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Bitcoin cryptocurrency is too popular these days as it allows the user to perform the transaction without the involvement of any third party or any intermediate in between.
It is the biggest cryptocurrency all over the world with some margin. Though it is risky and not that much secure. It takes more time than usual to perform payment transactions which might be one of the reasons for the delay in the actual work due to which investors are looking for better options and also charging High transaction fees for doing payments.
As we are aware this currency is not owned by anyone specifically to report any such kind of issues whether it is related to privacy or performance. Though, these issues cannot be resolved overnight which is also true.
Thus, to overcome such kind of issues, Bitcoin Private comes into the picture.
What exactly Bitcoin Private is??
Bitcoin Private is the digital currency similar like Bitcoin which allows performing peer–to–peer transactions without third-party involvement but under this, transactions are broadcasted and verified by nodes before sending to the miners for final approval.
Let’s check out how Bitcoin Private Works …
It provides the facility to the user to keep the sender, receiver and amount private from the other users. As it provides privacy to the people involved in that transaction by hiding their details.
It uses a different mining algorithm named Equihash which offers many advantages over Bitcoin.
However, Bitcoin Private is an open source, decentralized and faster Cryptocurrency that has a bigger block size of approx. 2MB and block time is also less around to 3 minutes which is better than Bitcoin.
Bitcoin Private’s first pull request was made in December 2017. Since that time, it’s taken a place in the market and has been overwhelmed by its users due to its privacy and security features.
Why Use Bitcoin Private (BTCP)?
It is the hard fork that provides privacy as similar to ZClassic these days, though they are nowhere near to privacy level provided by zk-snarks for privacy. Still, they have reasons due to which people are opting for it.
Hard Fork basically means a single cryptocurrency that splits into two i.e. old and new versions. It happens when the existing cryptocurrency code is changed or modified. BTCP is co-forked by BTC (Bitcoin) and ZCL (ZClassic technology).
Features Provided by BTCP:
• It provides privacy as it uses ZClassic as privacy technology which helps to hide transaction and payment details from the rest of the users.
• It is faster enough to perform the transaction due to its increased block size.
• It is decentralized as it performs peer to peer transaction without anyone involved in between and data must be recorded in the public ledger.
• It is community driven as it is not owned by the specific individual, it is developed by different team members all over the globe and in each individual is contributing as per their skill sets.
• It is an open source, so it gives transparency to the people and users are free to view the database having transaction details.
Wallets are available for Bitcoin Private Usage…
There are various wallets available that can be used for BTCP and those are
• Full Node Desktop Wallet
• Electrum Wallet
• Paper Wallet
• Coinomi
From the above-mentioned wallets, Full Node Desktop and Electrum wallets can be downloaded from the GitHub site which is accessible to all individuals all over the world.
Make sure, that Ledger Nano S is installed on the device, the BTCP app is installed. Ledger Nano S requires the user to set up a PIN code so that if the user loses the Bitcoins in case of loss of Nano S. Pin helps the user to get their Bitcoins back.
To use these first two wallets, the user needs to download the zip file from the GitHub page and after downloading unzip it in the system and run it, after that we can start using the wallet by syncing with the Bitcoin Private Application.
Apart from that, two other wallets can also be used by the users if they are comfortable in using those. Coinomi is used on Android devices where the user can send or receive tokens via Mobile if they have the latest version of Coinomi application in their devices.
Exchanges supported by BTCP:
• Nanex
• Octaex
• Exrates
• HitBTC
Conclusion
Bitcoin Private is considered to be the most circulating coin supply among BTC and ZCL holders. Distribution happened on 1:1 ratio which means 1BTCP will be issued for every 1 ZCL and BTC tokens they hold.
Till now, 21 million coins have been created after combining the supply of BTC and ZCL. In the end, it is the new project which is mostly managed by new contributors. They are providing the features that help the BTCP to sustain in the market and allow them to build trust among investors by taking care of its privacy issues.
Many people are joining the community which provides support for BTCP development and its keeps growing every day by welcoming these people into their teams.
For more details on Bitcoin Private, visit CoinTopper