Bitcoin Private is a new cryptocurrency that was created by a fork-merge of two cryptocurrency blockchains on 28 February 2018 with the Mainnet Launch on 3rd March 2018. Bitcoin Private is the result of a fork-merge of Bitcoin and Zclassic. Bitcoin Private is a “private, decentralized, fast, open source, community-driven coin”
We have become accustomed to hearing about hard forks, a process whereby a cryptocurrency splits in two, a new version and the old version of the blockchain. Much publicised examples of a hard fork are Ethereum to Ethereum Classic (due to the hacking of the DAO) and Bitcoin to Bitcoin Cash (due to a clash in ideology and scalability).
In the case of Bitcoin Private, the co-fork was from two cryptocurrencies, ZCL and BTC, creating Bitcoin Private (BTCP). Download the Bitcoin Private whitepaper.
What are the differences between the currencies recently “forked” from Bitcoin Core:
The original developers Jacob Brutman, Christopher Sulmone and Rhett Creighton, who is no longer part of the team. Development of Bitcoin Private is supported by over 150 contributors globally – the development community.
The Bitcoin Private Bounty program
Can’t code but want to contribute? Feel free to donate directly to the issues!https://t.co/G3jcoZxxw6
— Bitcoin Private (@bitcoinprivate) August 21, 2018
BTCP and blockchain
The Bitcoin Private ticker is BTCP, the supply limit is 21,000,000 and there was no pre-mine. Anyone who had ZCL or BTC in a wallet or supported exchange was fortunate enough to be credited Bitcoin Private (BTCP) at a 1:1 ratio.
The timestamping scheme is Proof-of-work with a block time of 2,5 minutes. The current block reward is 1,5625 BTCP which halves every 210,000 blocks (approximately 1 year) View blockchain explorer – explorer.btcprivate.org
What are the benefits
Bitcoin Private has much lower fees than Bitcoin together with transaction speeds four to six times faster with decentralized mining. Bitcoin Private, as per the name, offers zk-snarks privacy.
As explained on the Bitcoin Private website:-
Bitcoin Private uses the same privacy technology as ZClassic (zk-snarks). This means payments are published on a public blockchain, but the sender, recipient and other transactional metadata remain unidentifiable.
Just like Bitcoin, Bitcoin Private supports peer-to-peer transactions without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public ledger.
Unlike Bitcoin, Bitcoin Private supports a slightly increased block size while being more anonymous and secure than any existing Bitcoin-based currency without sacrificing transaction speeds.
Bitcoin Private’s entire codebase is publicly available for viewing and verification by anyone. It will always remain open source and be maintained by an ever-growing community.
In the nature of transparency and open source, Bitcoin Private is developed by team members all over the world. Each member fills roles and contributes based on his or her skill sets.
Mining Bitcoin Private
Source Code on GitHub – Bitcoin Private
Official Mining Pool – Bitcoin Private
Sponsor Mining Pools – Bitcoin Private
Buy and Sell Bitcoin Private – EOTwallet
Recently listed on EOTwallet – various trading pairs available – Happy Trading – Buy and Sell Bitcoin Private here – EOTwallet
Learn more about Bitcoin Private
Watch the highlights of the Bitcoin Private conference in the UK during August 2018
Learn more about Bitcoin Private and join the community – Bitcoin Private Website
Get your copy of What is Bitcoin
This e-book on Amazon explains what Bitcoin is, it explains that Bitcoin (BTC) is a virtual currency, digital, not physical, and independent of banks. Useful links and resources for the newbie and advanced Bitcoiner or cryptocurrency enthusiast.
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