Bitcoin Private is based on two blockchain chains at once, which makes this currency unique. But at its core, apart from the new name, BTCP does not offer anything new and does not solve global network problems. Experts are wary of this stillborn child of Bitcoin.
Hard fork Bitcoin Private (BTCP) is a kind of “fork merger” of Bitcoin (BTC) and Zclassic (ZCL). As a result of this unconventional move, the new BTCP currency appeared.
Bitcoin Private took the transaction technology from Bitcoin and the encryption protocol from Zclassic with zero-knowledge proof, thereby ensuring a high threshold of anonymity. It was its uniqueness and exclusivity that attracted the attention of investors, because in fact this fork actually became the first cryptocurrency based on two block chains. The fork uses the Equihash hashing algorithm. That is, you can mine coins using video cards. One node weighs 2MB. And, according to the developers, it takes approximately 2.5 minutes to create a new block.
Bitcoin Private is anonymous. Transactions are stored on a public blockchain, although identification of its participants is impossible. Each completed transaction is verified by a system of nodes, encrypted and stored in the block chain, just as it happens in the original Bitcoin network, but the transaction speed is higher than that of the progenitor. This is achieved by gradually increasing the size of the node.
Bitcoin Private is traded on just a few exchanges: BarterDEX, Octaex, TradeSatoshi, Nanex, Sistemkoin, Exrates.
The project was founded by the developer of the cryptocurrency ZClassic Rhett Creighton. Experts are usually wary when this odious name is mentioned in a particular project. Creighton is also called the “king of pump and dump,” but even knowing this, users continue to purchase the coins that he promotes. Rating agency Weiss Ratings called him a “serial cryptocurrency guy” due to his passion for creating new cryptocurrencies that use the Bitcoin name. These include Bitcoin Private, ZClassic and Bitcoin Prime.
Many representatives of the crypto community believe that the fork is just a way to increase the rating of ZClassic, but the fork had a bad effect on ZClassic (ZCL) and the price of the token fell sharply.
Besides its unique organization on two chains, Bitcoin Private cannot provide anything essentially functional and revolutionary to the cryptocurrency system. Experts are skeptical about BTCP and many consider Creighton’s next brainchild a “dummy”..
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