This digital currency was the first cryptocurrency created through a hard fork from the original Bitcoin. Members of its community believe that Bitcoin Private is the closest thing to the original vision of financial independence promoted by Satoshi Nakamoto. It has the ability to perform fast, low-cost, decentralized, private transactions.
Development history and development team
The Bitcoin Private cryptocurrency appeared on February 28, 2022, not through an ICO, like many current coins, but through a fork from Bitcoin. The launch of the main network took place on March 3, 2022. While some of the forks of the world's leading cryptocurrency have generated a lot of interest and attention from around the world, there has been a clear minority of support for this coin.
However, its offshoot was not quite the same as other BTC-derived cryptocurrencies. Instead of the standard generation directly from the Bitcoin blockchain, as was the case with Bitcoin cash and Bitcoin Gold, Bitcoin Private was created as a copy of the digital currency known as Zclassic. Zclassic, in turn, was itself a copy of Zcash, created from the original Bitcoin, so Bitcoin Private from the very beginning of its existence was a coin with a complex history of origin.
In the first 30 days of its existence, the new cryptocurrency has attracted more than 200 people to its community, including over 20 engineers and other specialists who contribute to its development:
- Jacob Brutman (PhD, Operations Specialist);
- Giuseppe Stuto (development strategist);
- Dan Farina (full stack developer);
- Chris Sulmon (Bitcoin Private wallet developer);
- Jamie Owens (cloud engineer);
- Tam Tran (web developer).
What is a rigid fork, and when did it exist?
A hard fork occurs when one cryptocurrency becomes two. This happens if the cryptocurrency code changes, resulting in a new version as well as an old one. Bitcoin Private is the result of a unique merger fork where ZCL and BTC are “co-forked” to create BTCP, Bitcoin Private.
The hard fork was February 28, 2022 . During the fork there was a snapshot of all funds for ZCL and BTC. Anyone who had BTC or ZCL in a supported exchange or wallet would automatically receive BTCP at a 1:1 ratio. For example, someone with 10 ZCL and 0.1 BTC would receive 10.1 BTCP.
Zclassic fork fails
In many cases, hard forks have proven successful immediately after their creation, providing holders of forked currencies with the opportunity to make quick money. The main two examples are Ethereum Classic and Bitcoin Cash. When they were created, all owners of the original digital tokens received a proportional amount of coins of the new cryptocurrency.
However, with Zclassic everything went wrong from the very beginning. Despite the fact that its parent cryptocurrency actually retained its popularity, the derivative coin was unable to inherit it. This is why Bitcoin Private creator Rhett Creighton decided to update Zclassic by creating a new coin through a hard fork.
While Creighton himself had nothing to do with the code generation, White Paper, or other fundamental aspects of Zclassic at the time, his plan received enough support to become a reality.
Prospects for Bitcoin Private
Despite the many advantages and benefits, it is difficult to confidently give a positive forecast for Bitcoin Private. It is worth considering the fact that the main initiator of the hard fork is the creator of the ZClassic coin. It is possible that the fork was carried out with the aim of increasing interest specifically in ZCL. The emerging altcoin is practically no different from the huge mass of other coins.
For long-term investment in a coin, you should carefully monitor the actions of the development team and its promotion on the market.
And only when positive dynamics appear can you make a decision to purchase BTCP. Great article 0
Bitcoin Private Technologies
How does the new cryptocurrency differ from Bitcoin and ZClassic in technological terms? First of all, it has several differences in the areas of confidentiality, speed and transparency of transactions. As with both donor coins, Bitcoin Private supports peer-to-peer transactions that are verified by nodes via cryptography and recorded on a public ledger.
Confidentiality
The coin uses technology that is also found in ZClassic. We are talking about zk-SNARKS. "ZK" is an abbreviation for "zero knowledge". This means that all transactions are published on the public blockchain, but the senders, recipients, and other metadata are not identified.
Speed
Bitcoin Private supports an increased block size compared to BTC, which has resulted in increased network speed. This was achieved without compromising on anonymity and security.
Transparency
The cryptocurrency provides complete transparency to its community. It is an open source coin and, according to the developers, will remain so forever. Its code base will be available to any user upon request.
Conclusion
“We want this to be a long-term usable technology. We plan to deliver both product strategy and actual end user traction/adoption. We strongly believe in speaking for ourselves. We're going to continue to work towards this mission and we're just going to prove to ourselves that way. People can see whether they agree with it or not and see that we are a real team. We're going to determine that." Giuseppe Stuto, Marketing Director
Bitcoin Private functions in the same way as other cryptocurrencies. It essentially combines the benefits of Bitcoin and ZClassic, giving you the private nature of ZCL with the status of BTC. The entire project is community driven and run, and you can attest to its transparency through open source.
Key features of the Bitcoin Private network
The cryptocurrency has several unique features that set it apart from other coins as well as its predecessors. These include the EquiHash algorithm, transparent and shielded transactions, a voluntary contribution program for miners, and treasury fund management.
