Bitcoin Private: A Cryptocurrency Review
When Bitcoin was developed, it had problems in regards to privacy and transaction speeds. While its possible to create privacy-centric elements to it, it’s not easy and requires a hard fork for it to happen. Bitcoinprivate is a hard fork between Bitcoin’s algorithm and Zclassic’s advanced privacy features. Specifically, it will use z-snarks to remain private. We’ll introduce you to this new cryptocurrency and how you can benefit from using it today.
Bitcoinprivate
What are The Advantages and Disadvantages of BTCP?
Peer-to-Peer Network
Bitcoinprivate is a peer-to-peer network that specializes in private and decentralized transactions. As a result, there are no intermediaries needed to when conducting trades with this coin.The transactions are verified via nodes before they are sent to miners for their approval. Since it has a larger block size, and peer-to-peer capabilities, it’s designed to scale. This means that the more users who are on Bitcoinprivate’s network, the more effective it becomes.
Fair Start
Some new cryptocurrencies are premined, which can leave new users at a disadvantage. Bitcoinprivate is released in a fair manner for its entire userbase. The coins will be sent out on a 1:1 basis to ZCL (Z-Classic) and BTC (Bitcoin) holders.
Open Source
Plus, bitcoinprivate’s codebase is open for verification and viewing by everyone. This allows for experienced programmers to find existing problems within its system, and fix and create changes within them. Rest assured that Bitcoinprivate will be maintained protected by an ever-growing community.
Block Size
Its main disadvantage is its large block size. Even though its block size is 2MB (in comparison to BTC’s 1MB block size), this means that it will take longer for miners to process it. The larger block size will take up more bandwidth, which can lead to more energy costs in the long run.
How to get BTCP?
How to get BitcoinPrivate
There are two ways that you can obtain BTCP. Since it’s not currently out yet, investors will have to buy it via obtaining Z-Classic. Due to its 1:1 token distribution ratio, if you own 15 Z-classic, you’ll have 15 BTCP in your wallet after the fork takes place. Right now, you can buy ZCL through Cryptopia, Bittrex, and Coinexchange.io. Alternatively, you can mine some ZCL to obtain some BTCP. Make sure that you install Zclassic’s official desktop wallet to ensure that you’ll receive BTCP after the fork. For more info go to: BitcoinPrivate site
What makes BTCP So Special In Comparison to BTC and BCH?
Here is a table that highlights the difference between the three main cryptocurrencies:
| Fork Compare | Bitcoin Private (BTCP) | Bitcoin (BTC) | Bitcoin Cash (BCH) |
| Max Supply | 21 Million | 21 Million | 21 Million |
| Privacy | Z-snarks (Zero Cash) | None | None |
| Block Size | 2 MB | 1 MB | 8 MB |
| Block Interval | 2.5 Mins | 10 Mins | 10 Mins |
| Replay Protection | Yes | No | No |
| Difficulty Adjustment | Each Block | 2 Weeks | 2 Weeks |
Now, we can see the noticeable differences between Bitcoinprivate, Bitcoin, and Bitcoin Cash. While it does have a larger block size than Bitcoin, it has the highest level of privacy out of the three. Because of that, users should look into Bitcoin private as it provides a safer network that conducts faster transactions and keeps each user’s information protected while it’s in use.
Conclusion
What makes Bitcoin Private so special? Not only is it forked by Z-cash, one of the most private cryptocurrency networks in the market, but it’s also backed by Bitcoin’s existing algorithm. This means that it is a reliable coin to invest in due to its owner’s previous history, and its future growth potential. Do you have any additional questions regarding Bitcoinprivate?
Tell us in the comments below.
Sources:
https://www.influencive.com/bitcoin-hard-forks-bitcoin-private/
http://cryptocurrencyfacts.com/2017/12/28/bitcoin-private-fork-zclassic-bitcoin-fork/
https://themerkle.com/what-is-bitcoin-private/
