanges."

In the meantime, investors are in no rush to buy up ZCL with expectations of a recent snapshot. At least in part, the recent interest in the coin may have been due to the short-term price growth potential. ZCL, however, may have scared investors off. But with the fork still set to happen, the coin's fortunes may recover, as soon as the market is back in the green.

Unfortunately, the recent announcement served as bad news for ZCL, sending the price much lower.

To get on exchanges, the Bitcoin Private project will also in effect ask miners for donations.

"...We are going to launch a program titled the “Voluntary Miner Contribution Program” in order to raise funds. Essentially, we are asking ZClassic miners to donate their hashing power to us until 50,000 ZCL is raised. For every ZCL earned, the miners will receive 1.25 BTCP after the fork is complete," wrote the project team in a Reddit message to backers.

Exchange representation is getting more difficult for new projects, as fees are substantial for newly founded teams and forks. As decentralized exchanges are still rare and unstable, an exchange presence is one of the markers for a coin's success.