Bitcoin Private (BTCP) – Beginner’s Guide, Information & Review

Written by Adolph Obasogie - Reviewed by Coin Review Team

Published: May 21, 2018 | Last Updated: Mar 14, 2019

2024-12-05T06:29:43+00:00

What is Bitcoin Private?

Bitcoin Private (BTCP) is a fork of Bitcoin and ZClassic (a fork from ZCash) with a focus on improved privacy. The main difference what differs BTCP from Bitcoin is the implementation of Zk-SNARKS, zero-knowledge proofs that obfuscate sender, receiver and amount transacted. The block time is 2.5 minutes, and the block reward gets halved every 210 000 blocks (~1 year). BTCP uses the ASIC-resistant Equihash algorithm.

Table of Contents:

History

The snapshot occurred at block 511346 for BTC and block 272991 for ZCL, at 28. February 2018. The mainnet launched at 3. March 2018.

The newly minted BTCP were airdropped at a 1:1 ratio to both BTC and ZCL holders. BTCP is community driven, but the idea came from the initiator of ZClassic, Rhett Creighton, who is a former Bitcoin Core developer.

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Can Bitcoin Private be mined?

Yes, BTCP is based on Proof-of-Work, and the mining algorithm is Equihash.

What differs Bitcoin Private from other Cryptocurrencies?

BTCP uses Zk-SNARKS to enable private transactions. The developers stated that BTC is pseudonymous and not anonymous.

While this is true, they maybe failed to see that what the are proposing is essentially a slightly altered version of ZCash.

How much is Bitcoin Private worth today?

What is the total and the circulating supply?

The total supply of BTCP is 21,000,000 and the circulating supply at the time of writing is 20,431,116 BTCP.

Where can you buy BTCP?

You can buy BTCP on several cryptocurrency exchanges, most notably HitBTC.

Can BTCP be sold for cash?

You can sell BTCP for cash on several cryptocurrency exchanges that have fiat-pairings, most notably Sistemkoin (not recommended).

Future Development

The team is currently working on further decentralizing the ecosystem and strengthen adoption. But, most of the coins are already mined, which is bad at this early stage.

Verdict and Rating

1/10
ZCL was on a steady decline and lost momentum every day; then the founder decided to do a merge fork with Bitcoin and give holders of both currencies the new coin BTCP on a 1:1 ratio. ZCL cost a fraction than BTC, and with the latest rage on Bitcoin forks, it was clear that ZCL would quickly multiply in value. Also, ZCL does almost exactly the same as BTCP, so I don’t see a reason for this maneuver other than making money on the back of the community.

I acquired most of my understanding regarding private transactions at Blockchain Whispers, which is by far the most informative crypto website. You can check it out at https://blockchainwhispers.com/premium/

1 / 10.0

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References

Disclaimer

The writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.