What Is Bitcoin Private?
BTCP has a 2.5-minute block time and a 2 MB block size, and it uses an algorithm called Equihash, which is GPU-friendly and ASIC resistant.
Bitcoin Private organized a 1:1 airdrop (1 BTCP for each ZCL and BTC) on February 28, 2018. The airdrop was responsible for issuing most of the circulating coin supply to early BTC and ZCL holders.
Bitcoin Private Technology
Bitcoin Private Technology inherited ZClassic’s technology which has a keen focus on anonymity. ZClassic is based on the ZeroCoin protocol which masks the address of traders on the network as well as how much they transacted.
Bitcoin Private Team
The idea behind Bitcoin Private was initially proposed by Rhett Creighton on Twitter, the co-founder of ZClassic and the leading member of Bitcoin Private team. He was later joined by experts including Jacob Brutman, Giuseppe Stuto, Christopher Sulmone, Geoff Hopkins, and Jon Layton. Together, they created the BTC Private Whitepaper. Currently, the Bitcoin Private team is made up of 20 engineers and over 200 contributors.
Unique Features of the Bitcoin Private Coin
Bitcoin Private features some characteristics that set it apart from other cryptocurrencies:
Privacy: Bitcoin private puts great emphasis on coin privacy. It completely hides the address of both the sender and the recipient together with the transaction amount. It uses zk-snarks, a privacy technology first implemented by ZClassic.
Peer-2-peer facility: This coin enables peer-to-peer transactions without requiring a third party to mediate it, just like Bitcoin. The zk-snarks technology keeps all transactions on a ledger after they are verified via the network nodes.
Faster speed: BTCP also has a bigger block size of 2 MB. In comparison to BTCP, Bitcoin’s block size represents half of BTCP. Because of this, BTCP has a higher transaction speed as compared to Bitcoin and other cryptos resulted from a BTC hard fork.
Open source platform: BTCP has an open source platform, meaning its codebase can be viewed and shared all across the world. Community developers can also make regular contributions to this code.
Community-based coin: Bitcoin Private brings together a large global community of contributors. By having such a large community of developers with different skills which contribute to the development and the maintenance of the platform, it reduces the probability of technical errors.
BTCP Coin Analysis
The total number of circulating BTCP is approximately 20.5 million coins (20,524,490 BTCP). This large supply is because of the existing supply of ZCL and BTC.
The privacy aspect of BTCP is what makes it different from the other BTC forks due to its use of the same technology as ZClassic.
The decentralized nature of BTCP is another bonus feature. Seeing as all the transactions that are executed on the network are done peer to peer (sender to the recipient) there is no need for a third party to mediate transfers. By using cryptography, network nodes verify the transactions before it gets recorded on a public ledger.
Also, the larger block size confers a greater level of security and anonymity unlike other versions of Bitcoin.
The initial launch price of BTCP was $65.82 USD and its all-time high of BTCP was recorded at $85.68 USD. The coin has experienced some major fluctuations, but after June the charts have shown a slow downward trend. The price of BTCP is now $1.90.
Where to Buy Bitcoin Private
Since the coin has been released, there have been only a handful of exchanges that have added support for BTCP. The exchanges that trade BTCP are: HitBTC, TradeSatoshi, Nanex , Exrates, SIstemkoin, Altcoin Trader, TOPBTC, TradeOgre, and Crex24.
In the near future, Bitcoin Private is expected to also be listed on Binance.
How Do You Mine Bitcoin Private?
Bitcoin Private is based on Equihash, a popular algorithm used for GPU mining. This enables users to mine Bitcoin Private at home just by using their computer GPU. There’s even an official BTCP mining pool which is managed by the developers, in addition to several other verified pools available to join.
Where Can You Store Bitcoin Private
There are several wallets options for Bitcoin Private storage, including an Electrum and Full node wallet for Windows, Linux, and Mac users. For cold storage, there is a paper wallet and for mobile users, there is an iOS app.
The Bitcoin Private coin is an interesting project since it brings together the best of both Bitcoin and ZClassic.