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Bitcoin Private Explained
With the passage of time, the Bitcoin’s blockchain underwent a rapid growth. However, with this growth, a number of initial problems remained unaddressed. These include the smaller fixed block size and slower block time periods. As a result, users constantly faced problems with transactions and fees. Furthermore, ever since the ASIC mining hardware has been introduced, the network has become somewhat pseudo-centralized.
What is Bitcoin Private?
Bitcoin Private (BTCP) is a hybrid hard fork between Zclassic (ZCL) and Bitcoin (BTC). The aim of Bitcoin Private’s launch is to bring together the security and market of Bitcoin, and the privacy/anonymity features offered by Zclassic.
It was founded by Rhett Creighton who first proposed the idea on Twitter. Currently, the team consists of a number of leading experts along with a community of more than 70 contributors and 20 engineers that became a part of it within 30 days.
Remarkably, Bitcoin private offers a 2.5 minutes block time. Moreover, it carries a 2 MB block size and is based on an algorithm called Equihash which is GPU friendly and ASIC resistant.
Bitcoin Private Technology
Bitcoin Private Technology makes use of Zclassic’s tech that offers a greater level of anonymity. Zclassic itself makes use of a version of ZeroCoin protocol which hides the address of traders on the network along with the transaction amounts. This results in a great level of anonymity.
Bitcoin Private Team
Originally, the idea behind Bitcoin Private was proposed by Rhett Creighton on Twitter. Rhett Creighton is also the co-founder of Zclassic and the leading member of Bitcoin Private team. Followed by his proposal, experts including Jacob Brutman, Giuseppe Stuto, Christopher Sulmone, Geoff Hopkins, and Jon Layton joined the team. Together, these people authored the BTC Private Whitepaper. Currently, the Bitcoin Private team consists of around 20 engineers and more than 200 contributors.
The vision of Bitcoin Private
The vision of Bitcoin Private cryptocurrency is clear and specific. The networks aim to offer a cryptocurrency network that uses the good features in both Bitcoin and Zclassic to build a cryptocurrency that is more secure and fast.
Ever since its launch, Bitcoin Private has remained in the limelight catching the attention of the mainstream media by crushing new milestones.
Up to now, Bitcoin Private as made a number of accomplishments that are in line with its vision. These include:
- Vendor partnerships – A number of vendors have shown interest in Bitcoin Private. As a result of this, the BTCP team has sped up the development process.
- Exchange listing – It is confirmed that HitBTC exchange will list BTCP after submissions and talks made with Kucoin and Binance.
- Public Relations – The BTCP team has formed a successful ambassador program that currently represents more than 17 countries. Apart from that, the advertising and customer support is also being improved rapidly.
- Official wallet/payment solutions – A request to the Trezor teams has been made. Currently, the development of a chrome extension for an electrum wallet along with its IOS application is in progress.
How unique is Bitcoin Private?
The Bitcoin Private project is quite unique in the sense that it has a range of advantages over both Bitcoin/Zclassic and other cryptocurrencies in general.
The biggest advantage is the privacy that it offers. This comes about due to the zk-snarks technology that Zclassic already uses. Using this technology, the transactional metadata of the senders and receivers remain totally unidentified.
Another unique aspect of Bitcoin Private coin is that it is community driven. The network’s code is open source and available for viewing and certification by the public. The BTCP community consists of members throughout the world that take individual tasks based on their skill set. Moreover, there are no pre-mine rewards or founder’s rewards. Rather, the coins get distributed on a 1 to 1 ratio for those who currently own Bitcoin and Zclassic.
The main features of Bitcoin Private coin
As compared to the other hard forks in history, BTCP is an example of a nearly perfect evolution of two cryptocurrencies. Bitcoin Private carries the following main features:
- Privacy: Bitcoin private has put a great focus on the privacy of the coin. It totally conceals the address of both the sender and the recipient along with the amount of transaction. The privacy technology that it makes use of is called zk-snarks which were first implemented by Zclassic. Through zk-snarks, the transactional metadata related to a transaction remains unidentified.
