Bitcoin Private Bitcoin Private emerges as a highly secure, swift, transparent coin with community backing. This innovative currency fuses the essence of ZClassic and Bitcoin in a unique 'fork-merge', offering holders both confidentiality and transaction freedom, while acknowledging previous project's flaws.
There is a core team behind Bitcoin Private The project takes a distinct path as a community endeavor. Over 70 collaborators, including 20 recent additions, actively shape its future. Open to contributions, thanks to its open-source framework, you can also be a part of the Bitcoin Private initiative.
How Is Bitcoin Private Different?
Bitcoin Private boasts an efficient 2.5-minute block time, increased block capacity of 2 MB, and uses Equihash, a proof-of-work method favoring GPU mining and countering ASIC efficiencies. Its construction engaged more of the crypto sphere, marking an unprecedented fork case, and demonstrated the adaptability of UTXO sets. Subsequently, snapshots ensure a 1:1 BTCP distribution to corresponding ZCL and BTC holders.
Here's a helpful comparison chart from the Bitcoin Private team, showing how BTCP measures up against other Bitcoin-derived versions.
What Makes Bitcoin Private Stand Out?
Bitcoin Private holds numerous superior traits, surpassing both digital and fiat currencies. Its key advantage lies in privacy via zk-snarks technology, resembling ZClassic - showcasing transactions publically while shielding crucial sender and recipient data.
Like Bitcoin, Bitcoin Private’s decentralized framework is advantageous. It facilitates direct peer-to-peer trades without intermediaries, relying on cryptographic verification by network nodes recorded in the blockchain.
Boosting Bitcoin's foundational strengths, Bitcoin Private accelerates processing owing to an expanded block, maintaining superior protection and privacy compared to similar offshoots.
Emphasizing community involvement, Bitcoin Private's source code remains transparent and accessible. The global team consists of role-specific talent distribution, ensuring fairness through equal coin allocation post-fork for ZCL and BTC holders without initial founder or pre-mine allocations.
What Is a Hard Fork, and When Was It?
A hard fork produces two distinct cryptocurrencies from an existing one due to alterations in its code. BTCP came about through a unique 'merge-fork', co-forking ZCL and BTC to birth Bitcoin Private.
The fork occurred on February 28, 2018, where ZCL and BTC balances underwent a 'snapshot', enabling automatic 1:1 BTCP allocation for holdings within compatible platforms.
Bitcoin Private Wallets
Explore various avenues to leverage Bitcoin Private benefits. several types of wallets There are desktop full-node wallets for Windows, Mac, Linux, and Electrum wallet options. Also, generate a paper wallet, with forthcoming iOS support for Coinomi.
How to Claim Bitcoin Private
Please remember, scam alerts have risen with false sites requesting private key submission for BTCP claims. Never input private keys indiscriminately and adhere to the official Bitcoin Private links available here. .
Your approach for claiming BTCP varies with your wallet choice. Bitcoin Private suggests securing your BTC/ZCL by moving them to new addresses pre-fork, prior to using the private key.
Full Node Wallets
For full-node users, ensure updated Java, unpack and launch BitcoinPrivateDesktopWallet.jar. Allow synchronization and move to ‘Wallet’ -> ‘Import One Private Key’. Note longer waits. Confirm the sweep to initiate header downloading. Your BTCP will soon be accessible.
Electrum Wallets
Users of Electrum wallets should extract and run the Electrum software, establish a new wallet, and follow ‘wallet’ -> ‘private keys’ -> ‘sweep’ prompts. Enter keys, then transfer the BTCP to a new wallet address.
Electrum Multi-Signature Wallets
Electrum multi-signature wallets require extraction and Electrum execution. Click ‘next’, select ‘multi-signature’ and proceed. Set co-signers/keyholders count, enter ‘I already have a seed’, input your seed, and co-signers' keys. Post-start, create a fresh multi-signature wallet and fund it.
Bitcoin Private Mining
Bitcoin Private’s official mining pool awaits your participation, curated by its developers. A plethora of additional pools are available; listings are categorized on the official site by community support and verification status. Exercise caution with unverified pools.
We've crafted a thorough separate guide to delve into Mining Bitcoin Private here .
Conclusion
Functioning akin to various cryptocurrencies, BTCP merges Bitcoin’s prominence with ZClassic’s privacy strengths. Eligible BTC/ZCL holders in compliant wallets can effortlessly claim BTCP, a testament to the community-managed project transparency endorsed by its open-source code.
