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Private Bitcoins (BTCP)

What Is Bitcoin Private (BTCP) and What Is Bitcoin Private (BTCP)?
Bitcoin private is a community-driven cryptocurrency formed in March 2018 as a result of a hard fork between bitcoin and Zclassic. Rhett Creighton, who also founded Zclassic, is the originator and key developer of Bitcoin private. The ultimate goal of Bitcoin private was to integrate the Zclassic cryptocurrency’s inherent privacy-rich features with Bitcoin’s flexibility, security, and widespread appeal.

THE MOST IMPORTANT THINGS TO KNOW

Bitcoin private (BTCP) is a community-driven cryptocurrency developed in March 2018 as a result of a hard fork between bitcoin and Zclassic.
The ultimate goal of Bitcoin private was to integrate the Zclassic cryptocurrency’s inherent privacy-rich features with Bitcoin’s flexibility, security, and widespread appeal.

Under dubious circumstances, the HitBTC exchange delisted BTCP in March of this year.

Although Bitcoin private is still traded in 2021, it is done in very little quantities. Its market capitalization is $5,359,697, and its price is $1.12. It is the 1,226th most valuable cryptocurrency according to CoinMarketCap.

Bitcoin Private – An Overview (BTCP)
Rather than being a regular fork, the goal of Bitcoin private was to execute a “fork-merge” that involved forking away from the Bitcoin blockchain and merging it with Zclassic in real time (ZCL). The method that underpins it has been labeled as “a ZClassic hard fork that merges ZClassic and Bitcoin’s UTXOs into a new blockchain named Bitcoin Private. This implies that the Bitcoin addresses and quantities will be coupled with ZClassic addresses and amounts.”

It was intended to support two transaction systems, according to the Bitcoin private whitepaper: transparent and shielded transactions. The blockchain, like Bitcoin, securely and openly stores the sources and destinations of all funds and amount values. Shielded transactions, on the other hand, encrypt such information into a separate area of a block, making it verifiable but difficult to read for third parties.

The goal of this operation was to make a new set of 20,300,000 coins, with 700,000 tokens still to be mined.

The premined 20 million tokens would then be airdropped into the wallets of Bitcoin and Zclassic users. On February 28th, 2018, the airdrop and fork-merge occurred.

What’s the Difference Between Bitcoin and Bitcoin Private?
Bitcoin’s fixed, tiny block size and sluggish block times caused concerns with speed, cost, and energy usage as the currency gained popularity in the middle of the decade. Increased transaction volume resulted in increased costs and longer processing times, causing backlogs. One of bitcoin’s goals, to be a unit of exchange, became clear in its current form.

The rise of power-hungry ASIC-based mining also called Bitcoin’s decentralized ethos into question. Mining power centralized around a few professional mining companies and mining pools. The Equihash proof-of-work (PoW) method was developed to address this issue by restricting the cost-performance tradeoffs of ASIC-based mining devices.

Despite the fact that Bitcoin was designed to provide users with anonymity, because all transactions are public on the blockchain, it is possible to track transactions in practice. Furthermore, a person’s Bitcoin public key can be used to identify them when paired with other sources of pseudonymous data.

By combining Bitcoin’s protocol with Zclassic’s privacy-enhancing features, Bitcoin private tried to tackle this problem.

Bitcoin private’s total currency supply was set to be capped at 21 million, similar to Bitcoin’s. With a block time of 2.5 minutes and a block size of 2 MB, the block reward was set to 1.5625 Bitcoin private. The zk-SNARKs privacy protocol is used in Bitcoin private, as well as the Equihash algorithm, which is a GPU-friendly proof of work method.

Bitcoin’s Personal Goals

Combining the security of Bitcoin with a mechanism to make transactions private seemed like a decent concept during the heyday of blockchain enthusiasm in 2017 and 2018. Bitcoin private had a market capitalization of roughly $550 million when it was began. It is no longer listed on HitBTC or many other minor exchanges as of 2021, with some of them having gone out of business since it was listed.

From the start, Bitcoin private triggered multiple red flags: it pre-mined 96.6 percent of the total token supply, leaving only 3.4 percent for mining rewards. In addition, rather than organically developing its user base, it attempted to capitalize on Bitcoin’s reputation and popularity.

A “bad actor exploited a weakness in the BTCP fork mine code,” according to the principals, who published a piece on Medium at the end of 2018, less than a year after Bitcoin private was launched. As a result, up to 1.7 million bogus “shielded” coins were made. In order to fix the situation, the developers launched a Bitcoin private hard fork.

Under dubious circumstances, the HitBTC exchange delisted BTCP in March of this year. Transaction volumes dropped below 10,000 per day, down from over 80,000 per day at the start of the year.

Bitcoin’s Personal Future
On CoinMarketCap’s Fundamental Crypto Asset Score, Bitcoin private has been assigned a “F” rating.

As of April 2021, Bitcoin private still has a Twitter account. According to the organization’s most recent Medium article, dated January 31st, 2020, Bitcoin private was delisted by several of its surviving exchanges, and the organization’s Treasury membership was restructured.

What do you think?

Written by Jordana Williams

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