What is Bitcoin Private?

Bitcoin Private (BTCP)

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The world is experiencing an increase in the number of upcoming and already existing Bitcoin hard forks recently the blockchain technology and cryptocurrency industry embraced the Bitcoin private, one of the upcoming hard forks. What is Bitcoin Private and how does it work?

What is Bitcoin Private (BTCP)?

Bitcoin Private is a private, open source, decentralized and community-driven coin that offer privacy ungraded to Bitcoin.  It is a brand new Bitcoin hard for that uses the same privacy technology found in Classic these days. To achieve the highest level of privacy, Bitcoin Private use zk-snarks. In addition, the coin also serves as a P2P form of digital money where no intermediaries are involved. All transactions on the Bitcoin private platform will be verified and broadcasted by nodes before passes to miners for approval.

Features of Bitcoin Private

  • Privacy: BTCP uses the same privacy technology as ZClassic which means payment is published on a public blockchain, but other transactions metadata remain unidentifiable.
  • Decentralized: Bitcoin Private supports P2P transactions. There are no intermediaries on the platform and all transactions are verified by the network nodes through cryptography before been recorded in public ledger.
  • Fast: Bitcoin Private also supports increased block size at the same time be more anonymous and secure that Bitcoin and other Bitcoin-based currencies.
  • A fair start: There are no founder’ reward and premine rewards which means BTCP is released in a fair manner. The Coins are distributed on a ratio of 1:1 to ZCL and BTC holders.
  • Community-driven: BTCP is developed by the team members from all over the world. Each member fills a role and contributes to roles based on his or her experience.
  • Open source: The coin codebase is publicly available for viewing and verified by anyone who wants to do so. It is open sources and maintained by a growing community.
  • BTCP issuance

The Bitcoin Private token will be issued to Bitcoin cash holders and ZCL holder, but one to Bitcoin users themselves. There is no official whitepaper as yet to provide further specs on how the coins will be issued but the official website claims they will be issued on a basis of 1:1.

Bitcoin Private Team

According to the website, the network has 50 talented contributors currently. The team comprises of people from various parts of the world.

Conclusion

Bitcoin Private is a community-driven BTC/ZCL hard fork. A hard fork is when a single currency splits into two and this is exactly what BTCP is.

 

 

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