What is Bitcoin Private (BTCP)?

Jul 11, 2018 at 15:57

Bitcoin Private (BTCP) is a cryptocurrency that combines the original Bitcoin (BTC) fork with ZClassic (ZCL) fork. The resulting token features the ease of spending and flexibility offered by BTC while offering the security and privacy of ZCL.

Because BTCP is a fork of BTC and ZCL, it did not have an ICO. The hard fork snapshot took place on February 28 with a snapshot block count of 511,346 for BTC and 272,991 for ZCL. The mainnet launch was on March 3, with existing BTC and ZCL holders being credited BTCP at a 1:1 ratio.

BTCP will have a total supply of 21 million tokens, with 20.4 million coins already existing and available at the time of the fork to ensure low inflation.

What sets BTCP apart from the original coins it fork-merged from is the emphasis on privacy. BTCP lets users publish their payments on the public blockchain without sharing identifiable metadata, such as the sender’s and recipient’s identities, and other transactional information.

BTCP’s features include an increased block size (2 MB), shorter block time (2.5 min) and ASIC-resistant Proof of Work (PoW) Equihash. These allow Bitcoin Private to deliver on their promise of speed, privacy and transparency.

Future plans include blockchain improvements that will eventually lead to soft forks, where BTCP miners will have to accept the changes brought about by these improvements. 95% of the miners have to accept the changes for them to be locked in; otherwise, no changes will be made.

Another plan is to solve the possible problem of an extremely low network hashrate by destroying 0.14% of the existing unmoved BTCP coins every day for two years. This will leave a significant space for miners while giving users the chance to move their forked coins.

 

Where to buy?

BTCP is traded mostly on HitBTC, making it the main option for purchasing. It is also traded in other exchanges including Nano, Trade Satoshi, Exrates and Sistemkoin.

Is it mineable?

BTCP can be mined using a mining pool, with an official mining pool made available at the Bitcoin Private website. 700,000 coins are mineable from the time of the launch.