What is Bitcoin Private?

 

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:

 

Source: Bitcoin Private Whitepaper

 

 

 

The Developers

 

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

 

 

 

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:-

 

Private

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.

Decentralized

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.

Fast

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.

Open Source

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.

Community Driven

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.

 

 

Please leave your questions and comments below:

 

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