- Peer-2-peer facility: Just like the bitcoin, this coin allows peer-to-peer transactions without the need for a third party such as banks/government or finance agencies. The zk-snarks technology records all transactions on a ledger after verification via the network nodes.
- Faster speed: Apart from the anonymity, it offers a bigger block size of 2 MB. As compared to BTCP, Bitcoin has a smaller block size of 1 MB. Hence, due to the bigger block size, BTCP has a higher transaction speed as compared to Bitcoin and other BTC based crypto hard-forks.
- Open source platform: Unlike a number of other crypto platforms, the BTCP has an open source platform. Due to this reason, its codebase is viewable and is spread throughout the world. Community developers all over the globe regularly contribute to this code.
- Community-based coin: Bitcoin private hosts a large community of contributors from all over the globe. In this community, there are plenty of users with a number of different skill sets. All of these users tend to contribute to the development and the maintenance of the platform. This reduces the probability of technical errors and faults significantly since the codebase remains under vigilance by users all over the globe.
Bitcoin Private Fork
A hard fork is an event where two single cryptocurrencies are joined together as one, taking features from both technologies so as to create a single crypto. This primarily occurs when the crypto code becomes changed due to which there are two versions available. BTCP was launched due to a unique merge, where Bitcoin and ZClassic co-forked to give birth to Bitcoin Private.
Usually, when a cryptocurrency source code is changed slightly, a big number of users do not agree with it. For instance, if I end up adding a code line to Bitcoin that would change the way the block reward is distributed, most users will give a tough time against it. In order to proceed, I will have to create my own version of bitcoin having that changed code line and name it something like Bitcoin supreme (as an example).
ZClassic is a hard fork of Zcash. However, it was obvious that this cryptocurrency alone was not having a good time since it had to go through yet another hard fork. This was primarily because of the problems with Zclassic’s pricing.
The hard fork between BTC and ZCL occurred on 28th February 2018. A snapshot of BTC and ZCL was obtained during a hard fork. Anyone with BTC and ZCL would receive BTCP on a ratio of 1:1 ratio. For instance, someone with 10 ZCL and 0.5 BTC would have received 10.5 BTCP.
The Bitcoin Private Coin
The total number of circulating BTCP is about 21 million coins. This huge number is due to the existing supply of ZCL and BTC.
Generally, the privacy of BTCP is what sets it apart from the rest of the BTC forks. This is because it makes use of the same technology as ZClassic.
The decentralized nature of BTCP is what brings another great advantage. All the transactions that are made on the network are done peer to peer (sender to the recipient) without the involvement of a third party. Cryptography is used to verify the transactions by the network nodes, before getting recorded on a public ledger. At the same time, the larger block size allows it to provide a greater level of security and anonymity as compared to the other versions of bitcoin. So all in all, the purpose of the Bitcoin Private coin is to provide a greater level of anonymity, fast transactions, and a greater security.
It was listed on Trade Satoshi earlier than March 2017. Apart from that, it is also traded live on Nanex which is a popular NANO community exchange. In the near future, Bitcoin Private is expected to get listed on exchanges such as HitBTC and Binance.
Bitcoin Private Price Growth
The start price of BTCP was $65.82. The all-time high of BTCP was recorded at $85.68 based on speculation by CoinCodex. Currently, the price remains quite low as compared to the expectations of the community. With further development and listings, BTCP price is expected to rise in no time.
All about Bitcoin Private mining
The bitcoin private makes use of the Equihash mining algorithm. This suggests that users can use any miner that is capable of mining Zcash, to mine Bitcoin Private. However, users should not forget to set up the pool URL along with the port number.
