Bitcoin Private Fork Aiming to Make Bitcoin Anonymous

segwit
hardfork
bitcoinprivate
btcp

#1

Bitcoin’s latest fork is just weeks away and this one’s a little different from the rest. Rather than simply tinkering with Segwit or adjusting block sizes, Bitcoin private (BTCP) is adding zk-Snarks. The privacy enhancing feature is best known for its use in the Z family of coins including zcash, zclassic, and zencash. That’s not surprising given that the fork is being instigated by Rhett Creighton, who is simultaneously forking bitcoin and zclassic on February 28 to create BTCP which will then be available to holders of both coins.

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The Quest to Make Bitcoin Private Again

Bitcoin Private Fork Aiming to Make Bitcoin AnonymousLike all forks, bitcoin private is not without its controversies. Bitcoin’s underlying code hasn’t changed greatly over the years, but the ability of law enforcement, the IRS, and other busybodies to scrutinize blockchain activity has. Whereas once bitcoin could be used on the deep web and elsewhere with a reasonable assumption of privacy, doing so today is fraught with risks. The rise of privacy coins such as monero is a direct response to this gradual erosion of privacy.

On February 28, a snapshot of the zclassic and bitcoin blockchains will be taken and holders of each cryptocurrency will be eligible for bitcoin private, distributed at a 1:1 ratio, once the BTCP mainnet launches a couple of days later. A total of 20 million coins will be created by combining the circulating supply of BTC and ZCL. When the fork was announced late last year, it caused the prize of zclassic to shoot up from around $4 on December 22 to its current price of around $97. For anyone interested in claiming their maximum allocation of bitcoin private, it makes sense to load up on zclassic given that even at $100 it is orders of magnitude cheaper than bitcoin. As the date of the hard fork looms closer, zclassic is likely to rise further still.

Smart Thinking or Cynical Ploy?

Unlike most bitcoin forks, BTCP seems to have been well thought out. It has a proper development team and the code is in the process of undergoing extensive testing. One of the reasons why the fork date was only announced recently was to allow time for BTCP wallets to be thoroughly tested. While it’s too early to assert that the fork will go without incident, the signs look promising. Many of the recent bitcoin forks, in comparison, have occurred with scant Github activity and buggy wallets. The BTCP team have been eager to avoid a repeat of the sort of problems that beset forks such as bitcoin gold.

Bitcoin Private Is the Fork Aiming to Make Bitcoin Anonymous Again

The biggest question that surrounds the launch of bitcoin private is why? Why go to all this bother to implement a privacy technology that already exists in zclassic and its family of coins? The second question surrounds what happens to zclassic after the fork. Rhett Creighton has declared that ZCL’s development will continue to be supported, but there seems little purpose for its existence following the launch of BTCP. Zclassic is widely expected to dump in the aftermath of the fork. Finally, there’s the question of which exchanges will support BTCP.

As present, Bittrex and Cryptopia are the only major exchanges where zclassic can be traded. It’s assumed that these platforms will distribute BTCP, but there’s no confirmation yet. Coinomi wallet has at least confirmed it will support the fork, and the BTCP team have applied for listing on Binance. ZCL holders also have the option of storing their coins in the Electrum wallet prior to the fork. If nothing else, it will be interesting to see how many bitcoin holders bother to claim their BTCP. The results should give an indication, no matter how imprecise, of the extent to which bitcoiners value their privacy. Then again, should BTCP attain any sort of market value, many will claim their free allocation simply to cash out.

via Merkle


Will Zclassic even exist after the Bitcoin Private Hard Fork?
#2

I have a bunch of ZCL got in at $120 though and it was over $200 for a hot second, seemed smart then lol. I think the Bitcoin Private will trade for over $100 will be interesting to see it play out. No risk no reward! By the way Cryptopia sucks so if you can use Bittrex.


#3

Im in the same boat as you. Let’s hope for the best.


#4

I’m hoping it will do better than most of the other forks. They obviously used the bitcoin title to draw attention, but it actually looks quite decent and Rhett is a smart guy. ZClassic will dump for sure.


#5

Looking forward to claiming these BTCP :slight_smile:


#6

Justin, are you going to sell after the snapshot before you receive the BTCP or after you actually see the BTCP balance?


#7

After the snap shot you could sell it tbh. But privacy coins will be the future in my opinion. Best to hodl them.


#8

Hold ZCL? Im not sure about that.


#9

Right now I am leaning towards waiting until I have the BTCP in my control, first thought is to sell and maybe buy back in lower, but I have a feeling they will deliver some news to try to help ZCL hold value. Its a tough call I think its going to drop really quick because there won’t be many buyers until it gets cheap again.


#10

With BTCP and Zcash, why even bother with zclassic afterwards?


#11

Depends how early u got into the coin. I got in at 12 dollars zcl. Jus screwing i didnt buy more :cry:


#12

If its big id consider selling my privacy coins. If it sucks no worries.


#13

I’m a bit skeptical of the team behind this, however I think the idea has merit. In fact, out of all the forks, this one makes the most sense to me.

It’s pretty easy to mine, so I’ve been doing that for the last 6 weeks or so. Even without a dedicated mining rig it’s still turning a decent profit with basic nVidia GPUs, and I hope those small gains will compound themselves once I get my hands on the free BTCP. :slight_smile:


#14

isnt this just another “bitcoin” cash? using the name for marketing? What happens with bitcoin develops mimblewimble? seems like its gonna hurt the space more than help it. We already have privacy coins… why do we need this one? because it says bitcoin in the name? im very skeptical


#15

Did they release the BTCP Electrum wallet that will be credited? I know they did release a zclassic electrum wallet.


#16

I have been wondering the same. I installed the Electrum wallet and noticed it has a coin tab. i wonder if the new BTCP coin will just show up in that wallet?
If anyone is wondering how to install the ZCL Electrum wallet:


#17

Time to tweet the guys. Best to know this before the 28th.


#18

Ok what i got from them is:

When Will the BTCP Electrum Wallet Be Released?

The BTCP Electrum Wallet will be released near or slightly after the fork date.

Seems after the snapshot/fork, the new BTCP wallet will be credited once we import our key into it. Correct me if im wrong. Seems this way.


#19

Seems to me ZCL didn’t go where he thought it was going so he is trying another angle to see if this sticks.


#20

Seems to me that it combines the best of bitcoin with privacy. So, transactions cant be tracked if you are using the private transaction.