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What is Bitcoin Private

Bitcoin Private, also known as BTCP, is a decentralized cryptocurrency project. It originates from a symbiosis of two blockchains: Bitcoin’s hard fork merged with ZClassic, a Zcash’es fork (which was also deployed by the same developer who created BTCP). The coin tried to take the best features from both coins and create something new. The project tried to combine the privacy and security of ZClassic with the flexibility and popularity of Bitcoin. The point of BTCP’s creation was also making the faster and more affordable crypto by improving block size, block time and ASIC-resistant ecosystem.

BTCP is mined on the Equihash mining algorithm. It was inherited from Zcash and ZClassic as they work on the same protocol. Equihash is a Proof-of-Work algorithm designed to fight the problem of ASIC domination in many blockchains — for example, in Bitcoin. As a result, BTCP can be mined with a GPU or CPU of a comparatively modern computer.

The main purpose of this coin is a payment method. The idea was to make a method that would make tracking transactions impossible. The blockchain hides both senders’ and recipients’ data along with the amount sent. Everything a person can see when enters a BTCP explorer is the fact of the transaction.

In fact, the story behind Bitcoin Private is a bit frustrating. Originally it was created in 2017 by Rhett Creighton only as a Zcash hard fork. But the project didn’t gather significant support among the crypto community. Shortly after, Creighton suggested merging with Bitcoin’s hard fork. People liked that idea, so he got down to work. In 2018, the fork was initiated, and the BTCP we know went live. At that point, the currency was distributed among ZClassic and BTC holders equally.

Experts are quite skeptical about the project. For example, BTCP has a feature of the founders’ fee — 20% of all mined amounts go back to the development team. Many people reasonably find it unprofitable.

Bitcoin Private Price

BTCP started out quite well in March 2018. Initially, it cost around $60 and the price only grew in the first several days. In fact, the coin faced its all-time high on March 12 in 2018 — only a few days after a release. After that, it took a nosedive to the $20 mark. BTCP was a bit revived in April 2018, reaching almost $60.

From that point, Bitcoin Private entered the slow and long decreasing trend. Throughout the rest of 2018 and the whole of 2019, the price only went down. In fact, it would be fair to call the 2019’s chart of BTCP a flat line in comparison with the start. Since the beginning of 2019, BTCP has been trading between $2 and $0,1.

Bitcoin Private is #1043 in the CoinMarketCap’s rating with $466 498 of market cap as of this writing. The current level of daily transactions in the mid-December 2019 is $264,20. 4 774 681 BTCP is in circulation at the moment and the maximum supply is 22 873 588 coins. As of this article making, the current BTCP price is $0,097702 per coin. The ROI counted from the release of the coin is currently −99,85%.

Despite all the negative background and criticism, many experts and cryptocurrency analysis portals are still quite optimistic about this coin.

  • Cryptoground portal predicts a skyrocketing trend for this coin. According to their data, BTCP will cost $0,9693 by the end of 2020 and $49,6159 by the end of 2024.
  • Crypto Rating platform also predicts a strong bullrun for BTCP. Their article states that it will cost $2.88 in 2020.
  • Wallet Investor automatic crypto forecasts service says that BTCP will lose positions and reach $0,0132 at the end of 2020.

But still, the project has its advantages. There were a lot of discussions, but Bitcoin Private still has its audience — which, of course, finds something in it. It may be privacy, speed of work or ASIC-resistant mining policy.

Bitcoin Private Wallet

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