You can either mine BTCP via a CPU or a GPU such as Nvidia or AMD. As far as mining via CPU is concerned, one can either use Minergate or NiceHash’s nheqminer. However, CPU miners must keep in mind that mining via CPU is not as profitable as GPU mining. CPU mining in its essence is only suitable for hobbyists who do not essentially care about making any considerable profit.
Apart from solo mining, there are a number of BTCP mining pools you one can join. BTCP also offers an official mining pool that is far more reliable and is maintained by the development team of BTCP.
You can find a number of other mining pools that the team recommends. In order to help you in choosing better, the mining pools are categorized as those that are from the community sponsors and those that are verified by the BTCP team along with the ones that are yet to be verified. Before joining mining pools that are not verified, one should do a considerable amount of research.
The main features of BTCP mining include the following:
- Block reward = 1.5625 BTCP
- Network hash rate = It constantly changes. Currently, it hovers around 25.24 Msol/s.
- Block time = 2.5 minutes on average if you are using a good GPU such as AMD.
Bitcoin Private Wallet
Bitcoin private full node desktop client >>
The Bitcoin private full-node desktop client is a desktop wallet. However, since this software is highly experimental, users should take precautions before using it. Before sending/receiving funds, one should test it with small amounts first. All in all, this wallet should only be used for transferring small amounts as its reliability is not very obvious as of yet.
Electrum is a desktop wallet that also supports BTCP. It is compatible on a range of platforms including Windows, Linux, and Mac. It also has an android application. It has its transaction fees at a flat rate of 0.2 mBTC. In some cases, this fee goes as low as 0.1 mBTC. Electrum is quite suitable due to its ability for getting integrated with hardware wallets including KeepKey, Trezor, and Ledger Nano S.
Coinomi is a multi-cryptocurrency wallet. It is available on both IOS and Android along with a desktop version for Linux, Windows, and Mac which is in the pipeline. It supports a wide number of altcoins. While this wallet is hierarchical deterministic, it is not open source, does not have a multi-signature option, and does not have 2-factor authentication.
Simply put, paper wallets are cold storage wallets that are more or less a piece of paper which has your private and public keys printed on it. For safety reasons, store the wallet in a lock or in a box no one else but you can access. The most reliable paper wallet for BTCP as of yet is the one that is available at wallet.btcprivate.pro
Bitcoin Private Exchange
Since BTCP is a relatively new coin, it is currently listed on a limited number of exchanges. However, applications to get listed on exchanges such as Binance are currently in process. In the near future, BTCP will be listed on a range of other more popular crypto exchanges.
Currently, BTCP can be found on the following exchanges:
HitBTC is one of the most popular cryptocurrency exchange out there. Having founded in the year 2015 and based in the UK, it is quite an experience exchange. Through HitBTC, you can easily exchange BTCP against BTC or Ethereum. On immediate execution of the trade, a fee of 0.1% is charged.
TradeSatoshi is a cryptocurrency exchange that supports a range of cryptocurrencies. It offers various trading. pairs such as BTC/BCH, BTC/ETH, BTC/LTC, BTC/BTCZ, and a lot more. It has its headquarters based in the UK. As far as the trading fees go, the fee ranges from 0.000001 – 0.750 unique for every cryptocurrency.
Nanex is a new cryptocurrency exchange platform with its prime focus on Nano Crypto. It offers a range of trading pairs between Nano and other coins including Bitcoin, Litecoin, Ethereum and more. It has a minimum withdrawal limit which varies for different coins. For instance, it is 0.001 for BTC and 0.002 for LTC. While it has a 0% maker fee, it charges a taker fee of 0.2%.
The Bitcoin Private coin is indeed a very promising project since it offers a combination of the good features from both Bitcoin and Zclassic. Due to this, the Bitcoin Private offers a high level of anonymity, along with more secure and faster transactions. In other words, it looks like this coin is rather invincible with great prospects for the future. Perhaps this is what is driving the interest of investors constantly!
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