Transparent transactions contain input, output, number of coins and electronic signature. Shielded transactions, on the other hand, are only verifiable by the system but cannot be verified by third parties. These transactions use a specialized zero-resolution algorithm called zk-SNARKS. It is intended to ensure system integrity.
How to mine BTCP?
Unlike Bitcoin, Bitcoin Private uses the Equihash Proof-of-Work algorithm. This approach eliminates the possibility of using ASICs, which not every user can afford due to their high prices and can lead to the centralization of coin mining. Decentralization is key to democratizing the blockchain, reducing the risk of external attacks, and increasing cryptocurrency adoption.
Bitcoin Private is also unique in that before the fork it used a specially formed fund of 50,000 ZClassic. These funds were to be used for the development and marketing of the network.
Coins are distributed as follows:
- listing on stock exchanges - 50%;
- development - 25%;
- marketing - 15%;
- general administrative expenses of the fund - 10%.
High-ranking members of the community and the mining community are responsible for the treasury.
Bitcoin Private also differs from Zclassic and Bitcoin in that there is a fee that miners contribute to the founders' fund. This share is 20% of the digital currency they mined, which goes to the wallets of the coin developers.
How to get BTCP in other ways? Instead of solo mining, you can use the capabilities of a pool. The official mining pool was created and managed by cryptocurrency developers and is available on the official website along with a list of pools that have been verified by members of the project team.
Solo or pool?
We get the answer to this question in Alexey Rubin’s mining calculator. The developer recommends going solo if you have at least five farms with Nvidia 1080ti.
Both options are available on the 2miners mining pool. We have stable payments every two hours and good infrastructure with servers in different countries for minimal ping.
And nice design.
Also be sure to check out other articles on cryptocurrency mining. The site has a guide to mining Musicoin, Calisto, HUSH and Ethereum Classic.
Subscribe to our channel in Telegram. We have only mining millionaires.
Where to buy BTCP?
Buying and selling coins is available on such exchanges as:
- HitBTC;
- Nanex;
- Exrates;
- Systemkoin;
- Altcoin Trader;
- Trade Satoshi;
- TradeOgre.
At the time of writing the review, the BTCP exchange rate to the dollar was $7.03, to the ruble - 441.35 RUB, and the market capitalization exceeded almost $144 million. The token occupied 67th place in the cryptocurrency market.
Problems
Zclassic, Bitcoin Private's predecessor, has a patchy past embroiled in controversy. This included wallet functionality issues, wild price action, token airdrop failure, and potentially illegal insider trading on Bittrex. This placed the holders incorrectly.
To this day, some people have not received their Zclassic deposits on exchanges like Cryptopia. Although Bitcoin Private is a brand new project with mostly new participants, this previous history still haunts the project.
Road map
The creators of the coin have extensive plans for its development for 2022 and 2019.
2018:
III quarter:
- completion of BTCP reboot (starting a new base node);
- conducting a soft fork to fully support SegWit;
- community development;
- launch of a new version of Electrum Wallet;
- implementation of Tor by default;
- release of Tor Wallet;
- implementation of the second and third phases of the trading platform;
- integration with e-commerce plugins (Shopify, Magento, WHMCS, 3dCart, Woocommerce, PrestaShop, Bigcommerce, etc.).
IV quarter:
- implementation of the Dandelion privacy protocol;
- using obfuscation techniques including “stem” and “fluff” to ensure the privacy of transparent transactions;
- activation of transaction protection by default in all wallets;
- third and fourth phase of the trading platform;
- integration of payment gateways;
- wallet UI/UX update.
2019:
- implementation of an alternative PoW algorithm;
- creating an iOS wallet with transaction screening;
- launch of a trading platform with shielded transactions;
- enable escaped transactions by default;
- introduction of mandatory transaction protection.
Description of the main purposes of creation
BTCP is a merger between BTC and ZCL, aiming to combine the best features and reduce transaction fees. Like other cryptocurrencies, it will be a decentralized peer-to-peer network based on the blockchain.
The White Paper states that the creators of the new digital currency aim to create “better technology, faster transactions and lower transaction fees.”
The network will use the revolutionary zk-SNARKS technology originally introduced in Zcash. It provides a high level of transaction anonymity. The capabilities of zk-SNARKS, combined with Bitcoin's large community and market leadership, will combine the best of both cryptocurrencies into a new digital coin. The authors of the project are also confident that their network can be very useful in the field of commercial transactions.
In addition to ambitious goals for the future, the project team managed to achieve impressive results, including:
- establishing partnerships with suppliers and payment gateways (due to the overwhelming interest of merchants in this opportunity, the development team has accelerated the implementation of this roadmap item, starting the first stage on April 13, 2022);
- expanding the list of exchanges on which the BTCP token will be traded;
- development of marketing, support and communication with the community (today the project is represented in more than 17 countries);
- release of official wallets and payment solutions, as well as work on integrating coin compatibility with Ledger hardware wallets and iOS and Android mobile wallets.
