What is Bitcoin Private?
Bitcoin Private (BTCP) is a fork of bitcoin that occurred on February 28th, 2018. Instead of using bitcoin’s classic sender and recipient public key system, it employs the same privacy technology as the cryptocurrency ZClassic (ZCL). This allows transactions to be published on a public blockchain but keeps the identities of the sender and recipient publicly unidentifiable. By anonymizing transactional metadata, Bitcoin Private essentially acts like bitcoin but offers enhanced privacy features not attributable to bitcoin or its many forks.
History of Bitcoin Private
The founder and lead developer for Bitcoin Private is Rhett Creighton, bitcoin enthusiast and software engineer. The idea originated in late 2017/early 2018 and the current team now includes over 200 members of varying technical specialties from around the world. The “snapshot” of bitcoin and ZClassic blocks for distributions at the time of the fork are 511346 for BTC and 272991 for ZCL. The Mainnet for BTCP was launched on March 3rd, 2018. BTCP hit the markets on April 12th, 2018 and had surpassed the billion-dollar market capitalization mark by April 21st, 2018 – a mere 9 days later. This meteoric rise gives Bitcoin Private the distinction of being the fastest-growing coin to ever be listed on any cryptocurrency market, as of late April 2018.
How Bitcoin Private Works
Like BTC, there will be a total of 21 million BTCPs mined (excluding those already included up to bitcoin block #511346), with rewarding and halving mechanisms like those used in bitcoin. Bitcoin Private also differs from bitcoin in that it features 2.5-minute block times, allowing for confirmations approximately 4x faster than bitcoin, and has a block size of 2 MB, as opposed to bitcoin’s 1 MB block sizes. This means that not only can Bitcoin Private payments be confirmed more quickly than those of bitcoin, but more transactions can be included per block, thus allowing for more scalability than bitcoin, or its previously existing forks as well.
BTCP coins can be collected in several different methods by anyone who held bitcoin or ZClassic on 2/28/18 (the date of the fork). To collect these coins, users must have access to their private keys, and know how to successfully import them into a Bitcoin Private wallet. We suggest you visit their website for more information on how to do this.
Why Bitcoin Private?
Bitcoin Private offers the following enhancements upon traditional bitcoin (BTC) as a cryptocurrency:
Privacy-Centric: payments are published on a public blockchain, but the sender, recipient and other transactional metadata remain unidentifiable.
Faster Confirmation Times: with 2.5-minute blocks, BTCP supports an increased block size while being more anonymous and secure, all the while offering significantly faster transaction speeds.
Open Source: the codebase behind Bitcoin Private’s is publicly available for viewing and verification by anyone.
Community-Driven: like the team behind Bitcoin Core, the BTCP team is developed by technically-skilled members from all over the world.
Fairer Distribution Model: Bitcoin Private can be collected by anyone who held bitcoin at block number 511346, from any address to which they hold the private key. Coins are distributed on a 1:1 basis to BTC and ZCL holders.